UTRE vs. GLD

Last updated Jun 23, 2026

UTRE (US Treasury 3 Year Note ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - UTRE is a Government Bonds fund tracking the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, UTRE returned 3.74%/yr vs 29.23%/yr for GLD. At a 0.32 correlation, their price movements are largely independent. UTRE charges 0.15%/yr vs 0.40%/yr for GLD.

Performance

UTRE vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) 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, UTRE achieves a -0.21% return, which is significantly higher than GLD's -2.96% return.

UTRE

• 1D: -0.14%
• 1M: 0.06%
• YTD: -0.21%
• 6M: -0.08%
• 1Y: 2.49%
• 3Y*: 3.74%
• 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)

UTRE vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTRE US Treasury 3 Year Note ETF	-0.21%	5.68%	2.96%	2.34%
GLD SPDR Gold Shares	-2.96%	63.68%	26.66%	5.07%

Correlation

The correlation between UTRE and GLD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.32

Return for Risk

UTRE vs. GLD — Risk / Return Rank

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

UTRE

UTRE Risk / Return Rank: 35
UTRE Sharpe Ratio Rank: 35
UTRE Sortino Ratio Rank: 37
UTRE Omega Ratio Rank: 33
UTRE Calmar Ratio Rank: 35
UTRE Martin Ratio Rank: 33

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.

UTRE vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) 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.

	UTRE	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.23	0.88	+0.35
Sortino ratio: Return per unit of downside risk	1.88	1.24	+0.64
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	1.74	0.99	+0.75
Martin ratio: Return relative to average drawdown	4.68	2.68	+1.99

UTRE vs. GLD - Sharpe Ratio Comparison

The current UTRE Sharpe Ratio is 1.23, which is higher than the GLD Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of UTRE 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

UTRE vs. GLD - Drawdown Comparison

The maximum UTRE drawdown since its inception was -2.80%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for UTRE and GLD.

Drawdown Indicators

	UTRE	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-45.56%	+42.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-24.46%	+23.02%
Max Drawdown (3Y) Largest decline over 3 years	-1.86%	-24.46%	+22.60%
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	-1.19%	-22.45%	+21.26%
Average Drawdown Average peak-to-trough decline	-0.78%	-16.16%	+15.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	8.97%	-8.44%

Volatility

UTRE vs. GLD - Volatility Comparison

The current volatility for US Treasury 3 Year Note ETF (UTRE) is 0.68%, while SPDR Gold Shares (GLD) has a volatility of 8.05%. This indicates that UTRE 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

	UTRE	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	8.05%	-7.37%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	24.31%	-22.81%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	27.56%	-25.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	18.22%	-15.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	16.10%	-13.39%

UTRE vs. GLD - Expense Ratio Comparison

UTRE has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

UTRE vs. GLD - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.50%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%
UTRE US Treasury 3 Year Note ETF	3.50%	3.60%	4.01%	3.14%

Frequently Asked Questions

Can I hold both UTRE and GLD in my portfolio?

UTRE and GLD have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTRE or GLD?

GLD has higher volatility (8.05%) compared to UTRE (0.68%). In terms of maximum drawdown, UTRE dropped -2.80% vs GLD's -45.56%.

Which ETF is better, UTRE or GLD?

On 3-year performance, GLD leads with 29.23% vs 3.74% for UTRE. On fees, UTRE is cheaper at 0.15% per year. On volatility, UTRE has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTRE or GLD?

Over the 3-year period, GLD has performed better with a 29.23% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTRE or GLD?

UTRE is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.

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

UTRE has the higher dividend yield at 3.50%, compared with 0.00% for GLD.

What is the main difference between UTRE and GLD?

UTRE is categorized as Government Bonds, while GLD is Gold. UTRE tracks ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while GLD tracks LBMA Gold Price PM. They also come from different issuers: US Benchmark Series and State Street. Their fees differ too: 0.15% for UTRE and 0.40% for GLD.

Which has better risk-adjusted returns?

UTRE currently has the higher Sharpe Ratio (1.23 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.