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

Correlation

The correlation between BLCN and GBTC is 0.30, 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.

BLCN vs. GBTC

Last updated May 30, 2025

Compare and contrast key facts about Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) and Grayscale Bitcoin Trust (BTC) (GBTC).

BLCN is a passively managed fund by SRN Advisors that tracks the performance of the Siren NASDAQ Blockchain Economy Index. It was launched on Jan 17, 2018.

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

Performance

BLCN vs. GBTC - Performance Comparison

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

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Key characteristics

Sharpe Ratio

BLCN:

-0.46

GBTC:

1.08

Sortino Ratio

BLCN:

-0.52

GBTC:

1.61

Omega Ratio

BLCN:

0.94

GBTC:

1.19

Calmar Ratio

BLCN:

-0.34

GBTC:

1.82

Martin Ratio

BLCN:

-1.21

GBTC:

4.03

Ulcer Index

BLCN:

19.24%

GBTC:

12.83%

Daily Std Dev

BLCN:

45.00%

GBTC:

52.86%

Max Drawdown

BLCN:

-67.51%

GBTC:

-89.91%

Current Drawdown

BLCN:

-59.18%

GBTC:

-5.08%

Returns By Period

In the year-to-date period, BLCN achieves a -18.99% return, which is significantly lower than GBTC's 12.48% return.

BLCN

YTD

-18.99%

1M

5.11%

6M

-27.91%

1Y

-20.36%

3Y*

-11.03%

5Y*

-4.08%

10Y*

N/A

GBTC

YTD

12.48%

1M

10.64%

6M

8.38%

1Y

56.37%

3Y*

70.13%

5Y*

53.69%

10Y*

75.56%

*Annualized

Compare stocks, funds, or ETFs

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Siren ETF Trust Siren Nasdaq NexGen Economy ETF

Grayscale Bitcoin Trust (BTC)

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

Risk-Adjusted Performance

BLCN vs. GBTC — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BLCN
The Risk-Adjusted Performance Rank of BLCN is 44
Overall Rank
The Sharpe Ratio Rank of BLCN is 55
Sharpe Ratio Rank
The Sortino Ratio Rank of BLCN is 44
Sortino Ratio Rank
The Omega Ratio Rank of BLCN is 55
Omega Ratio Rank
The Calmar Ratio Rank of BLCN is 44
Calmar Ratio Rank
The Martin Ratio Rank of BLCN is 33
Martin Ratio Rank
GBTC
The Risk-Adjusted Performance Rank of GBTC is 8282
Overall Rank
The Sharpe Ratio Rank of GBTC is 8484
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 7979
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7474
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 9191
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 8383
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.

BLCN vs. GBTC - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) 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 BLCN Sharpe Ratio is -0.46, which is lower than the GBTC Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of BLCN 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.

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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

BLCN vs. GBTC - Dividend Comparison

BLCN's dividend yield for the trailing twelve months is around 0.61%, while GBTC has not paid dividends to shareholders.

TTM20242023202220212020201920182017
BLCN
Siren ETF Trust Siren Nasdaq NexGen Economy ETF		0.61%0.67%0.54%1.28%0.56%0.58%1.45%1.15%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

BLCN vs. GBTC - Drawdown Comparison

The maximum BLCN drawdown since its inception was -67.51%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BLCN and GBTC.

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

Volatility

BLCN vs. GBTC - Volatility Comparison

Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) has a higher volatility of 15.70% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 9.46%. This indicates that BLCN'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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