BOLD.DE vs. BISAX

Last updated Jun 5, 2026

BOLD.DE (21Shares Bitcoin Gold ETP) and BISAX (Brandes International Small Cap Equity Fund) are both funds - BOLD.DE is a Cryptocurrency fund actively managed by 21Shares, while BISAX is a Foreign Small & Mid Cap Equities fund managed by Brandes. Over the past 3 years, BOLD.DE returned 27.91%/yr vs 27.58%/yr for BISAX. At a 0.18 correlation, their price movements are largely independent. BOLD.DE charges 0.65%/yr vs 1.36%/yr for BISAX.

Performance

BOLD.DE vs. BISAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Bitcoin Gold ETP (BOLD.DE) and Brandes International Small Cap Equity Fund (BISAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOLD.DE achieves a -6.72% return, which is significantly lower than BISAX's -1.69% return.

BOLD.DE

• 1D: -1.18%
• 1M: -10.62%
• YTD: -6.72%
• 6M: -5.54%
• 1Y: 2.96%
• 3Y*: 27.91%
• 5Y*: —
• 10Y*: —

BISAX

• 1D: -0.58%
• 1M: -4.87%
• YTD: -1.69%
• 6M: 0.89%
• 1Y: 10.06%
• 3Y*: 27.58%
• 5Y*: 16.41%
• 10Y*: 10.53%

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

BOLD.DE vs. BISAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BOLD.DE 21Shares Bitcoin Gold ETP	-6.72%	25.46%	57.68%	33.01%	-10.53%
BISAX Brandes International Small Cap Equity Fund	-1.69%	45.50%	23.18%	39.03%	3.60%

Correlation

The correlation between BOLD.DE and BISAX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 24, 2022	0.18

The correlation between BOLD.DE and BISAX shifts across timeframes, from 0.18 (3 years) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BOLD.DE vs. BISAX — Risk / Return Rank

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

BOLD.DE

BOLD.DE Risk / Return Rank: 11
BOLD.DE Sharpe Ratio Rank: 11
BOLD.DE Sortino Ratio Rank: 11
BOLD.DE Omega Ratio Rank: 11
BOLD.DE Calmar Ratio Rank: 11
BOLD.DE Martin Ratio Rank: 11

BISAX

BISAX Risk / Return Rank: 14
BISAX Sharpe Ratio Rank: 14
BISAX Sortino Ratio Rank: 15
BISAX Omega Ratio Rank: 14
BISAX Calmar Ratio Rank: 12
BISAX Martin Ratio Rank: 12

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.

BOLD.DE vs. BISAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin Gold ETP (BOLD.DE) and Brandes International Small Cap Equity Fund (BISAX). 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.

	BOLD.DE	BISAX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.89	-0.79
Sortino ratio: Return per unit of downside risk	0.29	1.36	-1.07
Omega ratio: Gain probability vs. loss probability	1.04	1.16	-0.12
Calmar ratio: Return relative to maximum drawdown	0.13	0.94	-0.82
Martin ratio: Return relative to average drawdown	0.31	2.70	-2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOLD.DE vs. BISAX - Sharpe Ratio Comparison

The current BOLD.DE Sharpe Ratio is 0.10, which is lower than the BISAX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of BOLD.DE and BISAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BOLD.DE	BISAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.89	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.80	+0.38

Drawdowns

BOLD.DE vs. BISAX - Drawdown Comparison

The maximum BOLD.DE drawdown since its inception was -16.73%, smaller than the maximum BISAX drawdown of -47.30%. Use the drawdown chart below to compare losses from any high point for BOLD.DE and BISAX.

Drawdown Indicators

	BOLD.DE	BISAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.73%	-47.30%	+30.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.73%	-11.63%	-5.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.73%	-11.63%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.44%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.30%	—
Current Drawdown Current decline from peak	-16.73%	-9.80%	-6.93%
Average Drawdown Average peak-to-trough decline	-4.24%	-8.04%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.86%	4.06%	+2.80%

Volatility

BOLD.DE vs. BISAX - Volatility Comparison

21Shares Bitcoin Gold ETP (BOLD.DE) has a higher volatility of 5.37% compared to Brandes International Small Cap Equity Fund (BISAX) at 2.96%. This indicates that BOLD.DE's price experiences larger fluctuations and is considered to be riskier than BISAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOLD.DE	BISAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	2.96%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	18.78%	10.07%	+8.71%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	12.44%	+9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	13.90%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	14.29%	+3.71%

BOLD.DE vs. BISAX - Expense Ratio Comparison

BOLD.DE has a 0.65% expense ratio, which is lower than BISAX's 1.36% expense ratio.

Dividends

BOLD.DE vs. BISAX - Dividend Comparison

BOLD.DE has not paid dividends to shareholders, while BISAX's dividend yield for the trailing twelve months is around 3.28%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BISAX Brandes International Small Cap Equity Fund	3.28%	3.23%	3.06%	2.81%	3.87%	3.46%	0.81%	0.66%	3.88%	8.33%	4.00%	3.44%
BOLD.DE 21Shares Bitcoin Gold ETP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOLD.DE and BISAX in my portfolio?

BOLD.DE and BISAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.