BTC vs. GLD

Last updated Jun 13, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while GLD is a Gold fund tracking the LBMA Gold Price PM. BTC is actively managed, while GLD is passively managed. Over the past year, BTC returned -40.53% vs 23.81% for GLD. At a 0.16 correlation, their price movements are largely independent. BTC charges 0.15%/yr vs 0.40%/yr for GLD.

Performance

BTC vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) 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, BTC achieves a -27.37% return, which is significantly lower than GLD's -2.47% return.

BTC

• 1D: 0.07%
• 1M: -20.09%
• YTD: -27.37%
• 6M: -29.59%
• 1Y: -40.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: 0.06%
• 1M: -10.21%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 23.81%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

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

BTC vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-27.37%	-7.50%	41.93%
GLD SPDR Gold Shares	-2.47%	63.68%	8.81%

Correlation

The correlation between BTC and GLD is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.16

Return for Risk

BTC vs. GLD — Risk / Return Rank

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

BTC

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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
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.

BTC vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.

	BTC	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	0.87	-1.80
Sortino ratio: Return per unit of downside risk	-1.30	1.24	-2.54
Omega ratio: Gain probability vs. loss probability	0.85	1.18	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.78	0.98	-1.76
Martin ratio: Return relative to average drawdown	-1.37	2.81	-4.18

BTC vs. GLD - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.92, which is lower than the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of BTC 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

BTC vs. GLD - Drawdown Comparison

The maximum BTC drawdown since its inception was -51.97%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for BTC and GLD.

Drawdown Indicators

	BTC	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-51.97%	-45.56%	-6.41%
Max Drawdown (1Y) Largest decline over 1 year	-51.97%	-24.46%	-27.51%
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	-49.38%	-22.05%	-27.33%
Average Drawdown Average peak-to-trough decline	-17.26%	-16.16%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.58%	8.49%	+21.09%

Volatility

BTC vs. GLD - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 11.89% compared to SPDR Gold Shares (GLD) at 7.79%. This indicates that BTC'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

	BTC	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	7.79%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	34.43%	24.10%	+10.33%
Volatility (1Y) Calculated over the trailing 1-year period	44.03%	27.37%	+16.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	18.22%	+30.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.30%	16.08%	+32.22%

BTC vs. GLD - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

BTC vs. GLD - Dividend Comparison

Neither BTC nor GLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTC and GLD in my portfolio?

BTC and GLD have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC or GLD?

BTC has higher volatility (11.89%) compared to GLD (7.79%). In terms of maximum drawdown, BTC dropped -51.97% vs GLD's -45.56%.

Which ETF is better, BTC or GLD?

On 1-year performance, GLD leads with 23.81% vs -40.53% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or GLD?

Over the 1-year period, GLD has performed better with a 23.81% return vs -40.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or GLD?

BTC is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.

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

BTC and GLD have nearly identical dividend yields, around 0.00%.

What is the main difference between BTC and GLD?

BTC is categorized as Cryptocurrency, while GLD is Gold. They also come from different issuers: Grayscale and State Street. Their fees differ too: 0.15% for BTC and 0.40% for GLD.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.87 vs -0.92), 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.