BETE vs. GBTC
BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. BETE is actively managed, while GBTC is passively managed. Over the past year, BETE returned -46.22% vs -44.39% for GBTC. Their correlation of 0.92 means they have usually moved in the same direction. BETE charges 0.95%/yr vs 1.50%/yr for GBTC.
Performance
BETE vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BETE achieves a -33.82% return, which is significantly lower than GBTC's -27.69% return.
BETE
- 1D
- 0.84%
- 1M
- 6.48%
- 6M
- -19.98%
- YTD
- -33.82%
- 1Y
- -46.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.97%
GBTC
- 1D
- 1.44%
- 1M
- 3.76%
- 6M
- -18.73%
- YTD
- -27.69%
- 1Y
- -44.39%
- 3Y*
- 37.01%
- 5Y*
- 8.32%
- 10Y*
- 49.81%
- ALL TIME*
- 54.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.50K | $84.09K | $94.44K | |
| $78.35M | $76.63M | $100.73M |
BETE vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF | -33.82% | -8.17% | 66.02% | 36.61% |
GBTC Grayscale Bitcoin Trust ETF | -27.69% | -7.65% | 113.81% | 80.41% |
Correlation
The correlation between BETE and GBTC is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | 0.92 |
The correlation between BETE and GBTC has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
BETE vs. GBTC — Risk / Return Rank
BETE
GBTC
BETE vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) 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.
| BETE | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.84 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.83 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.27 | +0.13 |
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Drawdowns
BETE vs. GBTC - Drawdown Comparison
The maximum BETE drawdown since its inception was -61.75%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BETE and GBTC.
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Drawdown Indicators
| BETE | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.75% | -89.91% | +28.16% |
Max Drawdown (1Y)Largest decline over 1 year | -61.75% | -53.75% | -8.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.75% | — |
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 | -56.61% | -49.78% | -6.83% |
Average DrawdownAverage peak-to-trough decline | -23.49% | -43.51% | +20.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.78% | 35.06% | +5.72% |
Volatility
BETE vs. GBTC - Volatility Comparison
Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) has a higher volatility of 10.50% compared to Grayscale Bitcoin Trust ETF (GBTC) at 8.85%. This indicates that BETE'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
| BETE | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.50% | 8.85% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 39.54% | 33.72% | +5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.20% | 44.38% | +10.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.97% | 60.56% | -4.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.97% | 81.19% | -25.22% |
BETE vs. GBTC - Expense Ratio Comparison
BETE has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BETE vs. GBTC - Dividend Comparison
BETE's dividend yield for the trailing twelve months is around 64.12%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF | 64.12% | 68.22% | 15.22% | 0.78% | 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
With a correlation of 0.96, BETE 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.
BETE has higher volatility (10.50%) compared to GBTC (8.85%). In terms of maximum drawdown, BETE dropped -61.75% vs GBTC's -89.91%.
On 1-year performance, GBTC leads with -44.39% vs -46.22% for BETE. On fees, BETE is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 8.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GBTC has performed better with a -44.39% return vs -46.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BETE is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
BETE has the higher dividend yield at 64.12%, compared with 0.00% for GBTC.
They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for BETE and 1.50% for GBTC.
BETE currently has the higher Sharpe Ratio (-0.84 vs -1.01), 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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