GLD vs. GBTC
GLD (SPDR Gold Shares) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 46.47%/yr for GBTC. At a 0.10 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 1.50%/yr for GBTC.
Performance
GLD vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, GLD has underperformed GBTC with an annualized return of 12.15%, while GBTC has yielded a comparatively higher 46.47% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -10.21%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 23.81%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
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%
GLD vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between GLD and GBTC 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 (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.10 |
The correlation between GLD and GBTC shifts across timeframes, from 0.10 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. GBTC — Risk / Return Rank
GLD
GBTC
GLD vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.82 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.85 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | -0.79 | +1.77 |
| Martin ratioReturn relative to average drawdown | 2.81 | -1.39 | +4.20 |
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Drawdowns
GLD vs. GBTC - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for GLD and GBTC.
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Drawdown Indicators
| GLD | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -89.91% | +44.35% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -52.45% | +27.99% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -52.45% | +27.99% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -85.42% | +60.96% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -89.91% | +65.45% |
Current DrawdownCurrent decline from peak | -22.05% | -49.87% | +27.82% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -43.43% | +27.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 29.85% | -21.36% |
Volatility
GLD vs. GBTC - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.97%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 11.97% | -4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 34.41% | -10.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 44.01% | -16.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 62.25% | -44.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 81.84% | -65.76% |
GLD vs. GBTC - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
GLD vs. GBTC - Dividend Comparison
Neither GLD nor GBTC 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% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLD and GBTC 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 GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.47% vs 12.15% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. 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 46.47% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.
GLD and GBTC have nearly identical dividend yields, around 0.00%.
GLD is categorized as Gold, while GBTC is Cryptocurrency. GLD tracks LBMA Gold Price PM, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: State Street and Grayscale. Their fees differ too: 0.40% for GLD and 1.50% for GBTC.
GLD currently has the higher Sharpe Ratio (0.87 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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