SPTU vs. GLD

Last updated Jun 4, 2026

SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPTU is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. At a 0.01 correlation, their price movements are largely independent. SPTU charges 0.05%/yr vs 0.40%/yr for GLD.

Performance

SPTU vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) 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, SPTU achieves a 1.48% return, which is significantly lower than GLD's 2.92% return.

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SPTU vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%
GLD SPDR Gold Shares	2.92%	6.45%

Correlation

The correlation between SPTU and GLD is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.01

Return for Risk

SPTU vs. GLD — Risk / Return Rank

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

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.

SPTU vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPTU	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.21	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.82	0.60	+11.22

Drawdowns

SPTU vs. GLD - Drawdown Comparison

The maximum SPTU drawdown since its inception was -0.04%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPTU and GLD.

Drawdown Indicators

	SPTU	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-45.56%	+45.52%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.00%	—
Current Drawdown Current decline from peak	0.00%	-17.75%	+17.75%
Average Drawdown Average peak-to-trough decline	-0.00%	-16.16%	+16.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.73%	—

Volatility

Volatility by Period

	SPTU	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	26.61%	-26.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	18.00%	-17.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	15.95%	-15.63%

SPTU vs. GLD - Expense Ratio Comparison

SPTU has a 0.05% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

SPTU vs. GLD - Dividend Comparison

SPTU's dividend yield for the trailing twelve months is around 2.36%, while GLD has not paid dividends to shareholders.

Position	TTM	2025
GLD SPDR Gold Shares	0.00%	0.00%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%

Frequently Asked Questions

Can I hold both SPTU and GLD in my portfolio?

SPTU and GLD have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPTU or GLD?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPTU or GLD?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.40% for GLD.

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

SPTU has the higher dividend yield at 2.36%, compared with 0.00% for GLD.

What is the main difference between SPTU and GLD?

SPTU is categorized as Ultrashort Bond, while GLD is Gold. SPTU tracks ICE BofA US Treasury Bill Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.05% for SPTU and 0.40% for GLD.