GLDN.AX vs. BTGD

Last updated Apr 1, 2026

Compare and contrast key facts about Ishares Physical Gold ETF (GLDN.AX) and STKD Bitcoin & Gold ETF (BTGD).

GLDN.AX and BTGD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLDN.AX is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price PM AUD Index. It was launched on Nov 1, 2023. BTGD is an actively managed fund by Quantify Funds. It was launched on Oct 15, 2024.

Performance

GLDN.AX vs. BTGD - Performance Comparison

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

GLDN.AX vs. BTGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLDN.AX Ishares Physical Gold ETF	2.48%	55.11%	4.94%
BTGD STKD Bitcoin & Gold ETF	-23.01%	24.84%	39.84%

Different Trading Currencies

GLDN.AX is traded in AUD, while BTGD is traded in USD. To make them comparable, the BTGD values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLDN.AX achieves a 2.48% return, which is significantly higher than BTGD's -23.01% return.

GLDN.AX

• 1D: 1.67%
• 1M: -8.29%
• YTD: 2.48%
• 6M: 13.48%
• 1Y: 34.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTGD

• 1D: 4.85%
• 1M: -7.23%
• YTD: -23.01%
• 6M: -37.08%
• 1Y: -4.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDN.AX vs. BTGD - Expense Ratio Comparison

GLDN.AX has a 0.18% expense ratio, which is lower than BTGD's 1.00% expense ratio.

BTGD

STKD Bitcoin & Gold ETF

GLDN.AX

Ishares Physical Gold ETF

Return for Risk

GLDN.AX vs. BTGD — Risk / Return Rank

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

GLDN.AX

GLDN.AX Risk / Return Rank: 65
GLDN.AX Sharpe Ratio Rank: 72
GLDN.AX Sortino Ratio Rank: 70
GLDN.AX Omega Ratio Rank: 72
GLDN.AX Calmar Ratio Rank: 61
GLDN.AX Martin Ratio Rank: 52

BTGD

BTGD Risk / Return Rank: 17
BTGD Sharpe Ratio Rank: 15
BTGD Sortino Ratio Rank: 21
BTGD Omega Ratio Rank: 20
BTGD Calmar Ratio Rank: 15
BTGD Martin Ratio Rank: 14

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.

GLDN.AX vs. BTGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) 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.

	GLDN.AX	BTGD	Difference
Sharpe ratio Return per unit of total volatility	1.31	-0.09	+1.40
Sortino ratio Return per unit of downside risk	1.77	0.25	+1.53
Omega ratio Gain probability vs. loss probability	1.27	1.03	+0.24
Calmar ratio Return relative to maximum drawdown	1.56	-0.09	+1.66
Martin ratio Return relative to average drawdown	5.10	-0.22	+5.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDN.AX vs. BTGD - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 1.31, which is higher than the BTGD Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of GLDN.AX and BTGD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLDN.AX	BTGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	-0.09	+1.40
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	0.42	+1.49

Correlation

The correlation between GLDN.AX and BTGD is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GLDN.AX vs. BTGD - Dividend Comparison

GLDN.AX's dividend yield for the trailing twelve months is around 0.07%, less than BTGD's 4.22% yield.

	TTM	2025	2024
GLDN.AX Ishares Physical Gold ETF	0.07%	0.07%	0.00%
BTGD STKD Bitcoin & Gold ETF	4.22%	3.36%	0.19%

Drawdowns

GLDN.AX vs. BTGD - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -20.81%, smaller than the maximum BTGD drawdown of -47.43%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and BTGD.

Drawdown Indicators

	GLDN.AX	BTGD	Difference
Max Drawdown Largest peak-to-trough decline	-20.81%	-45.14%	+24.33%
Max Drawdown (1Y) Largest decline over 1 year	-20.81%	-45.14%	+24.33%
Current Drawdown Current decline from peak	-14.98%	-41.60%	+26.62%
Average Drawdown Average peak-to-trough decline	-3.29%	-11.98%	+8.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	18.83%	-12.45%

Volatility

GLDN.AX vs. BTGD - Volatility Comparison

The current volatility for Ishares Physical Gold ETF (GLDN.AX) is 9.88%, while STKD Bitcoin & Gold ETF (BTGD) has a volatility of 17.53%. This indicates that GLDN.AX 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

	GLDN.AX	BTGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	17.53%	-7.65%
Volatility (6M) Calculated over the trailing 6-month period	22.84%	44.95%	-22.11%
Volatility (1Y) Calculated over the trailing 1-year period	25.99%	53.02%	-27.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	53.86%	-34.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	53.86%	-34.18%