IBND vs. GLDM
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, IBND returned -1.48%/yr vs 16.85%/yr for GLDM. At a 0.45 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.10%/yr for GLDM.
Performance
IBND vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly higher than GLDM's -7.26% return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
GLDM
- 1D
- -2.61%
- 1M
- -4.98%
- 6M
- -12.90%
- YTD
- -7.26%
- 1Y
- 19.09%
- 3Y*
- 26.87%
- 5Y*
- 16.85%
- 10Y*
- —
IBND vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -2.91% |
GLDM SPDR Gold MiniShares Trust | -7.26% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between IBND and GLDM is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.45 |
The correlation between IBND and GLDM has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
IBND vs. GLDM — Risk / Return Rank
IBND
GLDM
IBND vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
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.
| IBND | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.15 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.73 | -0.94 |
| Martin ratioReturn relative to average drawdown | -0.48 | 1.80 | -2.28 |
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Drawdowns
IBND vs. GLDM - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, which is greater than GLDM's maximum drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for IBND and GLDM.
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Drawdown Indicators
| IBND | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -26.11% | -9.51% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -26.11% | +19.36% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -26.11% | +16.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -26.11% | -7.38% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | — | — |
Current DrawdownCurrent decline from peak | -10.97% | -25.85% | +14.88% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -6.43% | -4.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 10.63% | -7.79% |
Volatility
IBND vs. GLDM - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) is 2.12%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.60%. This indicates that IBND 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.
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Volatility by Period
| IBND | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 7.60% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 24.04% | -17.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 27.76% | -19.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 18.30% | -8.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 17.07% | -8.15% |
IBND vs. GLDM - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
IBND vs. GLDM - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, 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% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
Frequently Asked Questions
IBND and GLDM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.60%) compared to IBND (2.12%). In terms of maximum drawdown, IBND dropped -35.62% vs GLDM's -26.11%.
On 5-year performance, GLDM leads with 16.85% vs -1.48% for IBND. On fees, GLDM is cheaper at 0.10% per year. On volatility, IBND has been the lower-risk option at 2.12%. 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 16.85% return vs -1.48%. 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 0.50% for IBND.
IBND has the higher dividend yield at 2.81%, compared with 0.00% for GLDM.
IBND is categorized as Corporate Bonds, while GLDM is Gold. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.50% for IBND and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.69 vs -0.17), 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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