BITB vs. IAUM

Last updated Jun 14, 2026

BITB (Bitwise Bitcoin ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, BITB returned -39.67% vs 22.55% for IAUM. At a 0.14 correlation, their price movements are largely independent. BITB charges 0.20%/yr vs 0.09%/yr for IAUM.

Performance

BITB vs. IAUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and iShares Gold Trust Micro (IAUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITB achieves a -27.42% return, which is significantly lower than IAUM's -2.40% return.

BITB

• 1D: 0.03%
• 1M: -19.63%
• YTD: -27.42%
• 6M: -29.61%
• 1Y: -39.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAUM

• 1D: 0.10%
• 1M: -7.37%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

BITB vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-27.42%	-6.47%	89.74%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	29.49%

Correlation

The correlation between BITB and IAUM 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	0.14

Return for Risk

BITB vs. IAUM — Risk / Return Rank

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

BITB

BITB Risk / Return Rank: 3
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 3
BITB Omega Ratio Rank: 3
BITB Calmar Ratio Rank: 3
BITB Martin Ratio Rank: 2

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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.

BITB vs. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	0.90	-1.83
Sortino ratio: Return per unit of downside risk	-1.31	1.26	-2.57
Omega ratio: Gain probability vs. loss probability	0.85	1.19	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.78	1.00	-1.78
Martin ratio: Return relative to average drawdown	-1.37	2.87	-4.24

BITB vs. IAUM - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -0.93, which is lower than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BITB and IAUM, 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

BITB vs. IAUM - Drawdown Comparison

The maximum BITB drawdown since its inception was -52.04%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for BITB and IAUM.

Drawdown Indicators

	BITB	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-52.04%	-24.37%	-27.67%
Max Drawdown (1Y) Largest decline over 1 year	-52.04%	-24.37%	-27.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.37%	—
Current Drawdown Current decline from peak	-49.44%	-21.99%	-27.45%
Average Drawdown Average peak-to-trough decline	-16.54%	-5.38%	-11.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.62%	8.46%	+21.16%

Volatility

BITB vs. IAUM - Volatility Comparison

Bitwise Bitcoin ETF (BITB) has a higher volatility of 11.94% compared to iShares Gold Trust Micro (IAUM) at 7.71%. This indicates that BITB's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	7.71%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	23.82%	+10.58%
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	27.06%	+16.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.04%	18.05%	+31.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.04%	18.05%	+31.99%

BITB vs. IAUM - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is higher than IAUM's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BITB vs. IAUM - Dividend Comparison

Neither BITB nor IAUM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITB and IAUM in my portfolio?

BITB and IAUM 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.

Which is riskier, BITB or IAUM?

BITB has higher volatility (11.94%) compared to IAUM (7.71%). In terms of maximum drawdown, BITB dropped -52.04% vs IAUM's -24.37%.

Which ETF is better, BITB or IAUM?

On 1-year performance, IAUM leads with 22.55% vs -39.67% for BITB. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or IAUM?

Over the 1-year period, IAUM has performed better with a 22.55% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.20% for BITB.

Which ETF pays a higher dividend yield, BITB or IAUM?

BITB and IAUM have nearly identical dividend yields, around 0.00%.

What is the main difference between BITB and IAUM?

BITB is categorized as Cryptocurrency, while IAUM is Gold. BITB tracks CME CF Bitcoin Reference Rate - New York Variant, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Bitwise Asset Management and iShares. Their fees differ too: 0.20% for BITB and 0.09% for IAUM.

Which has better risk-adjusted returns?

IAUM currently has the higher Sharpe Ratio (0.90 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.