BITU vs. GLD

Last updated Jun 16, 2026

BITU (Proshares Ultra Bitcoin ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, BITU returned -71.62% vs 25.38% for GLD. At a 0.15 correlation, their price movements are largely independent. BITU charges 0.95%/yr vs 0.40%/yr for GLD.

Performance

BITU vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITU achieves a -51.92% return, which is significantly lower than GLD's 0.06% return.

BITU

• 1D: 9.21%
• 1M: -31.11%
• YTD: -51.92%
• 6M: -50.40%
• 1Y: -71.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: 2.59%
• 1M: -4.97%
• YTD: 0.06%
• 6M: 0.19%
• 1Y: 25.38%
• 3Y*: 29.73%
• 5Y*: 18.31%
• 10Y*: 12.33%

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

BITU vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-51.92%	-37.07%	41.85%
GLD SPDR Gold Shares	0.06%	63.68%	16.51%

Correlation

The correlation between BITU and GLD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.15

Return for Risk

BITU vs. GLD — Risk / Return Rank

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

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 3
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 2

GLD

GLD Risk / Return Rank: 27
GLD Sharpe Ratio Rank: 28
GLD Sortino Ratio Rank: 26
GLD Omega Ratio Rank: 31
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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.

BITU vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and SPDR Gold Shares (GLD). 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.

	BITU	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	0.93	-1.74
Sortino ratio: Return per unit of downside risk	-1.32	1.30	-2.62
Omega ratio: Gain probability vs. loss probability	0.85	1.19	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.87	1.04	-1.91
Martin ratio: Return relative to average drawdown	-1.38	2.97	-4.35

BITU vs. GLD - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.81, which is lower than the GLD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of BITU and GLD, 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

BITU vs. GLD - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for BITU and GLD.

Drawdown Indicators

	BITU	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-45.56%	-36.65%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	-24.46%	-57.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.46%	—
Current Drawdown Current decline from peak	-78.50%	-20.03%	-58.47%
Average Drawdown Average peak-to-trough decline	-35.10%	-16.16%	-18.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.85%	8.59%	+43.26%

Volatility

BITU vs. GLD - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 25.78% compared to SPDR Gold Shares (GLD) at 8.37%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.78%	8.37%	+17.41%
Volatility (6M) Calculated over the trailing 6-month period	70.18%	24.21%	+45.97%
Volatility (1Y) Calculated over the trailing 1-year period	88.32%	27.49%	+60.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.56%	18.26%	+79.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.56%	16.10%	+81.46%

BITU vs. GLD - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

BITU vs. GLD - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 81.62%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	81.62%	50.23%	0.12%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and GLD in my portfolio?

BITU and GLD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITU or GLD?

BITU has higher volatility (25.78%) compared to GLD (8.37%). In terms of maximum drawdown, BITU dropped -82.21% vs GLD's -45.56%.

Which ETF is better, BITU or GLD?

On 1-year performance, GLD leads with 25.38% vs -71.62% for BITU. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or GLD?

Over the 1-year period, GLD has performed better with a 25.38% return vs -71.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or GLD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for BITU.

Which ETF pays a higher dividend yield, BITU or GLD?

BITU has the higher dividend yield at 81.62%, compared with 0.00% for GLD.

What is the main difference between BITU and GLD?

BITU is categorized as Cryptocurrency, while GLD is Gold. BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for BITU and 0.40% for GLD.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.93 vs -0.81), 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.