GOVT vs. GLDM
GOVT (iShares U.S. Treasury Bond ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GOVT returned -0.59%/yr vs 17.89%/yr for GLDM. At a 0.33 correlation, their price movements are largely independent. GOVT charges 0.05%/yr vs 0.10%/yr for GLDM.
Performance
GOVT vs. GLDM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GOVT achieves a -0.44% return, which is significantly lower than GLDM's 0.30% return.
GOVT
- 1D
- -0.11%
- 1M
- -0.70%
- YTD
- -0.44%
- 6M
- -0.15%
- 1Y
- 3.62%
- 3Y*
- 2.77%
- 5Y*
- -0.59%
- 10Y*
- 0.79%
GLDM
- 1D
- 0.25%
- 1M
- -8.41%
- YTD
- 0.30%
- 6M
- 3.19%
- 1Y
- 30.55%
- 3Y*
- 30.08%
- 5Y*
- 17.89%
- 10Y*
- —
GOVT vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | -0.44% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 1.63% |
GLDM SPDR Gold MiniShares Trust | 0.30% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between GOVT and GLDM 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 | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.33 |
The correlation between GOVT and GLDM shifts across timeframes, from 0.23 (3 years) to 0.33 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GOVT vs. GLDM — Risk / Return Rank
GOVT
GLDM
GOVT vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) and SPDR Gold MiniShares Trust (GLDM). 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.
| GOVT | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.23 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.53 | -0.26 |
| Martin ratioReturn relative to average drawdown | 3.66 | 3.85 | -0.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GOVT | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 1.15 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.10 | 1.00 | -1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.99 | -0.73 |
Drawdowns
GOVT vs. GLDM - Drawdown Comparison
The maximum GOVT drawdown since its inception was -19.07%, smaller than the maximum GLDM drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GOVT and GLDM.
Loading charts...
Drawdown Indicators
| GOVT | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.07% | -21.63% | +2.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -20.00% | +17.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.43% | -20.00% | +14.57% |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | -20.92% | +4.32% |
Max Drawdown (10Y)Largest decline over 10 years | -19.07% | — | — |
Current DrawdownCurrent decline from peak | -7.48% | -19.80% | +12.32% |
Average DrawdownAverage peak-to-trough decline | -5.25% | -6.24% | +0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 7.96% | -6.97% |
Volatility
GOVT vs. GLDM - Volatility Comparison
The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 1.05%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 5.65%. This indicates that GOVT experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GOVT | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 5.65% | -4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 23.31% | -20.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 26.65% | -23.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 17.98% | -11.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.23% | 16.89% | -11.66% |
GOVT vs. GLDM - Expense Ratio Comparison
GOVT has a 0.05% expense ratio, which is lower than GLDM's 0.10% 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
GOVT vs. GLDM - Dividend Comparison
GOVT's dividend yield for the trailing twelve months is around 3.60%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
GOVT iShares U.S. Treasury Bond ETF | 3.60% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
GOVT and GLDM 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.
GLDM has higher volatility (5.65%) compared to GOVT (1.05%). In terms of maximum drawdown, GOVT dropped -19.07% vs GLDM's -21.63%.
On 5-year performance, GLDM leads with 17.89% vs -0.59% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.05%. 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 17.89% return vs -0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.10% for GLDM.
GOVT has the higher dividend yield at 3.60%, compared with 0.00% for GLDM.
GOVT is categorized as Government Bonds, while GLDM is Gold. GOVT tracks ICE U.S. Treasury Core Bond Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.05% for GOVT and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (1.15 vs 1.02), 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.
Find the right allocation for GOVT and GLDM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer