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 6.28%/yr vs 20.31%/yr for RING. A 0.68 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 -18.09% return, which is significantly lower than RING's 1.87% return.
GOLY
- 1D
- 1.19%
- 1M
- -1.96%
- YTD
- -18.09%
- 6M
- -15.05%
- 1Y
- 3.79%
- 3Y*
- 17.72%
- 5Y*
- 6.28%
- 10Y*
- —
RING
- 1D
- 1.57%
- 1M
- 0.78%
- YTD
- 1.87%
- 6M
- 8.22%
- 1Y
- 69.89%
- 3Y*
- 47.62%
- 5Y*
- 20.31%
- 10Y*
- 14.69%
GOLY vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -18.09% | 57.98% | 19.82% | 12.74% | -19.96% | -1.30% |
RING iShares MSCI Global Gold Miners ETF | 1.87% | 164.72% | 15.98% | 12.29% | -15.40% | -17.53% |
Correlation
The correlation between GOLY and RING is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 19, 2021 | 0.68 |
The correlation between GOLY and RING has been stable across timeframes, ranging from 0.68 to 0.73 - 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.
| GOLY | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.27 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 2.33 | -2.21 |
| Martin ratioReturn relative to average drawdown | 0.29 | 5.97 | -5.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOLY | RING | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.12 | 1.53 | -1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.56 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.11 | +0.19 |
Drawdowns
GOLY vs. RING - Drawdown Comparison
The maximum GOLY drawdown since its inception was -35.99%, 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 | -35.99% | -79.47% | +43.48% |
Max Drawdown (1Y)Largest decline over 1 year | -30.16% | -30.11% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -30.16% | -30.11% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -35.99% | -47.94% | +11.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.04% | — |
Current DrawdownCurrent decline from peak | -29.33% | -24.54% | -4.79% |
Average DrawdownAverage peak-to-trough decline | -11.87% | -47.40% | +35.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.12% | 11.74% | +1.38% |
Volatility
GOLY vs. RING - Volatility Comparison
The current volatility for Strategy Shares Gold-Hedged Bond ETF (GOLY) is 6.55%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 15.07%. 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 | 6.55% | 15.07% | -8.52% |
Volatility (6M)Calculated over the trailing 6-month period | 29.54% | 37.37% | -7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.90% | 45.90% | -13.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.30% | 36.46% | -14.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.21% | 36.53% | -14.32% |
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 9.62%, more than RING's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.62% | 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 | 0.82% | 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 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (15.07%) compared to GOLY (6.55%). In terms of maximum drawdown, GOLY dropped -35.99% vs RING's -79.47%.
On 5-year performance, RING leads with 20.31% vs 6.28% for GOLY. On fees, RING is cheaper at 0.39% per year. On volatility, GOLY has been the lower-risk option at 6.55%. 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 20.31% return vs 6.28%. 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 9.62%, compared with 0.82% 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 (1.53 vs 0.12), 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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