GOLY vs. RING
GOLY (Strategy Shares Gold-Hedged Bond ETF) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 5 years, GOLY returned 5.25%/yr vs 20.15%/yr for RING. A 0.69 correlation means they provide meaningful diversification when combined. GOLY charges 0.79%/yr vs 0.39%/yr for RING.
Performance
GOLY vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -26.33% return, which is significantly lower than RING's -11.05% return.
GOLY
- 1D
- 0.84%
- 1M
- -10.09%
- YTD
- -26.33%
- 6M
- -28.77%
- 1Y
- -7.98%
- 3Y*
- 14.36%
- 5Y*
- 5.25%
- 10Y*
- —
RING
- 1D
- 1.48%
- 1M
- -15.03%
- YTD
- -11.05%
- 6M
- -14.98%
- 1Y
- 51.23%
- 3Y*
- 43.01%
- 5Y*
- 20.15%
- 10Y*
- 12.43%
GOLY vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -26.33% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
RING iShares MSCI Global Gold Miners ETF | -11.05% | 164.72% | 15.98% | 12.29% | -15.40% | -17.43% |
Correlation
The correlation between GOLY and RING is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.69 |
The correlation between GOLY and RING has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
GOLY vs. RING — Risk / Return Rank
GOLY
RING
GOLY vs. RING - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) and iShares MSCI Global Gold Miners ETF (RING). 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.
| GOLY | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.20 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 1.44 | -1.66 |
| Martin ratioReturn relative to average drawdown | -0.52 | 3.74 | -4.26 |
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Drawdowns
GOLY vs. RING - Drawdown Comparison
The maximum GOLY drawdown since its inception was -36.97%, smaller than the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for GOLY and RING.
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Drawdown Indicators
| GOLY | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.97% | -79.47% | +42.50% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -35.72% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -36.97% | -35.72% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -36.97% | -47.94% | +10.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.04% | — |
Current DrawdownCurrent decline from peak | -36.44% | -34.11% | -2.33% |
Average DrawdownAverage peak-to-trough decline | -12.10% | -47.32% | +35.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.33% | 13.75% | +1.58% |
Volatility
GOLY vs. RING - Volatility Comparison
The current volatility for Strategy Shares Gold-Hedged Bond ETF (GOLY) is 9.74%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 17.15%. This indicates that GOLY experiences smaller price fluctuations and is considered to be less risky than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLY | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.74% | 17.15% | -7.41% |
Volatility (6M)Calculated over the trailing 6-month period | 30.59% | 39.93% | -9.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.84% | 48.18% | -14.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 37.00% | -14.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.44% | 36.74% | -14.30% |
GOLY vs. RING - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than RING's 0.39% expense ratio.
Dividends
GOLY vs. RING - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.99%, more than RING's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.99% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RING iShares MSCI Global Gold Miners ETF | 1.39% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
GOLY and RING have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (17.15%) compared to GOLY (9.74%). In terms of maximum drawdown, GOLY dropped -36.97% vs RING's -79.47%.
On 5-year performance, RING leads with 20.15% vs 5.25% for GOLY. On fees, RING is cheaper at 0.39% per year. On volatility, GOLY has been the lower-risk option at 9.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RING has performed better with a 20.15% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.79% for GOLY.
GOLY has the higher dividend yield at 9.99%, compared with 1.39% for RING.
GOLY is categorized as Nontraditional Bonds, while RING is Gold. GOLY tracks Solactive Gold-Backed Bond Index, while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. They also come from different issuers: Strategy Shares and iShares. Their fees differ too: 0.79% for GOLY and 0.39% for RING.
RING currently has the higher Sharpe Ratio (1.07 vs -0.24), 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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