BITB vs. GFI
BITB (Bitwise Bitcoin ETF) is Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while GFI (Gold Fields Limited) is a stock. Over the past year, BITB returned -39.67% vs 47.65% for GFI. At a 0.10 correlation, their price movements are largely independent.
Performance
BITB vs. GFI - Performance Comparison
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Returns By Period
In the year-to-date period, BITB achieves a -27.42% return, which is significantly lower than GFI's -13.96% return.
BITB
- 1D
- 0.03%
- 1M
- -19.63%
- YTD
- -27.42%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GFI
- 1D
- 1.67%
- 1M
- -9.36%
- YTD
- -13.96%
- 6M
- -13.63%
- 1Y
- 47.65%
- 3Y*
- 39.19%
- 5Y*
- 32.03%
- 10Y*
- 27.45%
BITB vs. GFI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITB Bitwise Bitcoin ETF | -27.42% | -6.47% | 89.74% |
GFI Gold Fields Limited | -13.96% | 240.42% | 9.56% |
Correlation
The correlation between BITB and GFI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.10 |
The correlation between BITB and GFI shifts across timeframes, from 0.10 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BITB vs. GFI — Risk / Return Rank
BITB
GFI
BITB vs. GFI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Gold Fields Limited (GFI). 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.
| BITB | GFI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.15 | -1.94 |
| Martin ratioReturn relative to average drawdown | -1.37 | 3.06 | -4.43 |
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Drawdowns
BITB vs. GFI - Drawdown Comparison
The maximum BITB drawdown since its inception was -52.04%, smaller than the maximum GFI drawdown of -88.05%. Use the drawdown chart below to compare losses from any high point for BITB and GFI.
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Drawdown Indicators
| BITB | GFI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.04% | -88.05% | +36.01% |
Max Drawdown (1Y)Largest decline over 1 year | -52.04% | -43.90% | -8.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -43.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -56.22% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.09% | — |
Current DrawdownCurrent decline from peak | -49.44% | -38.93% | -10.51% |
Average DrawdownAverage peak-to-trough decline | -16.54% | -44.25% | +27.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.62% | 16.51% | +13.11% |
Volatility
BITB vs. GFI - Volatility Comparison
The current volatility for Bitwise Bitcoin ETF (BITB) is 11.94%, while Gold Fields Limited (GFI) has a volatility of 17.70%. This indicates that BITB experiences smaller price fluctuations and is considered to be less risky than GFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITB | GFI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 17.70% | -5.76% |
Volatility (6M)Calculated over the trailing 6-month period | 34.40% | 46.40% | -12.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 59.94% | -15.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.04% | 52.37% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.04% | 54.90% | -4.86% |
Dividends
BITB vs. GFI - Dividend Comparison
BITB has not paid dividends to shareholders, while GFI's dividend yield for the trailing twelve months is around 5.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITB Bitwise Bitcoin ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GFI Gold Fields Limited | 5.04% | 1.77% | 2.94% | 2.87% | 3.40% | 3.24% | 1.72% | 0.81% | 1.61% | 1.41% | 1.35% | 0.60% |
Frequently Asked Questions
BITB and GFI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GFI has higher volatility (17.70%) compared to BITB (11.94%). In terms of maximum drawdown, BITB dropped -52.04% vs GFI's -88.05%.
GFI currently has the higher Sharpe Ratio (0.85 vs -0.93), 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.
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