ARKB vs. GBTC

Last updated Jun 16, 2026

ARKB (ARK 21Shares Bitcoin ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds - ARKB tracks the CME CF Bitcoin Reference Rate - New York Variant while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past year, ARKB returned -36.82% vs -37.64% for GBTC. With a 1.00 correlation, they move nearly in lockstep. ARKB charges 0.21%/yr vs 1.50%/yr for GBTC.

Performance

ARKB vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ARKB having a -23.93% return and GBTC slightly lower at -24.44%.

ARKB

• 1D: 4.79%
• 1M: -15.85%
• YTD: -23.93%
• 6M: -22.44%
• 1Y: -36.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: 4.68%
• 1M: -15.93%
• YTD: -24.44%
• 6M: -22.97%
• 1Y: -37.64%
• 3Y*: 50.61%
• 5Y*: 10.01%
• 10Y*: 44.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARKB vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ARKB ARK 21Shares Bitcoin ETF	-23.93%	-6.59%	86.54%
GBTC Grayscale Bitcoin Trust ETF	-24.44%	-7.65%	82.78%

Correlation

The correlation between ARKB and GBTC is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between ARKB and GBTC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ARKB vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARKB

ARKB Risk / Return Rank: 3
ARKB Sharpe Ratio Rank: 3
ARKB Sortino Ratio Rank: 3
ARKB Omega Ratio Rank: 3
ARKB Calmar Ratio Rank: 3
ARKB Martin Ratio Rank: 3

GBTC

GBTC Risk / Return Rank: 3
GBTC Sharpe Ratio Rank: 3
GBTC Sortino Ratio Rank: 3
GBTC Omega Ratio Rank: 3
GBTC Calmar Ratio Rank: 3
GBTC Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARKB vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	ARKB	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.85	+0.02
Sortino ratio: Return per unit of downside risk	-1.12	-1.15	+0.03
Omega ratio: Gain probability vs. loss probability	0.87	0.87	0.00
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.72	+0.01
Martin ratio: Return relative to average drawdown	-1.24	-1.26	+0.02

ARKB vs. GBTC - Sharpe Ratio Comparison

The current ARKB Sharpe Ratio is -0.84, which is comparable to the GBTC Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of ARKB and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARKB vs. GBTC - Drawdown Comparison

The maximum ARKB drawdown since its inception was -52.04%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ARKB and GBTC.

Drawdown Indicators

	ARKB	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-52.04%	-89.91%	+37.87%
Max Drawdown (1Y) Largest decline over 1 year	-52.04%	-52.45%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-52.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-47.03%	-47.53%	+0.50%
Average Drawdown Average peak-to-trough decline	-16.61%	-43.43%	+26.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.75%	30.00%	-0.25%

Volatility

ARKB vs. GBTC - Volatility Comparison

ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 12.88% and 12.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARKB	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.88%	12.84%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	34.67%	34.75%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	44.23%	44.31%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.14%	62.22%	-12.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.14%	81.79%	-31.65%

ARKB vs. GBTC - Expense Ratio Comparison

ARKB has a 0.21% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

ARKB vs. GBTC - Dividend Comparison

Neither ARKB nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARKB ARK 21Shares Bitcoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both ARKB and GBTC in my portfolio?

With a correlation of 1.00, ARKB and GBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ARKB or GBTC?

ARKB has higher volatility (12.88%) compared to GBTC (12.84%). In terms of maximum drawdown, ARKB dropped -52.04% vs GBTC's -89.91%.

Which ETF is better, ARKB or GBTC?

On 1-year performance, ARKB leads with -36.82% vs -37.64% for GBTC. On fees, ARKB is cheaper at 0.21% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARKB or GBTC?

Over the 1-year period, ARKB has performed better with a -36.82% return vs -37.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARKB or GBTC?

ARKB is cheaper with a 0.21% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, ARKB or GBTC?

ARKB and GBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between ARKB and GBTC?

ARKB tracks CME CF Bitcoin Reference Rate - New York Variant, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: ARK and Grayscale. Their fees differ too: 0.21% for ARKB and 1.50% for GBTC.

Which has better risk-adjusted returns?

ARKB currently has the higher Sharpe Ratio (-0.84 vs -0.85), 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.