BOLD.DE vs. 8PSE.DE
BOLD.DE (21Shares Bitcoin Gold ETP) and 8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) are both exchange-traded funds - BOLD.DE is a Cryptocurrency fund actively managed by 21Shares, while 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged). BOLD.DE is actively managed, while 8PSE.DE is passively managed. Over the past 3 years, BOLD.DE returned 25.09%/yr vs 24.12%/yr for 8PSE.DE. At a 0.10 correlation, their price movements are largely independent. BOLD.DE charges 0.65%/yr vs 0.34%/yr for 8PSE.DE.
Performance
BOLD.DE vs. 8PSE.DE - Performance Comparison
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Different Trading Currencies
BOLD.DE is traded in USD, while 8PSE.DE is traded in EUR. To make them comparable, the 8PSE.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BOLD.DE achieves a -12.58% return, which is significantly lower than 8PSE.DE's 77.26% return.
BOLD.DE
- 1D
- 0.00%
- 1M
- -13.41%
- YTD
- -12.58%
- 6M
- -13.16%
- 1Y
- -1.81%
- 3Y*
- 25.09%
- 5Y*
- —
- 10Y*
- —
8PSE.DE
- 1D
- -3.25%
- 1M
- -13.39%
- YTD
- 77.26%
- 6M
- 76.58%
- 1Y
- 78.62%
- 3Y*
- 24.12%
- 5Y*
- 11.78%
- 10Y*
- —
BOLD.DE vs. 8PSE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BOLD.DE 21Shares Bitcoin Gold ETP | -12.58% | 25.46% | 57.68% | 33.01% | -10.53% |
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC | 77.26% | 12.89% | -5.72% | 3.16% | 0.10% |
Correlation
The correlation between BOLD.DE and 8PSE.DE is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 24, 2022 | 0.10 |
Over the past year, BOLD.DE and 8PSE.DE have become more correlated (0.47) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
BOLD.DE vs. 8PSE.DE — Risk / Return Rank
BOLD.DE
8PSE.DE
BOLD.DE vs. 8PSE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin Gold ETP (BOLD.DE) and Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE). 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.
| BOLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.81 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.63 | -1.71 |
| Martin ratioReturn relative to average drawdown | -0.22 | 3.45 | -3.67 |
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Drawdowns
BOLD.DE vs. 8PSE.DE - Drawdown Comparison
The maximum BOLD.DE drawdown since its inception was -21.96%, smaller than the maximum 8PSE.DE drawdown of -48.49%. Use the drawdown chart below to compare losses from any high point for BOLD.DE and 8PSE.DE.
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Drawdown Indicators
| BOLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -48.49% | +26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -21.96% | -48.49% | +26.53% |
Max Drawdown (3Y)Largest decline over 3 years | -21.96% | -48.49% | +26.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.49% | — |
Current DrawdownCurrent decline from peak | -21.96% | -28.89% | +6.93% |
Average DrawdownAverage peak-to-trough decline | -4.45% | -14.61% | +10.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 22.94% | -14.66% |
Volatility
BOLD.DE vs. 8PSE.DE - Volatility Comparison
The current volatility for 21Shares Bitcoin Gold ETP (BOLD.DE) is 8.61%, while Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a volatility of 9.58%. This indicates that BOLD.DE experiences smaller price fluctuations and is considered to be less risky than 8PSE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.61% | 9.58% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 19.85% | 76.67% | -56.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.50% | 150.26% | -126.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.31% | 67.45% | -49.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 62.15% | -43.84% |
BOLD.DE vs. 8PSE.DE - Expense Ratio Comparison
BOLD.DE has a 0.65% expense ratio, which is higher than 8PSE.DE's 0.34% expense ratio.
Dividends
BOLD.DE vs. 8PSE.DE - Dividend Comparison
Neither BOLD.DE nor 8PSE.DE has paid dividends to shareholders.
Frequently Asked Questions
BOLD.DE and 8PSE.DE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSE.DE is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSE.DE is cheaper with a 0.34% expense ratio, compared with 0.65% for BOLD.DE.
BOLD.DE is categorized as Cryptocurrency, while 8PSE.DE is Gold. They also come from different issuers: 21Shares and Invesco. Their fees differ too: 0.65% for BOLD.DE and 0.34% for 8PSE.DE.
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