GLD vs. BTGD

Last updated Jun 16, 2026

GLD (SPDR Gold Shares) and BTGD (STKD Bitcoin & Gold ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while BTGD is a Cryptocurrency fund actively managed by Quantify Funds. GLD is passively managed, while BTGD is actively managed. Over the past year, GLD returned 25.38% vs -32.53% for BTGD. A 0.52 correlation means they provide meaningful diversification when combined. GLD charges 0.40%/yr vs 1.00%/yr for BTGD.

Performance

GLD vs. BTGD - Performance Comparison

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

Returns By Period

In the year-to-date period, GLD achieves a 0.06% return, which is significantly higher than BTGD's -30.41% return.

GLD

• 1D: 2.59%
• 1M: -4.97%
• YTD: 0.06%
• 6M: 0.19%
• 1Y: 25.38%
• 3Y*: 29.73%
• 5Y*: 18.31%
• 10Y*: 12.33%

BTGD

• 1D: 7.08%
• 1M: -21.77%
• YTD: -30.41%
• 6M: -29.26%
• 1Y: -32.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLD vs. BTGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLD SPDR Gold Shares	0.06%	63.68%	-1.54%
BTGD STKD Bitcoin & Gold ETF	-30.41%	34.62%	29.32%

Correlation

The correlation between GLD and BTGD is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024	0.52

The correlation between GLD and BTGD has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.

Return for Risk

GLD vs. BTGD — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 27
GLD Sharpe Ratio Rank: 28
GLD Sortino Ratio Rank: 26
GLD Omega Ratio Rank: 31
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

BTGD

BTGD Risk / Return Rank: 4
BTGD Sharpe Ratio Rank: 5
BTGD Sortino Ratio Rank: 5
BTGD Omega Ratio Rank: 5
BTGD Calmar Ratio Rank: 4
BTGD Martin Ratio Rank: 3

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.

GLD vs. BTGD - Risk-Adjusted Trends Comparison

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

	GLD	BTGD	Difference
Sharpe ratio: Return per unit of total volatility	0.93	-0.58	+1.50
Sortino ratio: Return per unit of downside risk	1.30	-0.56	+1.86
Omega ratio: Gain probability vs. loss probability	1.19	0.93	+0.26
Calmar ratio: Return relative to maximum drawdown	1.04	-0.60	+1.64
Martin ratio: Return relative to average drawdown	2.97	-1.26	+4.24

GLD vs. BTGD - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.93, which is higher than the BTGD Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of GLD and BTGD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLD vs. BTGD - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum BTGD drawdown of -54.66%. Use the drawdown chart below to compare losses from any high point for GLD and BTGD.

Drawdown Indicators

	GLD	BTGD	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-54.66%	+9.10%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-54.66%	+30.20%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-20.03%	-49.02%	+28.99%
Average Drawdown Average peak-to-trough decline	-16.16%	-15.26%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.59%	25.80%	-17.21%

Volatility

GLD vs. BTGD - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 8.37%, while STKD Bitcoin & Gold ETF (BTGD) has a volatility of 18.15%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than BTGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	BTGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	18.15%	-9.78%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	47.38%	-23.17%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	56.83%	-29.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	56.14%	-37.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	56.14%	-40.04%

GLD vs. BTGD - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than BTGD's 1.00% expense ratio.

Dividends

GLD vs. BTGD - Dividend Comparison

GLD has not paid dividends to shareholders, while BTGD's dividend yield for the trailing twelve months is around 4.83%.

Position	TTM	2025	2024
BTGD STKD Bitcoin & Gold ETF	4.83%	3.36%	0.19%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLD and BTGD in my portfolio?

GLD and BTGD have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or BTGD?

BTGD has higher volatility (18.15%) compared to GLD (8.37%). In terms of maximum drawdown, GLD dropped -45.56% vs BTGD's -54.66%.

Which ETF is better, GLD or BTGD?

On 1-year performance, GLD leads with 25.38% vs -32.53% for BTGD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or BTGD?

Over the 1-year period, GLD has performed better with a 25.38% return vs -32.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or BTGD?

GLD is cheaper with a 0.40% expense ratio, compared with 1.00% for BTGD.

Which ETF pays a higher dividend yield, GLD or BTGD?

BTGD has the higher dividend yield at 4.83%, compared with 0.00% for GLD.

What is the main difference between GLD and BTGD?

GLD is categorized as Gold, while BTGD is Cryptocurrency. They also come from different issuers: State Street and Quantify Funds. Their fees differ too: 0.40% for GLD and 1.00% for BTGD.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.93 vs -0.58), 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.