GLDM vs. FBTC

Last updated Jun 14, 2026

GLDM (SPDR Gold MiniShares Trust) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, GLDM returned 22.58% vs -39.70% for FBTC. At a 0.14 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.25%/yr for FBTC.

Performance

GLDM vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a -2.40% return, which is significantly higher than FBTC's -27.39% return.

GLDM

• 1D: 0.11%
• 1M: -7.40%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 22.58%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

FBTC

• 1D: 0.11%
• 1M: -19.60%
• YTD: -27.39%
• 6M: -29.64%
• 1Y: -39.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDM vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLDM SPDR Gold MiniShares Trust	-2.40%	64.20%	29.59%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.39%	-6.56%	94.28%

Correlation

The correlation between GLDM and FBTC 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 (All Time) Calculated using the full available price history since Jan 11, 2024	0.14

Return for Risk

GLDM vs. FBTC — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM Martin Ratio Rank: 25

FBTC

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

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.

GLDM vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Fidelity Wise Origin Bitcoin Fund (FBTC). 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	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.90	-0.93	+1.82
Sortino ratio: Return per unit of downside risk	1.26	-1.31	+2.57
Omega ratio: Gain probability vs. loss probability	1.19	0.85	+0.33
Calmar ratio: Return relative to maximum drawdown	1.00	-0.78	+1.78
Martin ratio: Return relative to average drawdown	2.87	-1.37	+4.24

GLDM vs. FBTC - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.90, which is higher than the FBTC Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of GLDM and FBTC, 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. FBTC - Drawdown Comparison

The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum FBTC drawdown of -52.07%. Use the drawdown chart below to compare losses from any high point for GLDM and FBTC.

Drawdown Indicators

	GLDM	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-52.07%	+27.72%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-52.07%	+27.72%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	—	—
Current Drawdown Current decline from peak	-21.96%	-49.42%	+27.46%
Average Drawdown Average peak-to-trough decline	-6.27%	-16.46%	+10.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	29.61%	-21.17%

Volatility

GLDM vs. FBTC - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 7.73%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.97%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	11.97%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	23.93%	34.39%	-10.46%
Volatility (1Y) Calculated over the trailing 1-year period	27.15%	43.98%	-16.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	50.13%	-32.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	50.13%	-33.15%

GLDM vs. FBTC - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than FBTC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GLDM vs. FBTC - Dividend Comparison

Neither GLDM nor FBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLDM and FBTC in my portfolio?

GLDM and FBTC 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.

Which is riskier, GLDM or FBTC?

FBTC has higher volatility (11.97%) compared to GLDM (7.73%). In terms of maximum drawdown, GLDM dropped -24.35% vs FBTC's -52.07%.

Which ETF is better, GLDM or FBTC?

On 1-year performance, GLDM leads with 22.58% vs -39.70% for FBTC. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or FBTC?

Over the 1-year period, GLDM has performed better with a 22.58% return vs -39.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or FBTC?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.25% for FBTC.

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

GLDM and FBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between GLDM and FBTC?

GLDM is categorized as Gold, while FBTC is Cryptocurrency. GLDM tracks LBMA Gold Price PM, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.10% for GLDM and 0.25% for FBTC.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs -0.93), 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.