ONEY vs. GLD

Last updated Jun 4, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - ONEY is a Mid Cap Value Equities fund tracking the Russell 1000 Yield Focused Factor Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, ONEY returned 12.04%/yr vs 13.12%/yr for GLD. At a 0.06 correlation, their price movements are largely independent. ONEY charges 0.20%/yr vs 0.40%/yr for GLD.

Performance

ONEY vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) 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, ONEY achieves a 14.26% return, which is significantly higher than GLD's 2.92% return. Over the past 10 years, ONEY has underperformed GLD with an annualized return of 12.04%, while GLD has yielded a comparatively higher 13.12% annualized return.

ONEY

• 1D: -0.18%
• 1M: 3.52%
• YTD: 14.26%
• 6M: 14.38%
• 1Y: 23.42%
• 3Y*: 15.65%
• 5Y*: 8.74%
• 10Y*: 12.04%

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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

ONEY vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEY SPDR Russell 1000 Yield Focus ETF	14.26%	7.74%	11.63%	11.12%	-3.60%	37.11%	2.17%	27.45%	-8.71%	15.46%
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between ONEY and GLD is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.06

The correlation between ONEY and GLD shifts across timeframes, from 0.06 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

ONEY vs. GLD - Sectors Allocation Comparison

Sectors	ONEY	GLD
Industrials	13.9%	-
Energy	13.2%	-
Consumer Defensive	12.2%	-
Consumer Cyclical	11.8%	-
Utilities	10.6%	-
Financial Services	10.2%	-
Real Estate	9.7%	-
Basic Materials	8.2%	100.0%
Technology	4.8%	-
Healthcare	3.8%	-
Communication Services	1.6%	-

Return for Risk

ONEY vs. GLD — Risk / Return Rank

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

ONEY

ONEY Risk / Return Rank: 58
ONEY Sharpe Ratio Rank: 55
ONEY Sortino Ratio Rank: 60
ONEY Omega Ratio Rank: 54
ONEY Calmar Ratio Rank: 62
ONEY Martin Ratio Rank: 62

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

ONEY vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) 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.

	ONEY	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.21	+0.69
Sortino ratio: Return per unit of downside risk	2.86	1.60	+1.25
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	3.09	1.68	+1.42
Martin ratio: Return relative to average drawdown	11.15	4.15	+7.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEY vs. GLD - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.90, which is higher than the GLD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of ONEY 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.

Sharpe Ratios by Period

	ONEY	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.21	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	1.01	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.83	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.60	+0.02

Drawdowns

ONEY vs. GLD - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for ONEY and GLD.

Drawdown Indicators

	ONEY	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-46.80%	-45.56%	-1.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-19.21%	+11.60%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-19.21%	+1.71%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-21.03%	+2.10%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-22.00%	-24.80%
Current Drawdown Current decline from peak	-0.18%	-17.75%	+17.57%
Average Drawdown Average peak-to-trough decline	-4.98%	-16.16%	+11.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	7.73%	-5.62%

Volatility

ONEY vs. GLD - Volatility Comparison

The current volatility for SPDR Russell 1000 Yield Focus ETF (ONEY) is 2.78%, while SPDR Gold Shares (GLD) has a volatility of 5.51%. This indicates that ONEY 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

	ONEY	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	5.51%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	23.16%	-14.74%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	26.61%	-14.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	18.00%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	15.95%	+3.92%

ONEY vs. GLD - Expense Ratio Comparison

ONEY has a 0.20% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

ONEY vs. GLD - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.81%, 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%
ONEY SPDR Russell 1000 Yield Focus ETF	2.81%	3.15%	3.18%	3.14%	3.17%	2.46%	2.74%	3.17%	3.72%	10.73%	6.31%	0.29%

Frequently Asked Questions

Can I hold both ONEY and GLD in my portfolio?

ONEY and GLD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEY or GLD?

GLD has higher volatility (5.51%) compared to ONEY (2.78%). In terms of maximum drawdown, ONEY dropped -46.80% vs GLD's -45.56%.

Which ETF is better, ONEY or GLD?

On 10-year performance, GLD leads with 13.12% vs 12.04% for ONEY. On fees, ONEY is cheaper at 0.20% per year. On volatility, ONEY has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEY or GLD?

Over the 10-year period, GLD has performed better with a 13.12% return vs 12.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEY or GLD?

ONEY is cheaper with a 0.20% expense ratio, compared with 0.40% for GLD.

Which ETF pays a higher dividend yield, ONEY or GLD?

ONEY has the higher dividend yield at 2.81%, compared with 0.00% for GLD.

What is the main difference between ONEY and GLD?

ONEY is categorized as Mid Cap Value Equities, while GLD is Gold. ONEY tracks Russell 1000 Yield Focused Factor Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.20% for ONEY and 0.40% for GLD.

Which has better risk-adjusted returns?

ONEY currently has the higher Sharpe Ratio (1.90 vs 1.21), 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.