Gold exchange-traded funds are outperforming Bitcoin ETFs in 2025, with the SPDR Gold Shares (GLD) posting a 24.4% year-to-date return compared to 14.5% for the iShares Bitcoin Trust ETF (IBIT), according to FactSet data.
The performance gap highlights a shift in investor preferences as precious metals regain favor over cryptocurrency investments. According to the FactSet data, GLD has attracted $8.3 billion in net flows year to date, while BlackRock‘s IBIT pulled in $14.9 billion despite lower returns.
The divergence comes as Bloomberg Intelligence suggests gold could continue outpacing Bitcoin, with analysts pointing to potential market reversions and risk-asset appreciation cycles that may favor traditional safe-haven assets over volatile cryptocurrencies.
According to Bloomberg’s research, gold’s year-to-date gain of about 25% through April versus Bitcoin’s roughly 10% decline could signal a trend reversal, with the U.S. stock market potentially reaching a valuation apex that favors precious metals over speculative digital assets.
GLD’s monthly performance shows the gold ETF declined 1.4% over the past month, along with quarterly gains of just over 6%, according to the FactSet data. The fund has assets under management of $101.9 billion and carries a 0.4% expense ratio.
IBIT posted a 1.2% gain over the past month and a 27.7% gain over three months, according to FactSet. The fund has $74.7 billion in assets and charges a 0.25% expense ratio.
The precious metals sector extends beyond gold, with the iShares Silver Trust (SLV) posting a 23.9% year-to-date return that nearly matches gold’s performance. According to FactSet data, BlackRock’s silver ETF gained 7.7% over the past month and 5.2% over three months.
SLV attracted $644.3 million in year-to-date flows and $636.5 million over the past month, according to FactSet. The fund has $17.5 billion in assets under management and a 0.5% expense ratio.
Bloomberg Intelligence analysis suggests a shift away from risk assets and concerns about government spending could boost precious metals further. The research indicates cryptocurrencies may face pressure as markets reverse from recent peaks, with their high volatility working against them.
Monthly flow data show gold funds continue attracting capital despite recent price volatility, with GLD pulling in $2.7 billion over the past month. IBIT maintained strong inflows of $3.2 billion during the same period, according to FactSet data.
