GLDM vs. BIL
GLDM (SPDR Gold MiniShares Trust) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, GLDM returned 17.81%/yr vs 3.42%/yr for BIL. At a 0.03 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.14%/yr for BIL.
Performance
GLDM vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a 0.06% return, which is significantly lower than BIL's 1.53% return.
GLDM
- 1D
- -3.67%
- 1M
- -8.00%
- YTD
- 0.06%
- 6M
- 2.68%
- 1Y
- 28.49%
- 3Y*
- 29.91%
- 5Y*
- 17.81%
- 10Y*
- —
BIL
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.53%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.64%
- 5Y*
- 3.42%
- 10Y*
- 2.18%
GLDM vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.06% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.53% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.03% |
Correlation
The correlation between GLDM and BIL is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | 0.03 |
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Return for Risk
GLDM vs. BIL — Risk / Return Rank
GLDM
BIL
GLDM vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| GLDM | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.61 | ||
| Sortino ratioReturn per unit of downside risk | -174.21 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 88.66 | -87.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 358.48 | -357.05 |
| Martin ratioReturn relative to average drawdown | 3.63 | 2,842.59 | -2,838.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLDM | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 19.68 | -18.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 13.16 | -12.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 2.78 | -1.79 |
Drawdowns
GLDM vs. BIL - Drawdown Comparison
The maximum GLDM drawdown since its inception was -21.63%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for GLDM and BIL.
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Drawdown Indicators
| GLDM | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -0.78% | -20.85% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -0.01% | -19.99% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -0.01% | -19.99% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -0.09% | -20.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -20.00% | 0.00% | -20.00% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -0.26% | -5.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 0.00% | +7.86% |
Volatility
GLDM vs. BIL - Volatility Comparison
SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 5.65% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDM | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | 0.06% | +5.59% |
Volatility (6M)Calculated over the trailing 6-month period | 23.31% | 0.14% | +23.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.65% | 0.20% | +26.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 0.26% | +17.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 0.26% | +16.64% |
GLDM vs. BIL - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GLDM vs. BIL - Dividend Comparison
GLDM has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLDM and BIL have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (5.65%) compared to BIL (0.06%). In terms of maximum drawdown, GLDM dropped -21.63% vs BIL's -0.78%.
On 5-year performance, GLDM leads with 17.81% vs 3.42% for BIL. On fees, GLDM is cheaper at 0.10% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.81% return vs 3.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.86%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while BIL is Government Bonds. GLDM tracks LBMA Gold Price PM, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.10% for GLDM and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.68 vs 1.07), 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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