BTCW vs. AAAU

Last updated Apr 2, 2026

Compare and contrast key facts about Wisdom Tree Bitcoin Fund (BTCW) and Goldman Sachs Physical Gold ETF (AAAU).

BTCW and AAAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCW is managed by WisdomTree. It was launched on Jan 11, 2024. AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018.

Performance

BTCW vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

BTCW vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-22.24%	-6.05%	100.00%
AAAU Goldman Sachs Physical Gold ETF	10.48%	64.06%	29.19%

Returns By Period

In the year-to-date period, BTCW achieves a -22.24% return, which is significantly lower than AAAU's 10.48% return.

BTCW

• 1D: 0.50%
• 1M: -1.54%
• YTD: -22.24%
• 6M: -42.12%
• 1Y: -19.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: 1.78%
• 1M: -10.64%
• YTD: 10.48%
• 6M: 23.10%
• 1Y: 52.53%
• 3Y*: 33.97%
• 5Y*: 22.27%
• 10Y*: —

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

BTCW vs. AAAU - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is higher than AAAU's 0.18% expense ratio.

BTCW

Wisdom Tree Bitcoin Fund

AAAU

Goldman Sachs Physical Gold ETF

Return for Risk

BTCW vs. AAAU — Risk / Return Rank

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

BTCW

BTCW Risk / Return Rank: 6
BTCW Sharpe Ratio Rank: 5
BTCW Sortino Ratio Rank: 5
BTCW Omega Ratio Rank: 6
BTCW Calmar Ratio Rank: 6
BTCW Martin Ratio Rank: 6

AAAU

AAAU Risk / Return Rank: 86
AAAU Sharpe Ratio Rank: 88
AAAU Sortino Ratio Rank: 85
AAAU Omega Ratio Rank: 85
AAAU Calmar Ratio Rank: 86
AAAU Martin Ratio Rank: 84

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.

BTCW vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and Goldman Sachs Physical Gold ETF (AAAU). 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.

	BTCW	AAAU	Difference
Sharpe ratio Return per unit of total volatility	-0.44	1.92	-2.36
Sortino ratio Return per unit of downside risk	-0.37	2.35	-2.72
Omega ratio Gain probability vs. loss probability	0.96	1.35	-0.39
Calmar ratio Return relative to maximum drawdown	-0.35	2.73	-3.08
Martin ratio Return relative to average drawdown	-0.75	10.02	-10.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCW vs. AAAU - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -0.44, which is lower than the AAAU Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of BTCW and AAAU, 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

	BTCW	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	1.92	-2.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.18	-0.82

Correlation

The correlation between BTCW and AAAU is 0.12, 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

BTCW vs. AAAU - Dividend Comparison

Neither BTCW nor AAAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BTCW vs. AAAU - Drawdown Comparison

The maximum BTCW drawdown since its inception was -49.29%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for BTCW and AAAU.

Drawdown Indicators

	BTCW	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-49.29%	-21.63%	-27.66%
Max Drawdown (1Y) Largest decline over 1 year	-49.29%	-19.13%	-30.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-45.80%	-11.65%	-34.15%
Average Drawdown Average peak-to-trough decline	-14.16%	-6.01%	-8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.23%	5.21%	+18.02%

Volatility

BTCW vs. AAAU - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) has a higher volatility of 12.82% compared to Goldman Sachs Physical Gold ETF (AAAU) at 10.43%. This indicates that BTCW's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.82%	10.43%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	36.58%	24.06%	+12.52%
Volatility (1Y) Calculated over the trailing 1-year period	45.26%	27.50%	+17.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.13%	17.58%	+33.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.13%	16.92%	+34.21%