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 4.03%/yr vs 19.06%/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 -27.55% return, which is significantly lower than RING's -15.97% return.
GOLY
- 1D
- -1.29%
- 1M
- -9.01%
- 6M
- -32.08%
- YTD
- -27.55%
- 1Y
- -9.55%
- 3Y*
- 13.18%
- 5Y*
- 4.03%
- 10Y*
- —
RING
- 1D
- -3.81%
- 1M
- -18.39%
- 6M
- -25.85%
- YTD
- -15.97%
- 1Y
- 42.60%
- 3Y*
- 37.48%
- 5Y*
- 19.06%
- 10Y*
- 10.75%
GOLY vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -27.55% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
RING iShares MSCI Global Gold Miners ETF | -15.97% | 164.72% | 15.98% | 12.29% | -15.40% | -17.43% |
Correlation
The correlation between GOLY and RING is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
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 0.77 - 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 | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.49 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.18 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 1.13 | -1.39 |
| Martin ratioReturn relative to average drawdown | -0.55 | 2.68 | -3.22 |
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Drawdowns
GOLY vs. RING - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.48%, 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 | -37.48% | -79.47% | +41.99% |
Max Drawdown (1Y)Largest decline over 1 year | -37.48% | -37.76% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -37.48% | -37.76% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -37.48% | -47.94% | +10.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.04% | — |
Current DrawdownCurrent decline from peak | -37.48% | -37.76% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -12.36% | -47.27% | +34.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.52% | 15.95% | +1.57% |
Volatility
GOLY vs. RING - Volatility Comparison
The current volatility for Strategy Shares Gold-Hedged Bond ETF (GOLY) is 6.83%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 11.66%. 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 | 6.83% | 11.66% | -4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 30.35% | 39.61% | -9.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.93% | 48.42% | -14.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.70% | 37.14% | -14.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.44% | 36.72% | -14.28% |
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 9.54%, more than RING's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.54% | 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 | 1.47% | 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 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (11.66%) compared to GOLY (6.83%). In terms of maximum drawdown, GOLY dropped -37.48% vs RING's -79.47%.
On 5-year performance, RING leads with 19.06% vs 4.03% for GOLY. On fees, RING is cheaper at 0.39% per year. On volatility, GOLY has been the lower-risk option at 6.83%. 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 19.06% return vs 4.03%. 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 9.54%, compared with 1.47% 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 (0.88 vs -0.28), 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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