GLD-BTC

Asset Allocation

Position	Category/Sector	Target Weight
GLD SPDR Gold Shares	Gold, Precious Metals	80%
BTC-USD Bitcoin		20%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Portfolio Optimizer

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in GLD-BTC, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every year.

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Returns By Period

As of Jun 9, 2026, the GLD-BTC returned -5.50% Year-To-Date and 35.59% of annualized return in the last 10 years.

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.30%	0.09%	8.18%	8.17%	23.42%	19.88%	11.91%	13.45%
Portfolio GLD-BTC	0.03%	-10.85%	-5.50%	-3.64%	14.50%	35.07%	21.12%	35.59%
Portfolio components:
BTC-USD Bitcoin	-1.22%	-22.47%	-28.54%	-31.02%	-40.89%	33.16%	10.82%	59.68%
GLD SPDR Gold Shares	0.26%	-8.41%	0.24%	3.07%	30.18%	29.71%	17.55%	12.56%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 23, 2012, GLD-BTC's average daily return is +0.13%, while the average monthly return is +5.21%. At this rate, an investment would double in approximately 1.1 years.

Historically, 59% of months were positive and 41% were negative. The best month was Nov 2013 with a return of +390.7%, while the worst month was Dec 2013 at -37.5%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 7 months.

On a daily basis, GLD-BTC closed higher 53% of trading days. The best single day was Nov 18, 2013 with a return of +45.0%, while the worst single day was Apr 10, 2013 at -23.4%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	7.81%	4.80%	-9.31%	0.49%	-1.89%	-6.46%							-5.50%
2025	7.37%	-2.17%	7.46%	6.79%	1.82%	0.77%	0.99%	2.71%	10.60%	2.26%	1.66%	1.44%	49.63%
2024	-1.01%	9.29%	10.78%	-2.08%	3.99%	-1.97%	4.80%	-0.55%	5.60%	5.80%	6.57%	-1.99%	45.50%
2023	12.57%	-4.02%	11.82%	1.39%	-2.95%	1.68%	0.36%	-4.18%	-2.41%	13.44%	4.59%	4.87%	41.14%
2022	-4.62%	7.16%	2.01%	-4.89%	-5.24%	-6.66%	-0.73%	-4.20%	-2.91%	-1.05%	5.81%	2.31%	-13.24%
2021	0.28%	3.49%	8.22%	1.66%	-7.40%	-6.86%	6.41%	3.64%	-4.35%	12.68%	-3.01%	-4.14%	8.84%

Benchmark Metrics

GLD-BTC has an annualized alpha of 46.73%, beta of 0.15, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 23, 2012.

This portfolio captured 143.75% of S&P 500 Index gains but only 7.41% of its losses - a favorable profile for investors.
Beta of 0.15 may look defensive, but with R2 of 0.00 this portfolio is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
R2 of 0.00 means this portfolio moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: 46.73%

Beta: 0.15

R²: 0.00

Upside Capture: 143.75%

Downside Capture: 7.41%

Expense Ratio

GLD-BTC has an expense ratio of 0.32%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

GLD

SPDR Gold Shares

Return for Risk

Risk / Return Rank

GLD-BTC ranks 8 for risk / return — in the bottom 8% of Portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

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.

Return / Risk — by metrics

The table below presents risk-adjusted performance metrics for GLD-BTC and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	0.59	1.94	-1.34
Sortino ratioReturn per unit of downside risk	0.89	2.63	-1.73
Omega ratioGain probability vs. loss probability	1.12	1.35	-0.23
Calmar ratioReturn relative to maximum drawdown	0.66	2.59	-1.92
Martin ratioReturn relative to average drawdown	1.71	11.84	-10.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
BTC-USD Bitcoin	28	-0.95	-1.35	0.86	-0.80	-1.42
GLD SPDR Gold Shares	33	1.13	1.51	1.23	1.51	3.78

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

GLD-BTC Sharpe ratios as of Jun 9, 2026 (values are recalculated daily):

1-Year: 0.59
5-Year: 1.07
10-Year: 1.41
All Time: 1.26

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.59 to 2.46, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of GLD-BTC compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

GLD-BTC doesn't pay dividends

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the GLD-BTC. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the GLD-BTC was 61.59%, occurring on Jul 5, 2013. Recovery took 123 trading sessions.

The current GLD-BTC drawdown is 21.40%.

Related event	Drawdown	Fall	Recovery	Underwater
2013 bear market2013	-61.59%Jul 2013	2mo 26d	4mo 3d	6mo 29dApr 2013 - Nov 2013
2013 bear market2013	-54.59%Dec 2013	13d	3y 5mo	3y 6moDec 2013 - Jun 2017
Rate-hike selloffLate 2018	-42.16%Nov 2018	11mo 15d	1y 7mo	2y 7moDec 2017 - Jul 2020
Bear market2022	-30.09%Sep 2022	10mo 15d	1y 1mo	2yNov 2021 - Nov 2023
2026 bear market2026	-21.89%Jun 2026	4mo 8d	—	4mo 11dJan 2026 - now

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 2 assets, with an effective number of assets of 1.47, reflecting the diversification based on asset allocation. Your capital is well-distributed across most of your holdings, with only mild concentration in a few names. True diversification also depends on the correlations between assets — check the diversification ratio below.

Diversification Ratio

	1Y	3Y	5Y	10Y	All Time
Diversification Ratio	1.23	1.32	1.34	1.35	1.37

The portfolio has a diversification ratio of 1.37, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

GLD-BTC correlation to the S&P 500 Index

GLD-BTC has a 0.33 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 23, 2012	0.10

Benchmark Correlations

Correlation vs. S&P 500 Index. BTC-USD has the highest benchmark correlation at 0.16, while GLD has the lowest at 0.02.

GLD

0.02

BTC-USD

0.16

Portfolio Correlations

Correlation vs. GLD-BTC. BTC-USD has the highest portfolio correlation at 0.78, while GLD has the lowest at 0.54.

GLD

0.54

BTC-USD

0.78

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	GLD	BTC-USD
GLD	1.00	0.07
BTC-USD	0.07	1.00

The correlation results are calculated based on daily price changes starting from Sep 23, 2012

Diversification Analysis

Find what GLD-BTC is missing

See which holdings overlap, where GLD-BTC is concentrated, and which low-correlation assets could fill the gaps.

Analyze Diversification