BKCH vs. GBTC
BKCH (Global X Blockchain ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - BKCH is a Blockchain fund tracking the Solactive Blockchain Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 3 years, BKCH returned 45.01%/yr vs 34.23%/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 24.56% return, which is significantly higher than GBTC's -32.11% return.
BKCH
- 1D
- -5.87%
- 1M
- -7.77%
- YTD
- 24.56%
- 6M
- 14.82%
- 1Y
- 67.14%
- 3Y*
- 45.01%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -4.01%
- 1M
- -21.14%
- YTD
- -32.11%
- 6M
- -31.95%
- 1Y
- -44.25%
- 3Y*
- 34.23%
- 5Y*
- 10.89%
- 10Y*
- 44.29%
BKCH vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 24.56% | 27.14% | 18.81% | 267.06% | -85.10% | -6.69% |
GBTC Grayscale Bitcoin Trust ETF | -32.11% | -7.65% | 113.81% | 317.61% | -75.80% | 29.73% |
Correlation
The correlation between BKCH and GBTC is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021 | 0.72 |
The correlation between BKCH and GBTC has been stable across timeframes, ranging from 0.67 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.
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.
| BKCH | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.96 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.84 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | -0.84 | +2.04 |
| Martin ratioReturn relative to average drawdown | 2.17 | -1.43 | +3.60 |
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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% | -52.85% | -3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -57.99% | -52.85% | -5.14% |
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 | -40.28% | -52.85% | +12.57% |
Average DrawdownAverage peak-to-trough decline | -61.83% | -43.45% | -18.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.03% | 30.97% | +0.06% |
Volatility
BKCH vs. GBTC - Volatility Comparison
Global X Blockchain ETF (BKCH) has a higher volatility of 18.93% compared to Grayscale Bitcoin Trust ETF (GBTC) at 13.34%. 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 | 18.93% | 13.34% | +5.59% |
Volatility (6M)Calculated over the trailing 6-month period | 51.09% | 34.51% | +16.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.63% | 44.38% | +26.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.43% | 62.09% | +13.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.43% | 81.45% | -6.02% |
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 1.60%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 1.60% | 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 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKCH has higher volatility (18.93%) compared to GBTC (13.34%). In terms of maximum drawdown, BKCH dropped -91.80% vs GBTC's -89.91%.
On 3-year performance, BKCH leads with 45.01% vs 34.23% for GBTC. On fees, BKCH is cheaper at 0.50% per year. On volatility, GBTC has been the lower-risk option at 13.34%. 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 45.01% return vs 34.23%. 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 1.60%, compared with 0.00% for GBTC.
BKCH is categorized as Blockchain, while GBTC is Cryptocurrency. BKCH tracks Solactive Blockchain Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. 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 (0.96 vs -1.00), 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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