GLD vs TLT: Correlation
How closely do SPDR Gold Shares (GLD) and iShares 20+ Year Treasury Bond ETF (TLT) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and TLT?
On 3 years of weekly data the GLD/TLT correlation comes out at 0.13, weak. The link has tightened recently: the 1-year correlation (0.43) runs above the 3-year figure (0.13). The 5-year figure is 0.15, and annualized covariance runs at 31.7 %².
By 3-year correlation, TLT places #19 of the 30 assets tracked against GLD. The last year tells two different stories: GLD led by 34.8 percentage points, +35.1% for GLD against +0.3% for TLT. This link changes with the market regime, having swung between -0.26 and 0.46 on a rolling one-year basis.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GLD vs TLT: side by side
| GLD (SPDR Gold Shares) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +35.1% | +0.3% |
| 5-year return | +149.5% | -34.0% |
| Volatility (ann.) | 18.7% | 13.5% |
| Beta vs S&P 500 | 0.18 | 0.11 |
| Max drawdown (3Y) | -26.4% | -14.8% |
| Dividend yield | – | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | ETF · Commodities | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | GLD | TLT |
|---|---|---|
| 2022 | -0.8% | -31.2% |
| 2023 | +12.7% | +2.8% |
| 2024 | +26.7% | -8.1% |
| 2025 | +63.7% | +4.2% |
| 2026 | +6.6% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and TLT good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between GLD and TLT?
As of 2026-08-27, the correlation of weekly returns between GLD and TLT is 0.13 over 3 years, 0.43 over 1 year and 0.15 over 5 years.
Is TLT a good diversifier for GLD?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gld-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gld-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLD correlations · TLT correlations
