BCHG vs. BTC-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Grayscale Bitcoin Cash Trust (BCHG) and Bitcoin (BTC-USD).

Performance

BCHG vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Cash Trust (BCHG) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

BCHG vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BCHG Grayscale Bitcoin Cash Trust	-26.70%	-17.71%	24.56%	1,039.19%	-87.55%	-87.96%	80.81%
BTC-USD Bitcoin	-23.70%	-6.27%	120.76%	155.82%	-64.23%	59.40%	142.59%

Returns By Period

In the year-to-date period, BCHG achieves a -26.70% return, which is significantly lower than BTC-USD's -23.70% return.

BCHG

• 1D: -1.97%
• 1M: 1.78%
• YTD: -26.70%
• 6M: -33.34%
• 1Y: 21.32%
• 3Y*: 52.66%
• 5Y*: -29.69%
• 10Y*: —

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

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

Return for Risk

BCHG vs. BTC-USD — Risk / Return Rank

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

BCHG

BCHG Risk / Return Rank: 52
BCHG Sharpe Ratio Rank: 50
BCHG Sortino Ratio Rank: 54
BCHG Omega Ratio Rank: 50
BCHG Calmar Ratio Rank: 52
BCHG Martin Ratio Rank: 52

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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.

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 ratio Return per unit of total volatility	0.28	-0.43	+0.72
Sortino ratio Return per unit of downside risk	1.01	-0.36	+1.38
Omega ratio Gain probability vs. loss probability	1.11	0.96	+0.15
Calmar ratio Return relative to maximum drawdown	0.56	-1.14	+1.69
Martin ratio Return relative to average drawdown	1.25	-2.03	+3.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCHG vs. BTC-USD - Sharpe Ratio Comparison

The current BCHG Sharpe Ratio is 0.28, which is higher than the BTC-USD Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of BCHG and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BCHG	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	-0.43	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.06	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	1.18	-1.35

Correlation

The correlation between BCHG and BTC-USD is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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.

Drawdown Indicators

	BCHG	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-99.36%	-85.30%	-14.06%
Max Drawdown (1Y) Largest decline over 1 year	-38.91%	-49.65%	+10.74%
Max Drawdown (5Y) Largest decline over 5 years	-99.30%	-76.67%	-22.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-94.38%	-46.47%	-47.91%
Average Drawdown Average peak-to-trough decline	-86.25%	-42.00%	-44.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.34%	27.75%	-10.41%

Volatility

BCHG vs. BTC-USD - Volatility Comparison

The current volatility for Grayscale Bitcoin Cash Trust (BCHG) is 10.21%, while Bitcoin (BTC-USD) has a volatility of 13.70%. This indicates that BCHG experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHG	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.21%	13.70%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	52.40%	35.96%	+16.44%
Volatility (1Y) Calculated over the trailing 1-year period	75.52%	36.69%	+38.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.13%	46.91%	+66.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	133.68%	56.71%	+76.97%