Bitcoin vs SPDR Gold Shares

The price ratio is currently below its 50-day moving average, indicating GLD has been gaining relative ground recently. The ratio is extended at -24.6% from its 50-day average, suggesting the relative move may be overdue for a pullback. The 200-day z-score of -2.02 signals an extreme deviation — the current ratio is unusually far from its long-term norm.

Performance is mixed across timeframes, with no clear consistent leader between BTC-USD and GLD. Watch for a breakout in relative momentum.

These two assets have a near-zero long-term correlation of 0.13. The short-term and long-term correlations are closely aligned at 0.12 and 0.13, indicating a stable relationship. Low correlation suggests these assets can provide meaningful diversification in a portfolio.

BTC-USD has a stronger flow score (58/100 vs 50/100), indicating more consistent accumulation pressure. However, Chaikin Money Flow tells a different story — BTC-USD shows net outflow (-0.17) despite its higher flow score, suggesting the capital picture is more nuanced. BTC-USD is seeing above-average volume (1.3x), adding conviction to its flow signal.

GLD has significantly stronger trend momentum (67/100 vs 34/100), suggesting it is in a more favourable technical position. GLD carries a better risk profile (86/100 vs 14/100), with lower overall risk metrics. Both assets show similar short-term volatility levels. BTC-USD has experienced a deeper maximum drawdown over the past year (49.7% vs 13.9%), indicating higher tail risk. Their low short-term correlation (0.12) means these risk profiles are relatively independent, offering potential diversification benefit.

BTC-USD is currently losing ground against GLD, with the price ratio at 142.76 versus its 50-day average of 189.28. The 200-day z-score of -2.02 is historically extreme, suggesting GLD may be stretched relative to BTC-USD. On a flow basis, BTC-USD shows stronger capital accumulation (58 vs 50). BTC-USD carries lower short-term volatility (+53.2% vs +57.1% 21-day), with max drawdowns of -49.7% and -13.9% respectively. With a 63-day correlation of 0.12, these assets move largely independently — offering diversification value. Monitor the ratio trend and flow divergence for early signals of a shift in relative leadership.