What is the expense ratio of GLD vs TLT?

GLD has an expense ratio of 0.40%, while TLT has an expense ratio of 0.15%.

GLD vs TLT

SPDR Gold Shares vs iShares 20+ Year Treasury Bond ETF

Last updated: 2026-04-08

SPDR Gold Shares (GLD) is an exchange-traded fund that provides exposure to gold securities. It charges an above-average expense ratio of 0.40%. Launched in 2004, the fund has a 22-year track record.

AUM: $156.7B ER: 0.40% Yield: N/A Since: Nov 18, 2004

TLT

iShares 20+ Year Treasury Bond ETF (TLT) is an exchange-traded fund that provides exposure to long-duration U.S. Treasury bonds with high interest rate sensitivity. It charges a low expense ratio of 0.15%. The fund offers a high dividend yield of 4.50%. Launched in 2002, the fund has a 24-year track record.

AUM: $42.3B ER: 0.15% Yield: 4.50% Since: Jul 22, 2002

Quick Verdict

TLT is significantly cheaper at 0.15% vs 0.40% expense ratio, saving you approximately $488 per $10,000 invested over 10 years. Over the past year, GLD has significantly outperformed with a 58.8% return vs -1.5%.

Key Metrics

Metric	GLD	TLT
Expense Ratio	0.40%	0.15%
Dividend Yield	N/A	4.5%
Fund Family	N/A	N/A
Category	Gold	US Long-Term Treasury

Performance Chart

Indexed to 100 at start (5-year comparison)

GLD +165.6%

TLT -37.0%

Performance Comparison

Period	GLD	TLT	Difference
1 Month	-7.54%	-2.48%	-5.06%
3 Months	+6.17%	-0.38%	+6.55%
6 Months	+18.36%	-3.98%	+22.34%
YTD	+9.69%	-0.02%	+9.71%
1 Year	+58.75%	-1.51%	+60.26%
3 Years	+136.01%	-18.51%	+154.52%
5 Years	+167.58%	-36.72%	+204.30%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment	Period	GLD Fees	TLT Fees	You Save
$10,000	10 years	$786	$298	$488
$10,000	20 years	$3,334	$1,278	$2,056
$10,000	30 years	$10,601	$4,109	$6,491
$50,000	10 years	$3,932	$1,490	$2,442
$50,000	30 years	$53,003	$20,547	$32,456
$100,000	30 years	$106,005	$41,094	$64,911

Risk Metrics

Based on 5 years of daily returns

Metric	GLD	TLT
Annualized Volatility	17.8%	15.9%
Max Drawdown	-21.0%	-46.4%
Sharpe Ratio	0.94	-0.79

Dividend Comparison

Metric	GLD	TLT
Annual Dividend (per share)	$0.00	$3.91
Dividend Yield	0.00%	4.49%
Distribution Frequency	None	Monthly

Which One Should You Choose?

Choose TLT if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose GLD if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

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