RING vs. GLDY

Last updated Jun 24, 2026

RING (iShares MSCI Global Gold Miners ETF) and GLDY (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while GLDY is a Derivative Income fund actively managed by Defiance. RING is passively managed, while GLDY is actively managed. Over the past year, RING returned 52.30% vs 3.71% for GLDY. A 0.70 correlation means they provide meaningful diversification when combined. RING charges 0.39%/yr vs 0.99%/yr for GLDY.

Performance

RING vs. GLDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Gold Miners ETF (RING) and Defiance Gold Enhanced Options Income ETF (GLDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RING achieves a -8.53% return, which is significantly higher than GLDY's -8.97% return.

RING

• 1D: -4.54%
• 1M: -9.24%
• YTD: -8.53%
• 6M: -13.08%
• 1Y: 52.30%
• 3Y*: 44.79%
• 5Y*: 20.81%
• 10Y*: 12.92%

GLDY

• 1D: -1.42%
• 1M: -7.47%
• YTD: -8.97%
• 6M: -11.98%
• 1Y: 3.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RING vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
RING iShares MSCI Global Gold Miners ETF	-8.53%	94.14%
GLDY Defiance Gold Enhanced Options Income ETF	-8.97%	15.15%

Correlation

The correlation between RING and GLDY is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.71

The correlation between RING and GLDY has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

RING vs. GLDY — Risk / Return Rank

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

RING

RING Risk / Return Rank: 30
RING Sharpe Ratio Rank: 32
RING Sortino Ratio Rank: 29
RING Omega Ratio Rank: 32
RING Calmar Ratio Rank: 30
RING Martin Ratio Rank: 29

GLDY

GLDY Risk / Return Rank: 11
GLDY Sharpe Ratio Rank: 10
GLDY Sortino Ratio Rank: 10
GLDY Omega Ratio Rank: 11
GLDY Calmar Ratio Rank: 10
GLDY Martin Ratio Rank: 11

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.

RING vs. GLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) and Defiance Gold Enhanced Options Income ETF (GLDY). 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.

	RING	GLDY	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.15	+0.94
Sortino ratio: Return per unit of downside risk	1.53	0.36	+1.17
Omega ratio: Gain probability vs. loss probability	1.21	1.06	+0.15
Calmar ratio: Return relative to maximum drawdown	1.47	0.14	+1.33
Martin ratio: Return relative to average drawdown	3.91	0.54	+3.37

RING vs. GLDY - Sharpe Ratio Comparison

The current RING Sharpe Ratio is 1.09, which is higher than the GLDY Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of RING and GLDY, 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

RING vs. GLDY - Drawdown Comparison

The maximum RING drawdown since its inception was -79.47%, which is greater than GLDY's maximum drawdown of -25.90%. Use the drawdown chart below to compare losses from any high point for RING and GLDY.

Drawdown Indicators

	RING	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-79.47%	-25.90%	-53.57%
Max Drawdown (1Y) Largest decline over 1 year	-35.72%	-25.90%	-9.82%
Max Drawdown (3Y) Largest decline over 3 years	-35.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.04%	—	—
Current Drawdown Current decline from peak	-32.25%	-19.05%	-13.20%
Average Drawdown Average peak-to-trough decline	-47.33%	-4.47%	-42.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.40%	6.91%	+6.49%

Volatility

RING vs. GLDY - Volatility Comparison

iShares MSCI Global Gold Miners ETF (RING) has a higher volatility of 17.22% compared to Defiance Gold Enhanced Options Income ETF (GLDY) at 14.83%. This indicates that RING's price experiences larger fluctuations and is considered to be riskier than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RING	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.22%	14.83%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	39.95%	23.20%	+16.75%
Volatility (1Y) Calculated over the trailing 1-year period	48.04%	24.59%	+23.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.94%	23.27%	+13.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.73%	23.27%	+13.46%

RING vs. GLDY - Expense Ratio Comparison

RING has a 0.39% expense ratio, which is lower than GLDY's 0.99% expense ratio.

Dividends

RING vs. GLDY - Dividend Comparison

RING's dividend yield for the trailing twelve months is around 1.35%, less than GLDY's 51.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDY Defiance Gold Enhanced Options Income ETF	51.60%	37.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RING iShares MSCI Global Gold Miners ETF	1.35%	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

Can I hold both RING and GLDY in my portfolio?

RING and GLDY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RING or GLDY?

RING has higher volatility (17.22%) compared to GLDY (14.83%). In terms of maximum drawdown, RING dropped -79.47% vs GLDY's -25.90%.

Which ETF is better, RING or GLDY?

On 1-year performance, RING leads with 52.30% vs 3.71% for GLDY. On fees, RING is cheaper at 0.39% per year. On volatility, GLDY has been the lower-risk option at 14.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RING or GLDY?

Over the 1-year period, RING has performed better with a 52.30% return vs 3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RING or GLDY?

RING is cheaper with a 0.39% expense ratio, compared with 0.99% for GLDY.

Which ETF pays a higher dividend yield, RING or GLDY?

GLDY has the higher dividend yield at 51.60%, compared with 1.35% for RING.

What is the main difference between RING and GLDY?

RING is categorized as Gold, while GLDY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.39% for RING and 0.99% for GLDY.

Which has better risk-adjusted returns?

RING currently has the higher Sharpe Ratio (1.09 vs 0.15), 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.