GBTC vs. AAAU
GBTC (Grayscale Bitcoin Trust ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GBTC returned 9.90%/yr vs 17.33%/yr for AAAU. At a 0.13 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.18%/yr for AAAU.
Performance
GBTC vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than AAAU's -2.40% return.
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
AAAU
- 1D
- 0.12%
- 1M
- -10.17%
- YTD
- -2.40%
- 6M
- -2.14%
- 1Y
- 24.10%
- 3Y*
- 29.19%
- 5Y*
- 17.33%
- 10Y*
- —
GBTC vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -56.90% |
AAAU Goldman Sachs Physical Gold ETF | -2.40% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between GBTC and AAAU 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 (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.13 |
The correlation between GBTC and AAAU shifts across timeframes, from 0.11 (3 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. AAAU — Risk / Return Rank
GBTC
AAAU
GBTC vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
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.
| GBTC | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 0.99 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.39 | 2.86 | -4.25 |
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Drawdowns
GBTC vs. AAAU - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for GBTC and AAAU.
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Drawdown Indicators
| GBTC | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -24.38% | -65.53% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -24.38% | -28.07% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -24.38% | -28.07% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -24.38% | -61.04% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -21.95% | -27.92% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -6.23% | -37.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.85% | 8.44% | +21.41% |
Volatility
GBTC vs. AAAU - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.97% compared to Goldman Sachs Physical Gold ETF (AAAU) at 7.77%. This indicates that GBTC'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.
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Volatility by Period
| GBTC | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.97% | 7.77% | +4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 23.88% | +10.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 27.10% | +16.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.25% | 18.06% | +44.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.84% | 17.13% | +64.71% |
GBTC vs. AAAU - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than AAAU's 0.18% expense ratio.
Dividends
GBTC vs. AAAU - Dividend Comparison
Neither GBTC nor AAAU has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
GBTC and AAAU 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.
GBTC has higher volatility (11.97%) compared to AAAU (7.77%). In terms of maximum drawdown, GBTC dropped -89.91% vs AAAU's -24.38%.
On 5-year performance, AAAU leads with 17.33% vs 9.90% for GBTC. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 17.33% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 1.50% for GBTC.
GBTC and AAAU have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while AAAU is Gold. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Grayscale and Goldman Sachs. Their fees differ too: 1.50% for GBTC and 0.18% for AAAU.
AAAU currently has the higher Sharpe Ratio (0.89 vs -0.94), 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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