PortfoliosLab logo
PortfoliosLab logo
Tools
Portfolios
Screeners
Discussions
BITB vs. GBTC
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between BITB and GBTC is 0.36, 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.

BITB vs. GBTC

Last updated May 31, 2025

Compare and contrast key facts about Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Trust (BTC) (GBTC).

BITB is a passively managed fund by Bitwise Asset Management that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 10, 2024.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: BITB or GBTC.

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.

Loading data...

Key characteristics

Sharpe Ratio

BITB:

0.99

GBTC:

0.98

Sortino Ratio

BITB:

1.63

GBTC:

1.62

Omega Ratio

BITB:

1.19

GBTC:

1.19

Calmar Ratio

BITB:

1.87

GBTC:

1.83

Martin Ratio

BITB:

4.08

GBTC:

4.06

Ulcer Index

BITB:

12.88%

GBTC:

12.84%

Daily Std Dev

BITB:

52.70%

GBTC:

52.84%

Max Drawdown

BITB:

-28.19%

GBTC:

-89.91%

Current Drawdown

BITB:

-5.92%

GBTC:

-5.98%

Returns By Period

The year-to-date returns for both stocks are quite close, with BITB having a 11.96% return and GBTC slightly lower at 11.42%.

BITB

YTD

11.96%

1M

11.13%

6M

7.56%

1Y

51.93%

3Y*

N/A

5Y*

N/A

10Y*

N/A

GBTC

YTD

11.42%

1M

11.04%

6M

6.98%

1Y

51.51%

3Y*

65.13%

5Y*

53.39%

10Y*

76.27%

*Annualized

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Bitwise Bitcoin ETF

Grayscale Bitcoin Trust (BTC)

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

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 8181
Overall Rank
The Sharpe Ratio Rank of BITB is 7676
Sharpe Ratio Rank
The Sortino Ratio Rank of BITB is 8383
Sortino Ratio Rank
The Omega Ratio Rank of BITB is 7777
Omega Ratio Rank
The Calmar Ratio Rank of BITB is 9292
Calmar Ratio Rank
The Martin Ratio Rank of BITB is 7979
Martin Ratio Rank
GBTC
The Risk-Adjusted Performance Rank of GBTC is 8282
Overall Rank
The Sharpe Ratio Rank of GBTC is 8181
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 7979
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7575
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 9191
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 8282
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 current BITB Sharpe Ratio is 0.99, which is comparable to the GBTC Sharpe Ratio of 0.98. 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.

Loading data...

Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

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%0.26%

Drawdowns

BITB vs. GBTC - Drawdown Comparison

The maximum BITB drawdown since its inception was -28.19%, 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.

Loading data...

Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

BITB vs. GBTC - Volatility Comparison

Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Trust (BTC) (GBTC) have volatilities of 9.40% and 9.39%, 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.

Loading data...