LTPZ vs. GLD
LTPZ (PIMCO 15+ Year US TIPS Index ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, LTPZ returned 0.61%/yr vs 11.59%/yr for GLD. At a 0.26 correlation, their price movements are largely independent. LTPZ charges 0.20%/yr vs 0.40%/yr for GLD.
Performance
LTPZ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, LTPZ achieves a -0.06% return, which is significantly higher than GLD's -4.79% return. Over the past 10 years, LTPZ has underperformed GLD with an annualized return of 0.61%, while GLD has yielded a comparatively higher 11.59% annualized return.
LTPZ
- 1D
- -0.22%
- 1M
- 0.76%
- YTD
- -0.06%
- 6M
- -0.12%
- 1Y
- 2.88%
- 3Y*
- -1.61%
- 5Y*
- -5.64%
- 10Y*
- 0.61%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
LTPZ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | -0.06% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between LTPZ and GLD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2009 | 0.26 |
The correlation between LTPZ and GLD shifts across timeframes, from 0.16 (1 year) to 0.33 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
LTPZ vs. GLD — Risk / Return Rank
LTPZ
GLD
LTPZ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) 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.
| LTPZ | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.17 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 0.87 | -0.46 |
| Martin ratioReturn relative to average drawdown | 0.86 | 2.35 | -1.49 |
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Drawdowns
LTPZ vs. GLD - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for LTPZ and GLD.
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Drawdown Indicators
| LTPZ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -45.56% | +4.57% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -24.46% | +17.46% |
Max Drawdown (3Y)Largest decline over 3 years | -16.05% | -24.46% | +8.41% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -24.46% | -16.53% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -24.46% | -16.53% |
Current DrawdownCurrent decline from peak | -33.06% | -23.91% | -9.15% |
Average DrawdownAverage peak-to-trough decline | -12.47% | -16.17% | +3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 9.10% | -5.76% |
Volatility
LTPZ vs. GLD - Volatility Comparison
The current volatility for PIMCO 15+ Year US TIPS Index ETF (LTPZ) is 2.52%, while SPDR Gold Shares (GLD) has a volatility of 8.18%. This indicates that LTPZ 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
| LTPZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 8.18% | -5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 6.62% | 24.38% | -17.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.13% | 27.57% | -18.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 18.24% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 16.04% | -0.97% |
LTPZ vs. GLD - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
LTPZ vs. GLD - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 5.25%, 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% |
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.25% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
Frequently Asked Questions
LTPZ and GLD have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.18%) compared to LTPZ (2.52%). In terms of maximum drawdown, LTPZ dropped -40.99% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.59% vs 0.61% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.52%. 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 11.59% return vs 0.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 0.40% for GLD.
LTPZ has the higher dividend yield at 5.25%, compared with 0.00% for GLD.
LTPZ is categorized as Inflation-Protected Bonds, while GLD is Gold. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while GLD tracks LBMA Gold Price PM. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.20% for LTPZ and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.78 vs 0.32), 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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