BAR vs. GLDY

Last updated Jun 24, 2026

BAR (GraniteShares Gold Trust) and GLDY (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while GLDY is a Derivative Income fund actively managed by Defiance. BAR is passively managed, while GLDY is actively managed. Over the past year, BAR returned 21.40% vs 3.71% for GLDY. Their correlation of 0.87 suggests significant overlap in exposure. BAR charges 0.17%/yr vs 0.99%/yr for GLDY.

Performance

BAR vs. GLDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares Gold Trust (BAR) and Defiance Gold Enhanced Options Income ETF (GLDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAR achieves a -4.82% return, which is significantly higher than GLDY's -8.97% return.

BAR

• 1D: -1.94%
• 1M: -8.92%
• YTD: -4.82%
• 6M: -8.73%
• 1Y: 21.40%
• 3Y*: 28.63%
• 5Y*: 18.08%
• 10Y*: —

GLDY

• 1D: -1.42%
• 1M: -7.47%
• YTD: -8.97%
• 6M: -11.98%
• 1Y: 3.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAR vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
BAR GraniteShares Gold Trust	-4.82%	38.04%
GLDY Defiance Gold Enhanced Options Income ETF	-8.97%	15.15%

Correlation

The correlation between BAR and GLDY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.87

The correlation between BAR and GLDY has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.

Return for Risk

BAR vs. GLDY — Risk / Return Rank

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

BAR

BAR Risk / Return Rank: 22
BAR Sharpe Ratio Rank: 23
BAR Sortino Ratio Rank: 21
BAR Omega Ratio Rank: 25
BAR Calmar Ratio Rank: 20
BAR Martin Ratio Rank: 21

GLDY

GLDY Risk / Return Rank: 11
GLDY Sharpe Ratio Rank: 10
GLDY Sortino Ratio Rank: 10
GLDY Omega Ratio Rank: 11
GLDY Calmar Ratio Rank: 10
GLDY Martin Ratio Rank: 11

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.

BAR vs. GLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Gold Trust (BAR) and Defiance Gold Enhanced Options Income ETF (GLDY). 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.

	BAR	GLDY	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.15	+0.63
Sortino ratio: Return per unit of downside risk	1.14	0.36	+0.78
Omega ratio: Gain probability vs. loss probability	1.17	1.06	+0.11
Calmar ratio: Return relative to maximum drawdown	0.88	0.14	+0.74
Martin ratio: Return relative to average drawdown	2.37	0.54	+1.83

BAR vs. GLDY - Sharpe Ratio Comparison

The current BAR Sharpe Ratio is 0.78, which is higher than the GLDY Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of BAR and GLDY, 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

BAR vs. GLDY - Drawdown Comparison

The maximum BAR drawdown since its inception was -24.38%, smaller than the maximum GLDY drawdown of -25.90%. Use the drawdown chart below to compare losses from any high point for BAR and GLDY.

Drawdown Indicators

	BAR	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-24.38%	-25.90%	+1.52%
Max Drawdown (1Y) Largest decline over 1 year	-24.38%	-25.90%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.38%	—	—
Current Drawdown Current decline from peak	-23.93%	-19.05%	-4.88%
Average Drawdown Average peak-to-trough decline	-6.53%	-4.47%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.07%	6.91%	+2.16%

Volatility

BAR vs. GLDY - Volatility Comparison

The current volatility for GraniteShares Gold Trust (BAR) is 8.11%, while Defiance Gold Enhanced Options Income ETF (GLDY) has a volatility of 14.83%. This indicates that BAR experiences smaller price fluctuations and is considered to be less risky than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAR	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	14.83%	-6.72%
Volatility (6M) Calculated over the trailing 6-month period	24.24%	23.20%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	27.39%	24.59%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	23.27%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	23.27%	-6.73%

BAR vs. GLDY - Expense Ratio Comparison

BAR has a 0.17% expense ratio, which is lower than GLDY's 0.99% expense ratio.

Dividends

BAR vs. GLDY - Dividend Comparison

BAR has not paid dividends to shareholders, while GLDY's dividend yield for the trailing twelve months is around 51.60%.

Position	TTM	2025
BAR GraniteShares Gold Trust	0.00%	0.00%
GLDY Defiance Gold Enhanced Options Income ETF	51.60%	37.38%

Frequently Asked Questions

Can I hold both BAR and GLDY in my portfolio?

BAR and GLDY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAR or GLDY?

GLDY has higher volatility (14.83%) compared to BAR (8.11%). In terms of maximum drawdown, BAR dropped -24.38% vs GLDY's -25.90%.

Which ETF is better, BAR or GLDY?

On 1-year performance, BAR leads with 21.40% vs 3.71% for GLDY. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 8.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAR or GLDY?

Over the 1-year period, BAR has performed better with a 21.40% return vs 3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAR or GLDY?

BAR is cheaper with a 0.17% expense ratio, compared with 0.99% for GLDY.

Which ETF pays a higher dividend yield, BAR or GLDY?

GLDY has the higher dividend yield at 51.60%, compared with 0.00% for BAR.

What is the main difference between BAR and GLDY?

BAR is categorized as Gold, while GLDY is Derivative Income. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 0.17% for BAR and 0.99% for GLDY.

Which has better risk-adjusted returns?

BAR currently has the higher Sharpe Ratio (0.78 vs 0.15), 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.