VTTVX vs. GLD

Last updated Jun 9, 2026

VTTVX (Vanguard Target Retirement 2025 Fund) and GLD (SPDR Gold Shares) are both funds - VTTVX is a Diversified Portfolio fund managed by Vanguard, while GLD is a Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, VTTVX returned 7.70%/yr vs 12.56%/yr for GLD. At a 0.16 correlation, their price movements are largely independent. VTTVX charges 0.08%/yr vs 0.40%/yr for GLD.

Performance

VTTVX vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Retirement 2025 Fund (VTTVX) 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, VTTVX achieves a 4.76% return, which is significantly higher than GLD's 0.24% return. Over the past 10 years, VTTVX has underperformed GLD with an annualized return of 7.70%, while GLD has yielded a comparatively higher 12.56% annualized return.

VTTVX

• 1D: -1.65%
• 1M: -0.62%
• YTD: 4.76%
• 6M: 5.37%
• 1Y: 14.39%
• 3Y*: 12.09%
• 5Y*: 5.60%
• 10Y*: 7.70%

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

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

VTTVX vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTTVX Vanguard Target Retirement 2025 Fund	4.76%	14.63%	9.23%	14.76%	-15.57%	9.78%	13.31%	19.63%	-5.14%	13.68%
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between VTTVX and GLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.16

The correlation between VTTVX and GLD shifts across timeframes, from 0.16 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

VTTVX vs. GLD - Sectors Allocation Comparison

Sectors	VTTVX	GLD
Technology	27.4%	-
Financial Services	16.1%	-
Industrials	12.3%	-
Consumer Cyclical	9.4%	-
Healthcare	8.3%	-
Communication Services	8.0%	-
Consumer Defensive	4.8%	-
Energy	4.3%	-
Basic Materials	4.2%	100.0%
Utilities	2.7%	-
Real Estate	2.5%	-

Return for Risk

VTTVX vs. GLD — Risk / Return Rank

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

VTTVX

VTTVX Risk / Return Rank: 54
VTTVX Sharpe Ratio Rank: 54
VTTVX Sortino Ratio Rank: 52
VTTVX Omega Ratio Rank: 56
VTTVX Calmar Ratio Rank: 51
VTTVX Martin Ratio Rank: 60

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD Martin Ratio Rank: 29

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.

VTTVX vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2025 Fund (VTTVX) 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.

	VTTVX	GLD	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.13	+0.95
Sortino ratio: Return per unit of downside risk	2.93	1.51	+1.42
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	2.64	1.51	+1.13
Martin ratio: Return relative to average drawdown	11.48	3.78	+7.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTTVX vs. GLD - Sharpe Ratio Comparison

The current VTTVX Sharpe Ratio is 2.08, which is higher than the GLD Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of VTTVX 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.

Sharpe Ratios by Period

	VTTVX	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.13	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.98	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.79	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.59	-0.03

Drawdowns

VTTVX vs. GLD - Drawdown Comparison

The maximum VTTVX drawdown since its inception was -46.03%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for VTTVX and GLD.

Drawdown Indicators

	VTTVX	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-46.03%	-45.56%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	-20.10%	+14.53%
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	-20.10%	+12.26%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-21.03%	-0.49%
Max Drawdown (10Y) Largest decline over 10 years	-22.51%	-22.00%	-0.51%
Current Drawdown Current decline from peak	-1.92%	-19.89%	+17.97%
Average Drawdown Average peak-to-trough decline	-5.05%	-16.16%	+11.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	8.01%	-6.73%

Volatility

VTTVX vs. GLD - Volatility Comparison

The current volatility for Vanguard Target Retirement 2025 Fund (VTTVX) is 2.63%, while SPDR Gold Shares (GLD) has a volatility of 5.68%. This indicates that VTTVX 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

	VTTVX	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	5.68%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	23.47%	-17.68%
Volatility (1Y) Calculated over the trailing 1-year period	7.06%	26.87%	-19.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.11%	18.07%	-8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	15.99%	-6.04%

VTTVX vs. GLD - Expense Ratio Comparison

VTTVX has a 0.08% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

VTTVX vs. GLD - Dividend Comparison

VTTVX's dividend yield for the trailing twelve months is around 7.05%, 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%
VTTVX Vanguard Target Retirement 2025 Fund	7.05%	7.38%	7.63%	3.96%	2.96%	16.28%	4.35%	2.57%	3.14%	0.47%	2.68%	4.98%

Frequently Asked Questions

Can I hold both VTTVX and GLD in my portfolio?

VTTVX and GLD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTTVX or GLD?

GLD has higher volatility (5.68%) compared to VTTVX (2.63%). In terms of maximum drawdown, VTTVX dropped -46.03% vs GLD's -45.56%.

Which has better risk-adjusted returns?

VTTVX currently has the higher Sharpe Ratio (2.08 vs 1.13), 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.