SJB vs. GLD
SJB (ProShares Short High Yield) and GLD (SPDR Gold Shares) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SJB returned -3.97%/yr vs 11.25%/yr for GLD. At a correlation of -0.11, they often move in opposite directions. SJB charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
SJB vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a -0.44% return, which is significantly higher than GLD's -7.67% return. Over the past 10 years, SJB has underperformed GLD with an annualized return of -3.97%, while GLD has yielded a comparatively higher 11.25% annualized return.
SJB
- 1D
- -1.17%
- 1M
- -1.33%
- YTD
- -0.44%
- 6M
- -0.44%
- 1Y
- -0.99%
- 3Y*
- -2.61%
- 5Y*
- -0.59%
- 10Y*
- -3.97%
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
SJB vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | -0.44% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SJB and GLD is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.11 |
The correlation between SJB and GLD shifts across timeframes, from -0.25 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SJB vs. GLD — Risk / Return Rank
SJB
GLD
SJB vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.75 | -1.05 |
| Martin ratioReturn relative to average drawdown | -0.76 | 2.12 | -2.87 |
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Drawdowns
SJB vs. GLD - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SJB and GLD.
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Drawdown Indicators
| SJB | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -45.56% | -12.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -26.21% | +22.89% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -26.21% | +15.67% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -26.21% | +12.91% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -26.21% | -8.36% |
Current DrawdownCurrent decline from peak | -57.90% | -26.21% | -31.69% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -16.17% | -26.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 9.24% | -7.93% |
Volatility
SJB vs. GLD - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.58%, while SPDR Gold Shares (GLD) has a volatility of 8.58%. This indicates that SJB 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
| SJB | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 8.58% | -7.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 24.57% | -21.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 27.75% | -23.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 18.30% | -10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 16.07% | -7.57% |
SJB vs. GLD - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SJB vs. GLD - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.47%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SJB ProShares Short High Yield | 3.47% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
Frequently Asked Questions
SJB and GLD have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.58%) compared to SJB (1.58%). In terms of maximum drawdown, SJB dropped -58.06% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.25% vs -3.97% for SJB. On fees, GLD is cheaper at 0.40% per year. On volatility, SJB has been the lower-risk option at 1.58%. 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 11.25% return vs -3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.47%, compared with 0.00% for GLD.
SJB is categorized as Inverse Bonds, while GLD is Gold. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SJB and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.71 vs -0.25), 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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