RING vs. GOLY
RING (iShares MSCI Global Gold Miners ETF) and GOLY (Strategy Shares Gold-Hedged Bond ETF) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index. Both are passively managed. Over the past 5 years, RING returned 19.27%/yr vs 4.15%/yr for GOLY. A 0.69 correlation means they provide meaningful diversification when combined. RING charges 0.39%/yr vs 0.79%/yr for GOLY.
Performance
RING vs. GOLY - Performance Comparison
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Returns By Period
In the year-to-date period, RING achieves a -13.45% return, which is significantly higher than GOLY's -27.51% return.
RING
- 1D
- -2.53%
- 1M
- -8.38%
- 6M
- -22.60%
- YTD
- -13.45%
- 1Y
- 45.11%
- 3Y*
- 38.89%
- 5Y*
- 19.27%
- 10Y*
- 11.09%
GOLY
- 1D
- -3.10%
- 1M
- -5.87%
- 6M
- -31.45%
- YTD
- -27.51%
- 1Y
- -11.02%
- 3Y*
- 13.08%
- 5Y*
- 4.15%
- 10Y*
- —
RING vs. GOLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -13.45% | 164.72% | 15.98% | 12.29% | -15.40% | -17.43% |
GOLY Strategy Shares Gold-Hedged Bond ETF | -27.51% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
Correlation
The correlation between RING and GOLY 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 RING and GOLY has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
RING vs. GOLY — Risk / Return Rank
RING
GOLY
RING vs. GOLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) and Strategy Shares Gold-Hedged Bond ETF (GOLY). 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 | GOLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.97 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | -0.30 | +1.56 |
| Martin ratioReturn relative to average drawdown | 2.93 | -0.65 | +3.57 |
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Drawdowns
RING vs. GOLY - Drawdown Comparison
The maximum RING drawdown since its inception was -79.47%, which is greater than GOLY's maximum drawdown of -37.45%. Use the drawdown chart below to compare losses from any high point for RING and GOLY.
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Drawdown Indicators
| RING | GOLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.47% | -37.45% | -42.02% |
Max Drawdown (1Y)Largest decline over 1 year | -35.91% | -37.45% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -35.91% | -37.45% | +1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -47.94% | -37.45% | -10.49% |
Max Drawdown (10Y)Largest decline over 10 years | -52.04% | — | — |
Current DrawdownCurrent decline from peak | -35.90% | -37.45% | +1.55% |
Average DrawdownAverage peak-to-trough decline | -47.28% | -12.30% | -34.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.46% | 17.05% | -1.59% |
Volatility
RING vs. GOLY - Volatility Comparison
iShares MSCI Global Gold Miners ETF (RING) has a higher volatility of 14.58% compared to Strategy Shares Gold-Hedged Bond ETF (GOLY) at 8.43%. This indicates that RING's price experiences larger fluctuations and is considered to be riskier than GOLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RING | GOLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.58% | 8.43% | +6.15% |
Volatility (6M)Calculated over the trailing 6-month period | 39.61% | 30.38% | +9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.36% | 34.00% | +14.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.11% | 22.70% | +14.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 22.46% | +14.25% |
RING vs. GOLY - Expense Ratio Comparison
RING has a 0.39% expense ratio, which is lower than GOLY's 0.79% expense ratio.
Dividends
RING vs. GOLY - Dividend Comparison
RING's dividend yield for the trailing twelve months is around 1.43%, less than GOLY's 10.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 10.15% | 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 | 1.43% | 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
RING and GOLY 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 (14.58%) compared to GOLY (8.43%). In terms of maximum drawdown, RING dropped -79.47% vs GOLY's -37.45%.
On 5-year performance, RING leads with 19.27% vs 4.15% for GOLY. On fees, RING is cheaper at 0.39% per year. On volatility, GOLY has been the lower-risk option at 8.43%. 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 19.27% return vs 4.15%. 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 10.15%, compared with 1.43% for RING.
RING is categorized as Gold, while GOLY is Nontraditional Bonds. RING tracks MSCI ACWI Select Gold Miners Investable Market Index, while GOLY tracks Solactive Gold-Backed Bond Index. They also come from different issuers: iShares and Strategy Shares. Their fees differ too: 0.39% for RING and 0.79% for GOLY.
RING currently has the higher Sharpe Ratio (0.94 vs -0.33), 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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