SPTL vs. GLD
SPTL (SPDR Portfolio Long Term Treasury ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SPTL returned -1.12%/yr vs 13.12%/yr for GLD. At a 0.20 correlation, their price movements are largely independent. SPTL charges 0.03%/yr vs 0.40%/yr for GLD.
Performance
SPTL vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -0.38% return, which is significantly lower than GLD's 2.92% return. Over the past 10 years, SPTL has underperformed GLD with an annualized return of -1.12%, while GLD has yielded a comparatively higher 13.12% annualized return.
SPTL
- 1D
- -0.38%
- 1M
- 0.71%
- YTD
- -0.38%
- 6M
- -1.67%
- 1Y
- 5.22%
- 3Y*
- -0.70%
- 5Y*
- -5.32%
- 10Y*
- -1.12%
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%
SPTL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
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 SPTL and GLD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.20 |
The correlation between SPTL and GLD shifts across timeframes, from 0.19 (1 year) to 0.31 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPTL vs. GLD — Risk / Return Rank
SPTL
GLD
SPTL vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) 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.
| SPTL | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.68 | -0.93 |
| Martin ratioReturn relative to average drawdown | 1.94 | 4.15 | -2.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPTL | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 1.21 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 1.01 | -1.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | 0.83 | -0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.60 | -0.36 |
Drawdowns
SPTL vs. GLD - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPTL and GLD.
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Drawdown Indicators
| SPTL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -45.56% | -0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -19.21% | +12.17% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -19.21% | +1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -21.03% | -19.99% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -22.00% | -24.20% |
Current DrawdownCurrent decline from peak | -36.87% | -17.75% | -19.12% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -16.16% | +1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 7.73% | -5.04% |
Volatility
SPTL vs. GLD - Volatility Comparison
The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.63%, while SPDR Gold Shares (GLD) has a volatility of 5.51%. This indicates that SPTL 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
| SPTL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 5.51% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 23.16% | -17.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 26.61% | -17.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 18.00% | -3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 15.95% | -2.00% |
SPTL vs. GLD - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
SPTL vs. GLD - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, 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% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.21% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
SPTL and GLD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (5.51%) compared to SPTL (2.63%). In terms of maximum drawdown, SPTL dropped -46.20% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -1.12% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.63%. 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 13.12% return vs -1.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.40% for GLD.
SPTL has the higher dividend yield at 4.21%, compared with 0.00% for GLD.
SPTL is categorized as Government Bonds, while GLD is Gold. SPTL tracks Bloomberg Long U.S. Treasury Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.03% for SPTL and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (1.21 vs 0.59), 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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