BCHG vs. BTC-USD
BCHG (Grayscale Bitcoin Cash Trust) is a stock, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, BCHG returned -38.62%/yr vs 12.25%/yr for BTC-USD. At a 0.39 correlation, their price movements are largely independent.
Performance
BCHG vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BCHG achieves a -58.45% return, which is significantly lower than BTC-USD's -27.60% return.
BCHG
- 1D
- 1.04%
- 1M
- -43.55%
- YTD
- -58.45%
- 6M
- -59.48%
- 1Y
- -42.19%
- 3Y*
- 30.68%
- 5Y*
- -38.62%
- 10Y*
- —
BTC-USD
- 1D
- -1.08%
- 1M
- -21.71%
- YTD
- -27.60%
- 6M
- -31.22%
- 1Y
- -39.53%
- 3Y*
- 35.01%
- 5Y*
- 12.25%
- 10Y*
- 59.71%
BCHG vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | -58.45% | -17.71% | 24.56% | 1,039.19% | -87.55% | -87.96% | 80.81% |
BTC-USD Bitcoin | -27.60% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 142.59% |
Correlation
The correlation between BCHG and BTC-USD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.39 |
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Return for Risk
BCHG vs. BTC-USD — Risk / Return Rank
BCHG
BTC-USD
BCHG vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Cash Trust (BCHG) and Bitcoin (BTC-USD). 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.
| BCHG | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.87 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.80 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.72 | -1.39 | -0.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BCHG | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.61 | -0.92 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.23 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | 1.13 | -1.35 |
Drawdowns
BCHG vs. BTC-USD - Drawdown Comparison
The maximum BCHG drawdown since its inception was -99.36%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BCHG and BTC-USD.
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Drawdown Indicators
| BCHG | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -85.30% | -14.06% |
Max Drawdown (1Y)Largest decline over 1 year | -64.18% | -49.65% | -14.53% |
Max Drawdown (3Y)Largest decline over 3 years | -91.79% | -49.65% | -42.14% |
Max Drawdown (5Y)Largest decline over 5 years | -98.25% | -76.67% | -21.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -96.81% | -49.21% | -47.60% |
Average DrawdownAverage peak-to-trough decline | -86.50% | -42.28% | -44.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.54% | 33.87% | -9.33% |
Volatility
BCHG vs. BTC-USD - Volatility Comparison
Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 21.07% compared to Bitcoin (BTC-USD) at 10.14%. This indicates that BCHG's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCHG | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.07% | 10.14% | +10.93% |
Volatility (6M)Calculated over the trailing 6-month period | 48.78% | 34.17% | +14.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.91% | 35.51% | +34.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.69% | 44.98% | +63.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 132.12% | 56.69% | +75.43% |
Frequently Asked Questions
BCHG and BTC-USD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (21.07%) compared to BTC-USD (10.14%). In terms of maximum drawdown, BCHG dropped -99.36% vs BTC-USD's -85.30%.
BCHG currently has the higher Sharpe Ratio (-0.61 vs -0.92), 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.
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