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GBTC + 3x ETFs
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification

GBTC + 3x ETFs

Currency in USD · Last updated May 28, 2025

Asset Allocation

TQQQ 33.33%GBTC 33.33%SOXL 33.33%EquityEquity
PositionCategory/SectorTarget Weight
GBTC
Grayscale Bitcoin Trust (BTC)		Financial Services
33.33%
SOXL
Direxion Daily Semiconductor Bull 3x Shares		Leveraged Equities, Leveraged
33.33%
TQQQ
ProShares UltraPro QQQ		Leveraged Equities, Leveraged
33.33%

S&P 500

Performance

Performance Chart

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The earliest data available for this chart is May 4, 2015, corresponding to the inception date of GBTC

Returns By Period

As of May 28, 2025, the GBTC + 3x ETFs returned -10.90% Year-To-Date and 56.59% of annualized return in the last 10 years.

YTD1M6M1Y5Y*10Y*
^GSPC
S&P 500		0.68%7.17%-1.66%11.63%14.34%10.88%
GBTC + 3x ETFs-10.90%27.32%-10.76%-9.32%39.88%56.59%
Portfolio components:
TQQQ
ProShares UltraPro QQQ		-10.09%31.71%-10.58%10.01%29.99%31.45%
GBTC
Grayscale Bitcoin Trust (BTC)		17.09%15.04%20.09%57.96%54.95%74.96%
SOXL
Direxion Daily Semiconductor Bull 3x Shares		-36.49%40.11%-38.17%-66.03%13.24%21.23%
*Annualized

Monthly Returns

The table below presents the monthly returns of GBTC + 3x ETFs, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20254.06%-14.19%-18.01%-4.74%27.75%-10.90%
20245.29%31.57%8.72%-16.40%19.99%7.21%-6.13%-7.45%3.61%-4.06%17.75%-2.64%60.37%
202343.09%-2.49%31.90%-7.20%16.21%23.08%8.38%-8.59%-11.64%3.49%29.39%22.04%249.46%
2022-27.88%-3.48%3.20%-31.11%-8.97%-38.94%38.02%-20.94%-26.15%4.76%12.97%-23.43%-79.92%
20215.08%13.28%6.64%2.84%-10.41%12.70%8.07%8.84%-13.73%30.44%9.64%-6.32%79.20%
20209.71%-14.03%-38.58%41.12%15.50%9.33%25.19%19.35%-14.48%9.23%49.95%25.43%170.96%
201918.84%13.28%9.25%30.67%1.71%31.62%3.77%-10.54%1.83%11.21%3.54%8.77%204.61%
20187.24%-0.22%-20.48%8.37%4.96%-13.83%13.46%4.90%-8.21%-25.68%-8.80%-23.18%-52.56%
20175.53%9.41%7.17%8.22%105.92%-16.37%11.54%48.58%-11.66%20.08%27.83%12.56%483.30%
2016-25.51%8.45%14.18%2.82%15.02%18.27%12.52%3.83%8.56%3.26%3.89%11.27%95.34%
2015-0.33%-14.36%-0.62%-17.59%-0.71%30.02%12.15%8.89%10.21%
Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Expense Ratio

GBTC + 3x ETFs has an expense ratio of 0.65%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

TQQQ
ProShares UltraPro QQQ
SOXL
Direxion Daily Semiconductor Bull 3x Shares

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of GBTC + 3x ETFs is 5, meaning it’s performing worse than 95% of other portfolios on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.

The Risk-Adjusted Performance Rank of GBTC + 3x ETFs is 55
Overall Rank
The Sharpe Ratio Rank of GBTC + 3x ETFs is 33
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC + 3x ETFs is 77
Sortino Ratio Rank
The Omega Ratio Rank of GBTC + 3x ETFs is 77
Omega Ratio Rank
The Calmar Ratio Rank of GBTC + 3x ETFs is 33
Calmar Ratio Rank
The Martin Ratio Rank of GBTC + 3x ETFs is 33
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

This table presents a comparison of risk-adjusted performance metrics for positions. 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.

Portfolio components
Sharpe ratioSortino ratioOmega ratioCalmar ratioMartin ratio
TQQQ
ProShares UltraPro QQQ		0.130.751.100.200.51
GBTC
Grayscale Bitcoin Trust (BTC)		1.111.711.202.004.44
SOXL
Direxion Daily Semiconductor Bull 3x Shares		-0.51-0.220.97-0.73-1.14

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

GBTC + 3x ETFs Sharpe ratios as of May 28, 2025 (values are recalculated daily):

  • 1-Year: -0.13
  • 5-Year: 0.58
  • 10-Year: 0.86
  • All Time: 0.85

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.55 to 1.08, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of GBTC + 3x ETFs compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

Dividend yield

GBTC + 3x ETFs provided a 1.14% dividend yield over the last twelve months.

TTM20242023202220212020201920182017201620152014
Portfolio1.14%0.81%0.59%0.55%0.01%0.02%0.15%0.47%0.11%1.61%0.00%0.01%
Portfolio components:
TQQQ
ProShares UltraPro QQQ		1.39%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%0.03%
GBTC
Grayscale Bitcoin Trust (BTC)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.26%0.00%0.00%0.00%
SOXL
Direxion Daily Semiconductor Bull 3x Shares		2.03%1.18%0.51%1.08%0.04%0.05%0.38%1.30%0.09%4.84%0.00%0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the GBTC + 3x ETFs. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the GBTC + 3x ETFs was 83.46%, occurring on Dec 28, 2022. Recovery took 354 trading sessions.

The current GBTC + 3x ETFs drawdown is 23.92%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-83.46%Nov 22, 2021277Dec 28, 2022354May 28, 2024631
-68.93%Dec 19, 2017255Dec 24, 2018249Dec 19, 2019504
-66.48%Feb 20, 202018Mar 16, 202099Aug 5, 2020117
-55.74%Jan 23, 202553Apr 8, 2025———
-44.08%May 6, 201578Aug 25, 201550Nov 4, 2015128
Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 3 assets, with an effective number of assets of 3.00, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.
^GSPCGBTCSOXLTQQQPortfolio
^GSPC1.000.240.780.910.75
GBTC0.241.000.230.240.65
SOXL0.780.231.000.840.83
TQQQ0.910.240.841.000.81
Portfolio0.750.650.830.811.00
The correlation results are calculated based on daily price changes starting from May 5, 2015
Go to the full Correlations tool for more customization options