BKCH vs. GBTC
BKCH (Global X Blockchain ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - BKCH is a Technology Equities fund actively managed by Global X, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. BKCH is actively managed, while GBTC is passively managed. Over the past 3 years, BKCH returned 58.43%/yr vs 53.36%/yr for GBTC. A 0.72 correlation means they provide meaningful diversification when combined. BKCH charges 0.50%/yr vs 1.50%/yr for GBTC.
Performance
BKCH vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BKCH achieves a 36.44% return, which is significantly higher than GBTC's -27.82% return.
BKCH
- 1D
- -1.46%
- 1M
- 5.62%
- YTD
- 36.44%
- 6M
- 9.64%
- 1Y
- 86.50%
- 3Y*
- 58.43%
- 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%
BKCH vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 36.44% | 27.14% | 18.81% | 267.06% | -85.10% | -1.24% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 27.42% |
Correlation
The correlation between BKCH and GBTC is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021 | 0.72 |
The correlation between BKCH and GBTC has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
BKCH vs. GBTC — Risk / Return Rank
BKCH
GBTC
BKCH vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain ETF (BKCH) 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.
| BKCH | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.85 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | -0.81 | +2.36 |
| Martin ratioReturn relative to average drawdown | 2.86 | -1.40 | +4.27 |
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
| BKCH | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | -0.93 | +2.18 |
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 | 0.03 | 0.65 | -0.62 |
Drawdowns
BKCH vs. GBTC - Drawdown Comparison
The maximum BKCH drawdown since its inception was -91.80%, roughly equal to the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BKCH and GBTC.
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Drawdown Indicators
| BKCH | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.80% | -89.91% | -1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -56.28% | -49.87% | -6.41% |
Max Drawdown (3Y)Largest decline over 3 years | -57.99% | -49.87% | -8.12% |
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 | -34.59% | -49.87% | +15.28% |
Average DrawdownAverage peak-to-trough decline | -62.10% | -43.43% | -18.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.30% | 28.81% | +1.49% |
Volatility
BKCH vs. GBTC - Volatility Comparison
Global X Blockchain ETF (BKCH) has a higher volatility of 17.28% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that BKCH'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
| BKCH | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.28% | 9.07% | +8.21% |
Volatility (6M)Calculated over the trailing 6-month period | 51.28% | 33.86% | +17.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.80% | 43.69% | +26.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.40% | 62.44% | +12.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.40% | 82.20% | -6.80% |
BKCH vs. GBTC - Expense Ratio Comparison
BKCH has a 0.50% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BKCH vs. GBTC - Dividend Comparison
BKCH's dividend yield for the trailing twelve months is around 1.47%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 1.47% | 2.00% | 7.61% | 2.33% | 1.29% | 4.28% | 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
BKCH and GBTC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKCH has higher volatility (17.28%) compared to GBTC (9.07%). In terms of maximum drawdown, BKCH dropped -91.80% vs GBTC's -89.91%.
On 3-year performance, BKCH leads with 58.43% vs 53.36% for GBTC. On fees, BKCH is cheaper at 0.50% 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 3-year period, BKCH has performed better with a 58.43% return vs 53.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKCH is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
BKCH has the higher dividend yield at 1.47%, compared with 0.00% for GBTC.
BKCH is categorized as Technology Equities, while GBTC is Cryptocurrency. They also come from different issuers: Global X and Grayscale. Their fees differ too: 0.50% for BKCH and 1.50% for GBTC.
BKCH currently has the higher Sharpe Ratio (1.25 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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