BCOR vs. GBTC
BCOR (Grayscale Bitcoin Adopters ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - BCOR is a Blockchain fund tracking the Indxx Bitcoin Adopters Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past year, BCOR returned -15.79% vs -40.35% for GBTC. A 0.79 correlation means they provide meaningful diversification when combined. BCOR charges 0.59%/yr vs 1.50%/yr for GBTC.
Performance
BCOR vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BCOR achieves a -2.32% return, which is significantly higher than GBTC's -27.82% return.
BCOR
- 1D
- -0.10%
- 1M
- -7.13%
- YTD
- -2.32%
- 6M
- -10.62%
- 1Y
- -15.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
BCOR vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BCOR Grayscale Bitcoin Adopters ETF | -2.32% | 4.14% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.96% |
Correlation
The correlation between BCOR and GBTC is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 1, 2025 | 0.79 |
The correlation between BCOR and GBTC has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.
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Return for Risk
BCOR vs. GBTC — Risk / Return Rank
BCOR
GBTC
BCOR vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Adopters ETF (BCOR) 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.
| BCOR | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.85 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | -0.81 | +0.44 |
| Martin ratioReturn relative to average drawdown | -0.68 | -1.40 | +0.72 |
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
| BCOR | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.39 | -0.93 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.65 | -0.62 |
Drawdowns
BCOR vs. GBTC - Drawdown Comparison
The maximum BCOR drawdown since its inception was -42.99%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BCOR and GBTC.
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Drawdown Indicators
| BCOR | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.99% | -89.91% | +46.92% |
Max Drawdown (1Y)Largest decline over 1 year | -42.99% | -49.87% | +6.88% |
Max Drawdown (3Y)Largest decline over 3 years | — | -49.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -30.91% | -49.87% | +18.96% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -43.43% | +25.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.20% | 28.81% | -5.61% |
Volatility
BCOR vs. GBTC - Volatility Comparison
Grayscale Bitcoin Adopters ETF (BCOR) has a higher volatility of 10.28% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that BCOR's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCOR | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.28% | 9.07% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 31.45% | 33.86% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.05% | 43.69% | -2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.85% | 62.44% | -19.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.85% | 82.20% | -39.35% |
BCOR vs. GBTC - Expense Ratio Comparison
BCOR has a 0.59% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BCOR vs. GBTC - Dividend Comparison
BCOR's dividend yield for the trailing twelve months is around 3.18%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCOR Grayscale Bitcoin Adopters ETF | 3.18% | 3.10% | 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
BCOR and GBTC have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCOR has higher volatility (10.28%) compared to GBTC (9.07%). In terms of maximum drawdown, BCOR dropped -42.99% vs GBTC's -89.91%.
On 1-year performance, BCOR leads with -15.79% vs -40.35% for GBTC. On fees, BCOR is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BCOR has performed better with a -15.79% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCOR is cheaper with a 0.59% expense ratio, compared with 1.50% for GBTC.
BCOR has the higher dividend yield at 3.18%, compared with 0.00% for GBTC.
BCOR is categorized as Blockchain, while GBTC is Cryptocurrency. BCOR tracks Indxx Bitcoin Adopters Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 0.59% for BCOR and 1.50% for GBTC.
BCOR currently has the higher Sharpe Ratio (-0.39 vs -0.93), 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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