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BITB vs. GBTC
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between BITB and GBTC is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.


-0.50.00.51.0
Correlation: 1.0

Performance

BITB vs. GBTC - Performance Comparison

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

20.00%40.00%60.00%80.00%100.00%120.00%NovemberDecember2025FebruaryMarchApril
81.17%
65.05%
BITB
GBTC

Key characteristics

Sharpe Ratio

BITB:

0.36

GBTC:

0.11

Sortino Ratio

BITB:

0.91

GBTC:

0.57

Omega Ratio

BITB:

1.10

GBTC:

1.07

Calmar Ratio

BITB:

0.71

GBTC:

0.18

Martin Ratio

BITB:

1.56

GBTC:

0.40

Ulcer Index

BITB:

12.53%

GBTC:

15.71%

Daily Std Dev

BITB:

54.09%

GBTC:

55.49%

Max Drawdown

BITB:

-27.44%

GBTC:

-89.91%

Current Drawdown

BITB:

-20.42%

GBTC:

-20.72%

Returns By Period

The year-to-date returns for both stocks are quite close, with BITB having a -9.01% return and GBTC slightly lower at -9.27%.


BITB

YTD

-9.01%

1M

0.94%

6M

37.54%

1Y

21.54%

5Y*

N/A

10Y*

N/A

GBTC

YTD

-9.27%

1M

0.83%

6M

36.73%

1Y

8.01%

5Y*

54.40%

10Y*

N/A

*Annualized

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Risk-Adjusted Performance

BITB vs. GBTC — Risk-Adjusted Performance Rank

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

BITB
The Risk-Adjusted Performance Rank of BITB is 5252
Overall Rank
The Sharpe Ratio Rank of BITB is 4040
Sharpe Ratio Rank
The Sortino Ratio Rank of BITB is 5858
Sortino Ratio Rank
The Omega Ratio Rank of BITB is 5353
Omega Ratio Rank
The Calmar Ratio Rank of BITB is 6464
Calmar Ratio Rank
The Martin Ratio Rank of BITB is 4545
Martin Ratio Rank

GBTC
The Risk-Adjusted Performance Rank of GBTC is 5757
Overall Rank
The Sharpe Ratio Rank of GBTC is 5757
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 5555
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 5353
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 6262
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 5858
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

BITB vs. GBTC - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Trust (BTC) (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.


The chart of Sharpe ratio for BITB, currently valued at 0.36, compared to the broader market-1.000.001.002.003.004.005.00
BITB: 0.36
GBTC: 0.11
The chart of Sortino ratio for BITB, currently valued at 0.91, compared to the broader market-2.000.002.004.006.008.0010.00
BITB: 0.91
GBTC: 0.57
The chart of Omega ratio for BITB, currently valued at 1.10, compared to the broader market0.501.001.502.002.503.00
BITB: 1.10
GBTC: 1.07
The chart of Calmar ratio for BITB, currently valued at 0.71, compared to the broader market0.005.0010.0015.00
BITB: 0.71
GBTC: 0.18
The chart of Martin ratio for BITB, currently valued at 1.56, compared to the broader market0.0020.0040.0060.0080.00100.00
BITB: 1.56
GBTC: 0.40

The current BITB Sharpe Ratio is 0.36, which is higher than the GBTC Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of BITB and GBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-0.500.000.501.001.502.002.503.00Jan 19Jan 26Feb 02Feb 09Feb 16Feb 23Mar 02Mar 09Mar 16Mar 23Mar 30
0.36
0.11
BITB
GBTC

Dividends

BITB vs. GBTC - Dividend Comparison

Neither BITB nor GBTC has paid dividends to shareholders.


TTM20242023202220212020201920182017
BITB
Bitwise Bitcoin ETF
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GBTC
Grayscale Bitcoin Trust (BTC)
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.23%

Drawdowns

BITB vs. GBTC - Drawdown Comparison

The maximum BITB drawdown since its inception was -27.44%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BITB and GBTC. For additional features, visit the drawdowns tool.


-25.00%-20.00%-15.00%-10.00%-5.00%0.00%NovemberDecember2025FebruaryMarchApril
-20.42%
-20.72%
BITB
GBTC

Volatility

BITB vs. GBTC - Volatility Comparison

Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Trust (BTC) (GBTC) have volatilities of 16.72% and 16.75%, 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.


8.00%10.00%12.00%14.00%16.00%18.00%20.00%NovemberDecember2025FebruaryMarchApril
16.72%
16.75%
BITB
GBTC