GBTC vs. SGOL
GBTC (Grayscale Bitcoin Trust ETF) and SGOL (abrdn Physical Gold Shares ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, GBTC returned 47.67%/yr vs 11.62%/yr for SGOL. Their 0.10 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.17%/yr for SGOL.
Performance
GBTC vs. SGOL - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.27% return, which is significantly lower than SGOL's -6.06% return. Over the past 10 years, GBTC has outperformed SGOL with an annualized return of 47.67%, while SGOL has yielded a comparatively lower 11.62% annualized return.
GBTC
- 1D
- -0.94%
- 1M
- 8.32%
- 6M
- -28.79%
- YTD
- -27.27%
- 1Y
- -45.88%
- 3Y*
- 37.39%
- 5Y*
- 12.83%
- 10Y*
- 47.67%
- ALL TIME*
- 54.88%
SGOL
- 1D
- 0.08%
- 1M
- 0.65%
- 6M
- -18.71%
- YTD
- -6.06%
- 1Y
- 21.20%
- 3Y*
- 27.11%
- 5Y*
- 17.42%
- 10Y*
- 11.62%
- ALL TIME*
- 8.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.61M | $77.66M | $102.03M | |
| $79.87M | $79.24M | $102.39M |
GBTC vs. SGOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
SGOL abrdn Physical Gold Shares ETF | -6.06% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Correlation
The correlation between GBTC and SGOL is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.10 |
The correlation between GBTC and SGOL shifts across timeframes, from 0.10 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. SGOL — Risk / Return Rank
GBTC
SGOL
GBTC vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.15 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 0.77 | -1.64 |
| Martin ratioReturn relative to average drawdown | -1.37 | 1.73 | -3.10 |
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Drawdowns
GBTC vs. SGOL - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SGOL's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for GBTC and SGOL.
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Drawdown Indicators
| GBTC | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -45.51% | -44.40% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -26.32% | -27.43% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -26.32% | -27.43% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -26.32% | -59.10% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -26.32% | -63.59% |
Current DrawdownCurrent decline from peak | -49.49% | -24.94% | -24.55% |
Average DrawdownAverage peak-to-trough decline | -43.50% | -18.45% | -25.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.22% | 11.64% | +22.58% |
Volatility
GBTC vs. SGOL - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 8.89% compared to abrdn Physical Gold Shares ETF (SGOL) at 6.07%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than SGOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 6.07% | +2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 23.69% | +10.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.24% | 27.79% | +16.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.63% | 18.34% | +43.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.34% | 16.08% | +65.26% |
GBTC vs. SGOL - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SGOL's 0.17% expense ratio.
Dividends
GBTC vs. SGOL - Dividend Comparison
Neither GBTC nor SGOL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and SGOL have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (8.89%) compared to SGOL (6.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs SGOL's -45.51%.
On 10-year performance, GBTC leads with 47.67% vs 11.62% for SGOL. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 47.67% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 1.50% for GBTC.
GBTC and SGOL have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while SGOL is Gold. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Grayscale and abrdn. Their fees differ too: 1.50% for GBTC and 0.17% for SGOL.
SGOL currently has the higher Sharpe Ratio (0.73 vs -1.06), 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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