GLD vs. XLB.TO
GLD (SPDR Gold Shares) and XLB.TO (iShares Core Canadian Long Term Bond Index ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while XLB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 10+Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs -0.13%/yr for XLB.TO. At a 0.22 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.20%/yr for XLB.TO.
Performance
GLD vs. XLB.TO - Performance Comparison
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Different Trading Currencies
GLD is traded in USD, while XLB.TO is traded in CAD. To make them comparable, the XLB.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than XLB.TO's 0.35% return. Over the past 10 years, GLD has outperformed XLB.TO with an annualized return of 12.15%, while XLB.TO has yielded a comparatively lower -0.13% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
XLB.TO
- 1D
- -0.29%
- 1M
- 1.20%
- YTD
- 0.35%
- 6M
- 1.49%
- 1Y
- 1.14%
- 3Y*
- 1.90%
- 5Y*
- -4.57%
- 10Y*
- -0.13%
GLD vs. XLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 0.35% | 3.99% | -7.15% | 11.81% | -26.31% | -4.54% | 13.88% | 17.71% | -7.99% | 14.89% |
Correlation
The correlation between GLD and XLB.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2006 | 0.22 |
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Return for Risk
GLD vs. XLB.TO — Risk / Return Rank
GLD
XLB.TO
GLD vs. XLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares Core Canadian Long Term Bond Index ETF (XLB.TO). 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 | XLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.03 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.19 | +0.78 |
| Martin ratioReturn relative to average drawdown | 2.81 | 0.42 | +2.39 |
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Drawdowns
GLD vs. XLB.TO - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than XLB.TO's maximum drawdown of -36.38%. Use the drawdown chart below to compare losses from any high point for GLD and XLB.TO.
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Drawdown Indicators
| GLD | XLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -36.38% | -9.18% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -5.76% | -18.70% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -14.63% | -9.83% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -34.20% | +9.74% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -36.38% | +11.92% |
Current DrawdownCurrent decline from peak | -22.05% | -23.94% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -11.09% | -5.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 2.63% | +5.86% |
Volatility
GLD vs. XLB.TO - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to iShares Core Canadian Long Term Bond Index ETF (XLB.TO) at 3.11%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than XLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | XLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 3.11% | +4.68% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 6.87% | +17.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 8.96% | +18.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 13.88% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 13.36% | +2.72% |
GLD vs. XLB.TO - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than XLB.TO's 0.20% expense ratio.
Dividends
GLD vs. XLB.TO - Dividend Comparison
GLD has not paid dividends to shareholders, while XLB.TO's dividend yield for the trailing twelve months is around 4.02%.
| 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% |
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 4.02% | 4.05% | 3.82% | 3.73% | 3.97% | 3.03% | 2.90% | 3.18% | 3.56% | 3.45% | 3.62% | 3.64% |
Frequently Asked Questions
GLD and XLB.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XLB.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLB.TO is cheaper with a 0.20% expense ratio, compared with 0.40% for GLD.
GLD is categorized as Gold, while XLB.TO is Canadian Government Bonds. GLD tracks LBMA Gold Price PM, while XLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.20% for XLB.TO.
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