GLDB vs. SPY

Last updated Jun 23, 2026

GLDB (Strategy Shares Gold-Hedged Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GLDB is a Nontraditional Bonds fund tracking the Solactive Gold Backed Bond Index - Benchmark TR Gross, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. GLDB charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

GLDB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GLDB) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDB achieves a -15.33% return, which is significantly lower than SPY's 9.74% return.

GLDB

• 1D: 0.21%
• 1M: -13.50%
• YTD: -15.33%
• 6M: -16.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLDB vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
GLDB Strategy Shares Gold-Hedged Bond ETF	-15.33%	-3.56%
SPY State Street SPDR S&P 500 ETF	9.74%	1.81%

Correlation

The correlation between GLDB and SPY is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.53

Return for Risk

GLDB vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLDB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLDB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GLDB) and State Street SPDR S&P 500 ETF (SPY). 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.

	GLDB	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.16	—
Sortino ratio: Return per unit of downside risk	—	2.91	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	3.01	—
Martin ratio: Return relative to average drawdown	—	13.54	—

Drawdowns

GLDB vs. SPY - Drawdown Comparison

The maximum GLDB drawdown since its inception was -33.45%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GLDB and SPY.

Drawdown Indicators

	GLDB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.45%	-55.19%	+21.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-32.62%	-1.75%	-30.87%
Average Drawdown Average peak-to-trough decline	-14.64%	-9.04%	-5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	GLDB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	12.43%	+27.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.03%	17.14%	+22.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.03%	17.99%	+22.04%

GLDB vs. SPY - Expense Ratio Comparison

GLDB has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GLDB vs. SPY - Dividend Comparison

GLDB's dividend yield for the trailing twelve months is around 0.23%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDB Strategy Shares Gold-Hedged Bond ETF	0.23%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GLDB and SPY in my portfolio?

GLDB and SPY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDB or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDB or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for GLDB.

Which ETF pays a higher dividend yield, GLDB or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.23% for GLDB.

What is the main difference between GLDB and SPY?

GLDB is categorized as Nontraditional Bonds, while SPY is S&P 500. GLDB tracks Solactive Gold Backed Bond Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: Strategy Shares and State Street. Their fees differ too: 0.79% for GLDB and 0.09% for SPY.