BTM vs. GDX
BTM (Bitcoin Depot Inc.) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past year, BTM returned -98.50% vs 53.51% for GDX. At a 0.08 correlation, their price movements are largely independent.
Performance
BTM vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, BTM achieves a -94.55% return, which is significantly lower than GDX's -8.28% return.
BTM
- 1D
- 0.00%
- 1M
- -90.34%
- YTD
- -94.55%
- 6M
- -94.91%
- 1Y
- -98.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GDX
- 1D
- -0.22%
- 1M
- -16.83%
- YTD
- -8.28%
- 6M
- 0.10%
- 1Y
- 53.51%
- 3Y*
- 37.89%
- 5Y*
- 17.28%
- 10Y*
- 12.82%
BTM vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BTM Bitcoin Depot Inc. | -94.55% | -20.37% | -49.85% | -18.23% |
GDX VanEck Gold Miners ETF | -8.28% | 154.77% | 10.63% | 4.68% |
Correlation
The correlation between BTM and GDX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2023 | 0.08 |
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Return for Risk
BTM vs. GDX — Risk / Return Rank
BTM
GDX
BTM vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin Depot Inc. (BTM) and VanEck Gold Miners ETF (GDX). 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.
| BTM | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.68 | 1.22 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.68 | -2.67 |
| Martin ratioReturn relative to average drawdown | -1.41 | 4.32 | -5.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTM | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.16 | -1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.63 | 0.12 | -0.74 |
Drawdowns
BTM vs. GDX - Drawdown Comparison
The maximum BTM drawdown since its inception was -98.92%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for BTM and GDX.
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Drawdown Indicators
| BTM | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.92% | -80.34% | -18.58% |
Max Drawdown (1Y)Largest decline over 1 year | -98.92% | -32.09% | -66.83% |
Max Drawdown (3Y)Largest decline over 3 years | — | -32.09% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -98.92% | -32.09% | -66.83% |
Average DrawdownAverage peak-to-trough decline | -55.29% | -40.43% | -14.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.47% | 12.42% | +57.05% |
Volatility
BTM vs. GDX - Volatility Comparison
Bitcoin Depot Inc. (BTM) has a higher volatility of 146.68% compared to VanEck Gold Miners ETF (GDX) at 16.05%. This indicates that BTM's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTM | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 146.68% | 16.05% | +130.63% |
Volatility (6M)Calculated over the trailing 6-month period | 173.19% | 38.61% | +134.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 148.74% | 46.36% | +102.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.29% | 36.61% | +81.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 118.29% | 37.27% | +81.02% |
Dividends
BTM vs. GDX - Dividend Comparison
BTM has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTM Bitcoin Depot Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.80% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
BTM and GDX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTM has higher volatility (146.68%) compared to GDX (16.05%). In terms of maximum drawdown, BTM dropped -98.92% vs GDX's -80.34%.
GDX currently has the higher Sharpe Ratio (1.16 vs -0.66), 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.
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