IEI vs. GLD
IEI (iShares 3-7 Year Treasury Bond ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IEI returned 1.24%/yr vs 12.15%/yr for GLD. At a 0.26 correlation, their price movements are largely independent. IEI charges 0.15%/yr vs 0.40%/yr for GLD.
Performance
IEI vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, IEI achieves a -0.30% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, IEI has underperformed GLD with an annualized return of 1.24%, while GLD has yielded a comparatively higher 12.15% annualized return.
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
GLD
- 1D
- 0.06%
- 1M
- -10.21%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 23.81%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
IEI vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between IEI and GLD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | 0.26 |
The correlation between IEI and GLD shifts across timeframes, from 0.26 (all time) to 0.40 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IEI vs. GLD — Risk / Return Rank
IEI
GLD
IEI vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 3-7 Year Treasury Bond ETF (IEI) and SPDR Gold Shares (GLD). 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.
| IEI | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 0.98 | +0.22 |
| Martin ratioReturn relative to average drawdown | 3.35 | 2.81 | +0.54 |
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Drawdowns
IEI vs. GLD - Drawdown Comparison
The maximum IEI drawdown since its inception was -14.60%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IEI and GLD.
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Drawdown Indicators
| IEI | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.60% | -45.56% | +30.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -24.46% | +21.96% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -24.46% | +20.80% |
Max Drawdown (5Y)Largest decline over 5 years | -13.88% | -24.46% | +10.58% |
Max Drawdown (10Y)Largest decline over 10 years | -14.60% | -24.46% | +9.86% |
Current DrawdownCurrent decline from peak | -1.74% | -22.05% | +20.31% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -16.16% | +13.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 8.49% | -7.60% |
Volatility
IEI vs. GLD - Volatility Comparison
The current volatility for iShares 3-7 Year Treasury Bond ETF (IEI) is 0.98%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that IEI experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEI | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 7.79% | -6.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 24.10% | -21.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 27.37% | -24.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.78% | 18.22% | -13.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 16.08% | -12.15% |
IEI vs. GLD - Expense Ratio Comparison
IEI has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
IEI vs. GLD - Dividend Comparison
IEI's dividend yield for the trailing twelve months is around 3.64%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
Frequently Asked Questions
IEI and GLD have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to IEI (0.98%). In terms of maximum drawdown, IEI dropped -14.60% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs 1.24% for IEI. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.
IEI has the higher dividend yield at 3.64%, compared with 0.00% for GLD.
IEI is categorized as Government Bonds, while GLD is Gold. IEI tracks ICE U.S. Treasury 3-7 Year Bond Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IEI and 0.40% for GLD.
IEI currently has the higher Sharpe Ratio (1.00 vs 0.87), 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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