SPTB vs. GLD

Last updated Jun 23, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPTB is a Government Bonds fund tracking the Bloomberg U.S. Treasury Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, SPTB returned 3.31% vs 24.01% for GLD. At a 0.21 correlation, their price movements are largely independent. SPTB charges 0.03%/yr vs 0.40%/yr for GLD.

Performance

SPTB vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) 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, SPTB achieves a 0.08% return, which is significantly higher than GLD's -2.96% return.

SPTB

• 1D: -0.24%
• 1M: 0.42%
• YTD: 0.08%
• 6M: 0.14%
• 1Y: 3.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: -0.65%
• 1M: -7.06%
• YTD: -2.96%
• 6M: -5.79%
• 1Y: 24.01%
• 3Y*: 29.23%
• 5Y*: 18.28%
• 10Y*: 11.80%

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

SPTB vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.08%	6.14%	2.17%
GLD SPDR Gold Shares	-2.96%	63.68%	7.82%

Correlation

The correlation between SPTB and GLD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.21

Return for Risk

SPTB vs. GLD — Risk / Return Rank

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

SPTB

SPTB Risk / Return Rank: 25
SPTB Sharpe Ratio Rank: 27
SPTB Sortino Ratio Rank: 27
SPTB Omega Ratio Rank: 24
SPTB Calmar Ratio Rank: 24
SPTB Martin Ratio Rank: 24

GLD

GLD Risk / Return Rank: 24
GLD Sharpe Ratio Rank: 25
GLD Sortino Ratio Rank: 23
GLD Omega Ratio Rank: 27
GLD Calmar Ratio Rank: 22
GLD Martin Ratio Rank: 22

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.

SPTB vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) 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.

	SPTB	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.88	+0.06
Sortino ratio: Return per unit of downside risk	1.42	1.24	+0.18
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.14	0.99	+0.16
Martin ratio: Return relative to average drawdown	3.15	2.68	+0.47

SPTB vs. GLD - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 0.93, which is comparable to the GLD Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of SPTB 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

SPTB vs. GLD - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPTB and GLD.

Drawdown Indicators

	SPTB	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-45.56%	+40.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-24.46%	+21.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.46%	—
Current Drawdown Current decline from peak	-1.80%	-22.45%	+20.65%
Average Drawdown Average peak-to-trough decline	-1.33%	-16.16%	+14.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	8.97%	-7.92%

Volatility

SPTB vs. GLD - Volatility Comparison

The current volatility for State Street SPDR Portfolio Treasury ETF (SPTB) is 0.95%, while SPDR Gold Shares (GLD) has a volatility of 8.05%. This indicates that SPTB 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

	SPTB	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	8.05%	-7.10%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	24.31%	-21.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	27.56%	-23.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	18.22%	-13.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	16.10%	-11.70%

SPTB vs. GLD - Expense Ratio Comparison

SPTB has a 0.03% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

SPTB vs. GLD - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.19%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024
GLD SPDR Gold Shares	0.00%	0.00%	0.00%
SPTB State Street SPDR Portfolio Treasury ETF	4.19%	4.23%	2.76%

Frequently Asked Questions

Can I hold both SPTB and GLD in my portfolio?

SPTB and GLD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTB or GLD?

GLD has higher volatility (8.05%) compared to SPTB (0.95%). In terms of maximum drawdown, SPTB dropped -4.96% vs GLD's -45.56%.

Which ETF is better, SPTB or GLD?

On 1-year performance, GLD leads with 24.01% vs 3.31% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or GLD?

Over the 1-year period, GLD has performed better with a 24.01% return vs 3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTB or GLD?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.40% for GLD.

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

SPTB has the higher dividend yield at 4.19%, compared with 0.00% for GLD.

What is the main difference between SPTB and GLD?

SPTB is categorized as Government Bonds, while GLD is Gold. SPTB tracks Bloomberg U.S. Treasury Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.03% for SPTB and 0.40% for GLD.

Which has better risk-adjusted returns?

SPTB currently has the higher Sharpe Ratio (0.93 vs 0.88), 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.