BOLD.DE vs. GLDN.AX

Last updated Apr 1, 2026

Compare and contrast key facts about 21Shares Bitcoin Gold ETP (BOLD.DE) and Ishares Physical Gold ETF (GLDN.AX).

BOLD.DE and GLDN.AX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BOLD.DE is an actively managed fund by 21Shares. It was launched on Apr 26, 2022. GLDN.AX is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price PM AUD Index. It was launched on Nov 1, 2023.

Performance

BOLD.DE vs. GLDN.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Bitcoin Gold ETP (BOLD.DE) and Ishares Physical Gold ETF (GLDN.AX). The values are adjusted to include any dividend payments, if applicable.

BOLD.DE vs. GLDN.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BOLD.DE 21Shares Bitcoin Gold ETP	-2.62%	25.46%	57.68%	4.39%
GLDN.AX Ishares Physical Gold ETF	6.33%	67.23%	25.56%	3.62%

Different Trading Currencies

BOLD.DE is traded in USD, while GLDN.AX is traded in AUD. To make them comparable, the GLDN.AX 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 -2.62% return, which is significantly lower than GLDN.AX's 6.33% return.

BOLD.DE

• 1D: -0.30%
• 1M: -3.77%
• YTD: -2.62%
• 6M: -1.88%
• 1Y: 13.96%
• 3Y*: 29.16%
• 5Y*: —
• 10Y*: —

GLDN.AX

• 1D: 2.74%
• 1M: -10.69%
• YTD: 6.33%
• 6M: 18.82%
• 1Y: 48.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOLD.DE vs. GLDN.AX - Expense Ratio Comparison

BOLD.DE has a 0.65% expense ratio, which is higher than GLDN.AX's 0.18% expense ratio.

BOLD.DE

21Shares Bitcoin Gold ETP

GLDN.AX

Ishares Physical Gold ETF

Return for Risk

BOLD.DE vs. GLDN.AX — 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: 33
BOLD.DE Sharpe Ratio Rank: 34
BOLD.DE Sortino Ratio Rank: 35
BOLD.DE Omega Ratio Rank: 32
BOLD.DE Calmar Ratio Rank: 36
BOLD.DE Martin Ratio Rank: 28

GLDN.AX

GLDN.AX Risk / Return Rank: 65
GLDN.AX Sharpe Ratio Rank: 72
GLDN.AX Sortino Ratio Rank: 70
GLDN.AX Omega Ratio Rank: 72
GLDN.AX Calmar Ratio Rank: 61
GLDN.AX Martin Ratio Rank: 52

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. GLDN.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin Gold ETP (BOLD.DE) and Ishares Physical Gold ETF (GLDN.AX). 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	GLDN.AX	Difference
Sharpe ratio Return per unit of total volatility	0.64	1.67	-1.03
Sortino ratio Return per unit of downside risk	1.02	2.12	-1.11
Omega ratio Gain probability vs. loss probability	1.13	1.31	-0.18
Calmar ratio Return relative to maximum drawdown	0.90	2.16	-1.26
Martin ratio Return relative to average drawdown	2.33	7.78	-5.45
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. GLDN.AX - Sharpe Ratio Comparison

The current BOLD.DE Sharpe Ratio is 0.64, which is lower than the GLDN.AX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of BOLD.DE and GLDN.AX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BOLD.DE	GLDN.AX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	1.67	-1.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.91	-0.58

Correlation

The correlation between BOLD.DE and GLDN.AX is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BOLD.DE vs. GLDN.AX - Dividend Comparison

BOLD.DE has not paid dividends to shareholders, while GLDN.AX's dividend yield for the trailing twelve months is around 0.07%.

	TTM	2025
BOLD.DE 21Shares Bitcoin Gold ETP	0.00%	0.00%
GLDN.AX Ishares Physical Gold ETF	0.07%	0.07%

Drawdowns

BOLD.DE vs. GLDN.AX - Drawdown Comparison

The maximum BOLD.DE drawdown since its inception was -14.69%, smaller than the maximum GLDN.AX drawdown of -21.42%. Use the drawdown chart below to compare losses from any high point for BOLD.DE and GLDN.AX.

Drawdown Indicators

	BOLD.DE	GLDN.AX	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-20.81%	+6.12%
Max Drawdown (1Y) Largest decline over 1 year	-14.69%	-20.81%	+6.12%
Current Drawdown Current decline from peak	-13.07%	-14.98%	+1.91%
Average Drawdown Average peak-to-trough decline	-4.01%	-3.29%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	6.38%	-0.70%

Volatility

BOLD.DE vs. GLDN.AX - Volatility Comparison

The current volatility for 21Shares Bitcoin Gold ETP (BOLD.DE) is 9.30%, while Ishares Physical Gold ETF (GLDN.AX) has a volatility of 10.50%. This indicates that BOLD.DE experiences smaller price fluctuations and is considered to be less risky than GLDN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOLD.DE	GLDN.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	10.50%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	19.23%	24.55%	-5.32%
Volatility (1Y) Calculated over the trailing 1-year period	21.68%	29.12%	-7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	22.01%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	22.01%	-4.20%