GLDM vs. BTGD

Last updated Aug 4, 2026

GLDM (SPDR Gold MiniShares Trust) and BTGD (STKd 100% Bitcoin & 100% Gold ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while BTGD is a Cryptocurrency fund actively managed by Quantify Funds. GLDM is passively managed, while BTGD is actively managed. Over the past year, GLDM returned 20.58% vs -43.09% for BTGD. Their 0.54 correlation means they have sometimes moved together and sometimes differently. GLDM charges 0.10%/yr vs 1.05%/yr for BTGD.

Performance

GLDM vs. BTGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and STKd 100% Bitcoin & 100% Gold ETF (BTGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a -6.13% return, which is significantly higher than BTGD's -39.33% return.

GLDM

• 1D: 0.00%
• 1M: -1.72%
• 6M: -12.88%
• YTD: -6.13%
• 1Y: 20.58%
• 3Y*: 27.67%
• 5Y*: 17.32%
• 10Y*: —
• ALL TIME*: 15.35%

BTGD

• 1D: 1.25%
• 1M: 0.53%
• 6M: -35.50%
• YTD: -39.33%
• 1Y: -43.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTGD STKd 100% Bitcoin & 100% Gold ETF	$439.85K	$384.93K	$1.04M
GLDM SPDR Gold MiniShares Trust	$270.09M	$250.20M	$318.17M

GLDM vs. BTGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLDM SPDR Gold MiniShares Trust	-6.13%	64.20%	-1.46%
BTGD STKd 100% Bitcoin & 100% Gold ETF	-39.33%	34.62%	29.32%

Correlation

The correlation between GLDM and BTGD is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024	0.54

The correlation between GLDM and BTGD shifts across timeframes, from 0.54 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLDM vs. BTGD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GLDM

GLDM Risk / Return Rank: 28
GLDM Sharpe Ratio Rank: 31
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 33
GLDM Calmar Ratio Rank: 26
GLDM Martin Ratio Rank: 23

BTGD

BTGD Risk / Return Rank: 3
BTGD Sharpe Ratio Rank: 3
BTGD Sortino Ratio Rank: 4
BTGD Omega Ratio Rank: 4
BTGD Calmar Ratio Rank: 3
BTGD Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GLDM vs. BTGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and STKd 100% Bitcoin & 100% 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.

	GLDM	BTGD	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-0.74	+1.49
Sortino ratio: Return per unit of downside risk	1.09	-0.91	+2.00
Omega ratio: Gain probability vs. loss probability	1.16	0.90	+0.26
Calmar ratio: Return relative to maximum drawdown	0.79	-0.74	+1.52
Martin ratio: Return relative to average drawdown	1.69	-1.32	+3.01

GLDM vs. BTGD - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.74, which is higher than the BTGD Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of GLDM 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

GLDM vs. BTGD - Drawdown Comparison

The maximum GLDM drawdown since its inception was -26.27%, smaller than the maximum BTGD drawdown of -58.79%. Use the drawdown chart below to compare losses from any high point for GLDM and BTGD.

Drawdown Indicators

	GLDM	BTGD	Difference
Max Drawdown Largest peak-to-trough decline	-26.27%	-58.79%	+32.52%
Max Drawdown (1Y) Largest decline over 1 year	-26.27%	-58.79%	+32.52%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	—	—
Current Drawdown Current decline from peak	-24.94%	-55.56%	+30.62%
Average Drawdown Average peak-to-trough decline	-6.57%	-18.19%	+11.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	32.56%	-20.34%

Volatility

GLDM vs. BTGD - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 6.00%, while STKd 100% Bitcoin & 100% Gold ETF (BTGD) has a volatility of 13.50%. This indicates that GLDM 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

	GLDM	BTGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	13.50%	-7.50%
Volatility (6M) Calculated over the trailing 6-month period	20.89%	46.40%	-25.51%
Volatility (1Y) Calculated over the trailing 1-year period	27.91%	58.30%	-30.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	55.70%	-37.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	55.70%	-38.61%

GLDM vs. BTGD - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than BTGD's 1.05% expense ratio.

Dividends

GLDM vs. BTGD - Dividend Comparison

GLDM has not paid dividends to shareholders, while BTGD's dividend yield for the trailing twelve months is around 5.54%.

Position	TTM	2025	2024
BTGD STKd 100% Bitcoin & 100% Gold ETF	5.54%	3.36%	0.19%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDM and BTGD in my portfolio?

GLDM and BTGD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDM or BTGD?

BTGD has higher volatility (13.50%) compared to GLDM (6.00%). In terms of maximum drawdown, GLDM dropped -26.27% vs BTGD's -58.79%.

Which ETF is better, GLDM or BTGD?

On 1-year performance, GLDM leads with 20.58% vs -43.09% for BTGD. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or BTGD?

Over the 1-year period, GLDM has performed better with a 20.58% return vs -43.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or BTGD?

GLDM is cheaper with a 0.10% expense ratio, compared with 1.05% for BTGD.

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

BTGD has the higher dividend yield at 5.54%, compared with 0.00% for GLDM.

What is the main difference between GLDM and BTGD?

GLDM is categorized as Gold, while BTGD is Cryptocurrency. They also come from different issuers: State Street and Quantify Funds. Their fees differ too: 0.10% for GLDM and 1.05% for BTGD.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.74 vs -0.74), 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.