IIBAX vs. GLD

Last updated Jun 12, 2026

IIBAX (Voya Intermediate Bond Fund) and GLD (SPDR Gold Shares) are both funds - IIBAX is a Intermediate Core-Plus Bond fund managed by Voya, while GLD is a Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, IIBAX returned 1.74%/yr vs 12.16%/yr for GLD. At a 0.21 correlation, their price movements are largely independent. IIBAX charges 0.69%/yr vs 0.40%/yr for GLD.

Performance

IIBAX vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Intermediate Bond Fund (IIBAX) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IIBAX achieves a -0.05% return, which is significantly higher than GLD's -2.52% return. Over the past 10 years, IIBAX has underperformed GLD with an annualized return of 1.74%, while GLD has yielded a comparatively higher 12.16% annualized return.

IIBAX

• 1D: -0.11%
• 1M: 0.02%
• YTD: -0.05%
• 6M: 0.21%
• 1Y: 3.74%
• 3Y*: 4.37%
• 5Y*: -0.17%
• 10Y*: 1.74%

GLD

• 1D: 3.13%
• 1M: -10.77%
• YTD: -2.52%
• 6M: -1.76%
• 1Y: 25.28%
• 3Y*: 28.54%
• 5Y*: 17.06%
• 10Y*: 12.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IIBAX vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIBAX Voya Intermediate Bond Fund	-0.05%	6.42%	2.65%	7.04%	-15.11%	-1.79%	7.75%	9.57%	-0.59%	4.48%
GLD SPDR Gold Shares	-2.52%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between IIBAX and GLD 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	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.21

The correlation between IIBAX and GLD shifts across timeframes, from 0.20 (3 years) to 0.34 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IIBAX vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IIBAX

IIBAX Risk / Return Rank: 20
IIBAX Sharpe Ratio Rank: 19
IIBAX Sortino Ratio Rank: 20
IIBAX Omega Ratio Rank: 18
IIBAX Calmar Ratio Rank: 22
IIBAX Martin Ratio Rank: 19

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 31
GLD Sortino Ratio Rank: 28
GLD Omega Ratio Rank: 34
GLD Calmar Ratio Rank: 26
GLD Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IIBAX vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Intermediate Bond Fund (IIBAX) 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.

	IIBAX	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.93	+0.11
Sortino ratio: Return per unit of downside risk	1.55	1.29	+0.25
Omega ratio: Gain probability vs. loss probability	1.19	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.44	1.04	+0.40
Martin ratio: Return relative to average drawdown	4.12	3.02	+1.10

IIBAX vs. GLD - Sharpe Ratio Comparison

The current IIBAX Sharpe Ratio is 1.04, which is comparable to the GLD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of IIBAX and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IIBAX vs. GLD - Drawdown Comparison

The maximum IIBAX drawdown since its inception was -20.34%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IIBAX and GLD.

Drawdown Indicators

	IIBAX	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-20.34%	-45.56%	+25.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-24.46%	+21.36%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	-24.46%	+18.34%
Max Drawdown (5Y) Largest decline over 5 years	-20.01%	-24.46%	+4.45%
Max Drawdown (10Y) Largest decline over 10 years	-20.34%	-24.46%	+4.12%
Current Drawdown Current decline from peak	-2.56%	-22.10%	+19.54%
Average Drawdown Average peak-to-trough decline	-2.88%	-16.16%	+13.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	8.38%	-7.33%

Volatility

IIBAX vs. GLD - Volatility Comparison

The current volatility for Voya Intermediate Bond Fund (IIBAX) is 1.53%, while SPDR Gold Shares (GLD) has a volatility of 7.77%. This indicates that IIBAX 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.

Volatility by Period

	IIBAX	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	7.77%	-6.24%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	24.10%	-20.96%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	27.37%	-23.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	18.23%	-12.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.03%	16.08%	-11.05%

IIBAX vs. GLD - Expense Ratio Comparison

IIBAX has a 0.69% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

IIBAX vs. GLD - Dividend Comparison

IIBAX's dividend yield for the trailing twelve months is around 3.60%, 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%
IIBAX Voya Intermediate Bond Fund	3.60%	3.43%	4.50%	4.05%	1.98%	2.03%	4.69%	3.23%	2.93%	2.88%	2.96%	2.45%

Frequently Asked Questions

Can I hold both IIBAX and GLD in my portfolio?

IIBAX and GLD 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.

Which is riskier, IIBAX or GLD?

GLD has higher volatility (7.77%) compared to IIBAX (1.53%). In terms of maximum drawdown, IIBAX dropped -20.34% vs GLD's -45.56%.

Which has better risk-adjusted returns?

IIBAX currently has the higher Sharpe Ratio (1.04 vs 0.93), 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.