GLD vs IBIT: returns, risk and drawdowns compared
SPDR Gold Shares against iShares Bitcoin Trust ETF, over the same 3 years (October 2022 to October 2026) with dividends reinvested.
Data updated October 2026
GLD
SPDR Gold Shares
10,000 became
22,811
- A year on average
- +26.6%
- Annual volatility
- 18.9%
- Deepest fall
- −23.8%
- Worst month
- −11.7%
IBIT
iShares Bitcoin Trust ETF
10,000 became
17,771
- A year on average
- +17.9%
- Annual volatility
- 49.8%
- Deepest fall
- −49.8%
- Worst month
- −21.7%
GLD came out ahead by 8.7 percentage points a year from October 2022 to October 2026. IBIT swung more (49.8% against 18.9% a year). The correlation of monthly returns was -0.01: they moved largely independently.
Growth of 10,000: GLD vs IBIT
Falls from the previous high
Month-end values. Deepest fall: GLD −23.8%, IBIT −49.8%.
All the figures
| GLD | IBIT | |
|---|---|---|
| Annual return (CAGR) | +26.6% | +17.9% |
| Total return | +128% | +78% |
| Annual volatility | 18.9% | 49.8% |
| Deepest fall (month-end) | −23.8% | −49.8% |
| Worst month | −11.7% | −21.7% |
| Best month | +12.3% | +45.8% |
| Positive months | 64% | 55% |
| Best year | 2025: +63.7% | 2024: +141.9% |
| Worst year | 2023: +12.7% | 2023: −30.1% |
| 1-year return | −2.0% | −24.6% |
| 5 years, a year | +17.1% | — |
| 10 years, a year | +11.8% | — |
| Trading currency | USD | USD |
First nine rows: the same 42 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half GLD, half IBIT
| GLD alone | IBIT alone | 50/50 | |
|---|---|---|---|
| A year on average | +26.6% | +17.9% | +26.1% |
| Annual volatility | 18.9% | 49.8% | 26.6% |
| Deepest fall (month-end) | −23.8% | −49.8% | −24.8% |
| Worst month | −11.7% | −21.7% | −15.9% |
Because the two did not always move together, the mix swung less than the average of the two (26.6% against 34.4%). Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, GLD or IBIT?
From October 2022 to October 2026, GLD returned +26.6% a year and IBIT +17.9% a year, with dividends reinvested. Past returns do not predict future returns.
Which is riskier, GLD or IBIT?
Over the same months annual volatility was 18.9% for GLD and 49.8% for IBIT; the deepest fall from a month-end high was 23.8% and 49.8%, and the worst single month −11.7% and −21.7%.
How correlated are GLD and IBIT?
The correlation of their monthly returns was -0.01: they moved largely independently. Combining them has historically smoothed the ups and downs of either one alone.
What about holding both GLD and IBIT?
Half in each, rebalanced every month, returned +26.1% a year over the same period, with 26.6% annual volatility and a deepest month-end fall of 24.8%.
More comparisons
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.