GOLY vs. SPY
GOLY (Strategy Shares Gold-Hedged Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GOLY returned 4.15%/yr vs 12.94%/yr for SPY. At a 0.17 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.09%/yr for SPY.
Performance
GOLY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -27.51% return, which is significantly lower than SPY's 10.45% return.
GOLY
- 1D
- -3.10%
- 1M
- -5.87%
- 6M
- -31.45%
- YTD
- -27.51%
- 1Y
- -11.02%
- 3Y*
- 13.08%
- 5Y*
- 4.15%
- 10Y*
- —
SPY
- 1D
- -0.77%
- 1M
- 1.26%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.46%
- 3Y*
- 20.07%
- 5Y*
- 12.94%
- 10Y*
- 15.08%
GOLY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -27.51% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
SPY State Street SPDR S&P 500 ETF | 10.45% | 17.72% | 24.89% | 26.18% | -18.18% | 15.45% |
Correlation
The correlation between GOLY and SPY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.17 |
Over the past year, GOLY and SPY have become more correlated (0.40) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
GOLY vs. SPY — Risk / Return Rank
GOLY
SPY
GOLY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.
| GOLY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.31 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 2.43 | -2.72 |
| Martin ratioReturn relative to average drawdown | -0.65 | 10.57 | -11.22 |
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Drawdowns
GOLY vs. SPY - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.45%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GOLY and SPY.
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Drawdown Indicators
| GOLY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.45% | -55.19% | +17.74% |
Max Drawdown (1Y)Largest decline over 1 year | -37.45% | -8.88% | -28.57% |
Max Drawdown (3Y)Largest decline over 3 years | -37.45% | -18.76% | -18.69% |
Max Drawdown (5Y)Largest decline over 5 years | -37.45% | -24.50% | -12.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -37.45% | -1.12% | -36.33% |
Average DrawdownAverage peak-to-trough decline | -12.30% | -9.02% | -3.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.05% | 2.03% | +15.02% |
Volatility
GOLY vs. SPY - Volatility Comparison
Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 8.43% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that GOLY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.43% | 4.26% | +4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 30.38% | 10.01% | +20.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.00% | 12.60% | +21.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.70% | 17.17% | +5.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.46% | 17.93% | +4.53% |
GOLY vs. SPY - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
GOLY vs. SPY - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 10.15%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 10.15% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 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
GOLY and SPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (8.43%) compared to SPY (4.26%). In terms of maximum drawdown, GOLY dropped -37.45% vs SPY's -55.19%.
On 5-year performance, SPY leads with 12.94% vs 4.15% for GOLY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 12.94% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for GOLY.
GOLY has the higher dividend yield at 10.15%, compared with 1.00% for SPY.
GOLY is categorized as Nontraditional Bonds, while SPY is S&P 500. GOLY tracks Solactive Gold-Backed Bond Index, 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 GOLY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.71 vs -0.33), 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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