BOLD.DE vs. 8PSG.DE
BOLD.DE (21Shares Bitcoin Gold ETP) and 8PSG.DE (Invesco Physical Gold ETC) are both exchange-traded funds - BOLD.DE is a Cryptocurrency fund actively managed by 21Shares, while 8PSG.DE is a Gold fund tracking the LBMA Gold Price PM. BOLD.DE is actively managed, while 8PSG.DE is passively managed. Over the past 3 years, BOLD.DE returned 27.44%/yr vs 27.65%/yr for 8PSG.DE. At a 0.42 correlation, their price movements are largely independent. BOLD.DE charges 0.65%/yr vs 0.12%/yr for 8PSG.DE.
Performance
BOLD.DE vs. 8PSG.DE - Performance Comparison
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Different Trading Currencies
BOLD.DE is traded in USD, while 8PSG.DE is traded in EUR. To make them comparable, the 8PSG.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 -9.52% return, which is significantly lower than 8PSG.DE's -7.80% return.
BOLD.DE
- 1D
- 0.00%
- 1M
- -2.45%
- 6M
- -15.93%
- YTD
- -9.52%
- 1Y
- -2.01%
- 3Y*
- 27.44%
- 5Y*
- —
- 10Y*
- —
8PSG.DE
- 1D
- 0.00%
- 1M
- -6.22%
- 6M
- -12.06%
- YTD
- -7.80%
- 1Y
- 20.85%
- 3Y*
- 27.65%
- 5Y*
- 17.38%
- 10Y*
- 11.61%
BOLD.DE vs. 8PSG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BOLD.DE 21Shares Bitcoin Gold ETP | -9.52% | 25.46% | 57.68% | 33.01% | -10.53% |
8PSG.DE Invesco Physical Gold ETC | -7.80% | 68.18% | 36.49% | 3.16% | -0.29% |
Correlation
The correlation between BOLD.DE and 8PSG.DE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 24, 2022 | 0.42 |
Over the past year, BOLD.DE and 8PSG.DE have become more correlated (0.68) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
BOLD.DE vs. 8PSG.DE — Risk / Return Rank
BOLD.DE
8PSG.DE
BOLD.DE vs. 8PSG.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 ETC (8PSG.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 | 8PSG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.16 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.86 | -0.95 |
| Martin ratioReturn relative to average drawdown | -0.21 | 1.84 | -2.05 |
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Drawdowns
BOLD.DE vs. 8PSG.DE - Drawdown Comparison
The maximum BOLD.DE drawdown since its inception was -23.33%, smaller than the maximum 8PSG.DE drawdown of -61.60%. Use the drawdown chart below to compare losses from any high point for BOLD.DE and 8PSG.DE.
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Drawdown Indicators
| BOLD.DE | 8PSG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.33% | -61.60% | +38.27% |
Max Drawdown (1Y)Largest decline over 1 year | -23.33% | -24.28% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -24.28% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.28% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.28% | — |
Current DrawdownCurrent decline from peak | -19.24% | -23.37% | +4.13% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -34.24% | +29.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.68% | 11.30% | -1.62% |
Volatility
BOLD.DE vs. 8PSG.DE - Volatility Comparison
21Shares Bitcoin Gold ETP (BOLD.DE) has a higher volatility of 7.50% compared to Invesco Physical Gold ETC (8PSG.DE) at 6.77%. This indicates that BOLD.DE's price experiences larger fluctuations and is considered to be riskier than 8PSG.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 | 8PSG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.50% | 6.77% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 20.01% | 22.06% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.91% | 34.23% | -10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 19.85% | -1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 22.76% | -4.37% |
BOLD.DE vs. 8PSG.DE - Expense Ratio Comparison
BOLD.DE has a 0.65% expense ratio, which is higher than 8PSG.DE's 0.12% expense ratio.
Dividends
BOLD.DE vs. 8PSG.DE - Dividend Comparison
Neither BOLD.DE nor 8PSG.DE has paid dividends to shareholders.
Frequently Asked Questions
BOLD.DE and 8PSG.DE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.65% for BOLD.DE.
BOLD.DE is categorized as Cryptocurrency, while 8PSG.DE is Gold. They also come from different issuers: 21Shares and Invesco. Their fees differ too: 0.65% for BOLD.DE and 0.12% for 8PSG.DE.
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