GLD vs. VGIT
GLD (SPDR Gold Shares) and VGIT (Vanguard Intermediate-Term Treasury ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while VGIT is a Government Bonds fund tracking the Bloomberg U.S. Treasury 3-10 Year Index. Both are passively managed. Over the past 10 years, GLD returned 12.16%/yr vs 1.20%/yr for VGIT. At a 0.30 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.03%/yr for VGIT.
Performance
GLD vs. VGIT - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.52% return, which is significantly lower than VGIT's -0.17% return. Over the past 10 years, GLD has outperformed VGIT with an annualized return of 12.16%, while VGIT has yielded a comparatively lower 1.20% annualized return.
GLD
- 1D
- 3.13%
- 1M
- -10.77%
- YTD
- -2.52%
- 6M
- -1.76%
- 1Y
- 25.28%
- 3Y*
- 28.54%
- 5Y*
- 17.06%
- 10Y*
- 12.16%
VGIT
- 1D
- 0.51%
- 1M
- 0.19%
- YTD
- -0.17%
- 6M
- 0.02%
- 1Y
- 3.61%
- 3Y*
- 3.55%
- 5Y*
- 0.03%
- 10Y*
- 1.20%
GLD vs. VGIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.52% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
VGIT Vanguard Intermediate-Term Treasury ETF | -0.17% | 7.34% | 1.39% | 4.28% | -10.53% | -2.64% | 7.71% | 6.19% | 1.35% | 1.70% |
Correlation
The correlation between GLD and VGIT is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.30 |
The correlation between GLD and VGIT shifts across timeframes, from 0.27 (3 years) to 0.39 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. VGIT — Risk / Return Rank
GLD
VGIT
GLD vs. VGIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Vanguard Intermediate-Term Treasury ETF (VGIT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLD | VGIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.28 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.02 | 3.62 | -0.59 |
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Drawdowns
GLD vs. VGIT - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than VGIT's maximum drawdown of -16.05%. Use the drawdown chart below to compare losses from any high point for GLD and VGIT.
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Drawdown Indicators
| GLD | VGIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -16.05% | -29.51% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -2.83% | -21.63% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -4.34% | -20.12% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -15.02% | -9.44% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -16.05% | -8.41% |
Current DrawdownCurrent decline from peak | -22.10% | -2.11% | -19.99% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -3.52% | -12.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 1.00% | +7.38% |
Volatility
GLD vs. VGIT - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.77% compared to Vanguard Intermediate-Term Treasury ETF (VGIT) at 1.14%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than VGIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | VGIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.77% | 1.14% | +6.63% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 2.41% | +21.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 3.35% | +24.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.23% | 5.38% | +12.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 4.50% | +11.58% |
GLD vs. VGIT - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than VGIT's 0.03% expense ratio.
Dividends
GLD vs. VGIT - Dividend Comparison
GLD has not paid dividends to shareholders, while VGIT's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGIT Vanguard Intermediate-Term Treasury ETF | 3.86% | 3.79% | 3.67% | 2.73% | 1.74% | 1.69% | 2.23% | 2.24% | 2.05% | 1.67% | 1.69% | 1.69% |
Frequently Asked Questions
GLD and VGIT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.77%) compared to VGIT (1.14%). In terms of maximum drawdown, GLD dropped -45.56% vs VGIT's -16.05%.
On 10-year performance, GLD leads with 12.16% vs 1.20% for VGIT. On fees, VGIT is cheaper at 0.03% per year. On volatility, VGIT has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.16% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGIT is cheaper with a 0.03% expense ratio, compared with 0.40% for GLD.
VGIT has the higher dividend yield at 3.86%, compared with 0.00% for GLD.
GLD is categorized as Gold, while VGIT is Government Bonds. GLD tracks LBMA Gold Price PM, while VGIT tracks Bloomberg U.S. Treasury 3-10 Year Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.40% for GLD and 0.03% for VGIT.
VGIT currently has the higher Sharpe Ratio (1.08 vs 0.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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