BITO vs. GLDM

Last updated Jun 14, 2026

BITO (ProShares Bitcoin Strategy ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while GLDM is a Gold fund tracking the LBMA Gold Price PM. BITO is actively managed, while GLDM is passively managed. Over the past 3 years, BITO returned 26.35%/yr vs 29.27%/yr for GLDM. At a 0.11 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 0.10%/yr for GLDM.

Performance

BITO vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than GLDM's -2.40% return.

BITO

• 1D: 0.12%
• 1M: -22.17%
• YTD: -28.44%
• 6M: -30.74%
• 1Y: -41.98%
• 3Y*: 26.35%
• 5Y*: —
• 10Y*: —

GLDM

• 1D: 0.11%
• 1M: -9.52%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 22.58%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

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

BITO vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-29.31%
GLDM SPDR Gold MiniShares Trust	-2.40%	64.20%	27.08%	13.04%	-0.47%	3.71%

Correlation

The correlation between BITO and GLDM 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 (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.11

The correlation between BITO and GLDM shifts across timeframes, from 0.11 (3 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BITO vs. GLDM — Risk / Return Rank

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

BITO

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

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM 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.

BITO vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and SPDR Gold MiniShares Trust (GLDM). 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.

	BITO	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	0.90	-1.88
Sortino ratio: Return per unit of downside risk	-1.43	1.26	-2.69
Omega ratio: Gain probability vs. loss probability	0.84	1.19	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.81	1.00	-1.81
Martin ratio: Return relative to average drawdown	-1.42	2.87	-4.29

BITO vs. GLDM - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.98, which is lower than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BITO and GLDM, 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

BITO vs. GLDM - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for BITO and GLDM.

Drawdown Indicators

	BITO	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-24.35%	-53.51%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-24.35%	-28.75%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	-24.35%	-28.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.35%	—
Current Drawdown Current decline from peak	-50.64%	-21.96%	-28.68%
Average Drawdown Average peak-to-trough decline	-36.79%	-6.27%	-30.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.32%	8.44%	+21.88%

Volatility

BITO vs. GLDM - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 11.73% compared to SPDR Gold MiniShares Trust (GLDM) at 7.73%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	7.73%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	23.93%	+10.27%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	27.15%	+16.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.07%	18.13%	+36.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.07%	16.98%	+38.09%

BITO vs. GLDM - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

BITO vs. GLDM - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and GLDM in my portfolio?

BITO and GLDM 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, BITO or GLDM?

BITO has higher volatility (11.73%) compared to GLDM (7.73%). In terms of maximum drawdown, BITO dropped -77.86% vs GLDM's -24.35%.

Which ETF is better, BITO or GLDM?

On 3-year performance, GLDM leads with 29.27% vs 26.35% for BITO. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or GLDM?

Over the 3-year period, GLDM has performed better with a 29.27% return vs 26.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.95% for BITO.

Which ETF pays a higher dividend yield, BITO or GLDM?

BITO has the higher dividend yield at 69.59%, compared with 0.00% for GLDM.

What is the main difference between BITO and GLDM?

BITO is categorized as Cryptocurrency, while GLDM is Gold. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for BITO and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs -0.98), 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.