BTGD vs. GLDN.AX

Last updated Apr 1, 2026

Compare and contrast key facts about STKD Bitcoin & Gold ETF (BTGD) and Ishares Physical Gold ETF (GLDN.AX).

BTGD 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. BTGD is an actively managed fund by Quantify Funds. It was launched on Oct 15, 2024. 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

BTGD vs. GLDN.AX - Performance Comparison

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

BTGD vs. GLDN.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTGD STKD Bitcoin & Gold ETF	-20.27%	34.62%	29.81%
GLDN.AX Ishares Physical Gold ETF	6.33%	67.23%	-2.56%

Different Trading Currencies

BTGD 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, BTGD achieves a -20.27% return, which is significantly lower than GLDN.AX's 6.33% return.

BTGD

• 1D: 5.80%
• 1M: -9.91%
• YTD: -20.27%
• 6M: -34.23%
• 1Y: 5.52%
• 3Y*: —
• 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)

BTGD vs. GLDN.AX - Expense Ratio Comparison

BTGD has a 1.00% expense ratio, which is higher than GLDN.AX's 0.18% expense ratio.

BTGD

STKD Bitcoin & Gold ETF

GLDN.AX

Ishares Physical Gold ETF

Return for Risk

BTGD vs. GLDN.AX — Risk / Return Rank

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

BTGD

BTGD Risk / Return Rank: 17
BTGD Sharpe Ratio Rank: 15
BTGD Sortino Ratio Rank: 21
BTGD Omega Ratio Rank: 20
BTGD Calmar Ratio Rank: 15
BTGD Martin Ratio Rank: 14

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.

BTGD vs. GLDN.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for STKD Bitcoin & Gold ETF (BTGD) 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.

	BTGD	GLDN.AX	Difference
Sharpe ratio Return per unit of total volatility	0.10	1.67	-1.57
Sortino ratio Return per unit of downside risk	0.54	2.12	-1.59
Omega ratio Gain probability vs. loss probability	1.07	1.31	-0.25
Calmar ratio Return relative to maximum drawdown	0.11	2.16	-2.04
Martin ratio Return relative to average drawdown	0.27	7.78	-7.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTGD vs. GLDN.AX - Sharpe Ratio Comparison

The current BTGD Sharpe Ratio is 0.10, which is lower than the GLDN.AX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of BTGD 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

	BTGD	GLDN.AX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	1.67	-1.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.91	-1.45

Correlation

The correlation between BTGD and GLDN.AX is 0.26, 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

BTGD vs. GLDN.AX - Dividend Comparison

BTGD's dividend yield for the trailing twelve months is around 4.22%, more than GLDN.AX's 0.07% yield.

	TTM	2025	2024
BTGD STKD Bitcoin & Gold ETF	4.22%	3.36%	0.19%
GLDN.AX Ishares Physical Gold ETF	0.07%	0.07%	0.00%

Drawdowns

BTGD vs. GLDN.AX - Drawdown Comparison

The maximum BTGD drawdown since its inception was -45.14%, which is greater than GLDN.AX's maximum drawdown of -21.42%. Use the drawdown chart below to compare losses from any high point for BTGD and GLDN.AX.

Drawdown Indicators

	BTGD	GLDN.AX	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-20.81%	-24.33%
Max Drawdown (1Y) Largest decline over 1 year	-45.14%	-20.81%	-24.33%
Current Drawdown Current decline from peak	-41.60%	-14.98%	-26.62%
Average Drawdown Average peak-to-trough decline	-11.98%	-3.29%	-8.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.83%	6.38%	+12.45%

Volatility

BTGD vs. GLDN.AX - Volatility Comparison

STKD Bitcoin & Gold ETF (BTGD) has a higher volatility of 19.19% compared to Ishares Physical Gold ETF (GLDN.AX) at 10.50%. This indicates that BTGD's price experiences larger fluctuations and is considered to be riskier than GLDN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTGD	GLDN.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.19%	10.50%	+8.69%
Volatility (6M) Calculated over the trailing 6-month period	48.05%	24.55%	+23.50%
Volatility (1Y) Calculated over the trailing 1-year period	56.78%	29.12%	+27.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.74%	22.01%	+34.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.74%	22.01%	+34.73%