BLCN vs. GBTC
BLCN (Siren ETF Trust Siren Nasdaq NexGen Economy ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - BLCN is a Large Cap Blend Equities fund tracking the Siren NASDAQ Blockchain Economy Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, BLCN returned -10.03%/yr vs 10.30%/yr for GBTC. At a 0.43 correlation, their price movements are largely independent. BLCN charges 0.68%/yr vs 1.50%/yr for GBTC.
Performance
BLCN vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BLCN achieves a 8.85% return, which is significantly higher than GBTC's -29.27% return.
BLCN
- 1D
- -3.41%
- 1M
- 6.21%
- YTD
- 8.85%
- 6M
- 5.98%
- 1Y
- 25.25%
- 3Y*
- 8.68%
- 5Y*
- -10.03%
- 10Y*
- —
GBTC
- 1D
- -3.22%
- 1M
- -17.84%
- YTD
- -29.27%
- 6M
- -29.42%
- 1Y
- -40.53%
- 3Y*
- 36.07%
- 5Y*
- 10.30%
- 10Y*
- 44.88%
BLCN vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF | 8.85% | -3.69% | 5.62% | 21.09% | -51.76% | 4.86% | 60.60% | 33.94% | -18.99% |
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -79.22% |
Correlation
The correlation between BLCN and GBTC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2018 | 0.43 |
The correlation between BLCN and GBTC shifts across timeframes, from 0.43 (all time) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BLCN vs. GBTC — Risk / Return Rank
BLCN
GBTC
BLCN vs. GBTC - Risk-Adjusted Trends 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 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.
| BLCN | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.86 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | -0.78 | +1.63 |
| Martin ratioReturn relative to average drawdown | 1.81 | -1.32 | +3.13 |
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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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Drawdown Indicators
| BLCN | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.51% | -89.91% | +22.40% |
Max Drawdown (1Y)Largest decline over 1 year | -29.53% | -52.45% | +22.92% |
Max Drawdown (3Y)Largest decline over 3 years | -45.26% | -52.45% | +7.19% |
Max Drawdown (5Y)Largest decline over 5 years | -67.51% | -85.42% | +17.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -47.17% | -50.88% | +3.71% |
Average DrawdownAverage peak-to-trough decline | -30.38% | -43.44% | +13.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.97% | 30.79% | -16.82% |
Volatility
BLCN vs. GBTC - Volatility Comparison
Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) has a higher volatility of 14.35% compared to Grayscale Bitcoin Trust ETF (GBTC) at 13.05%. 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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Volatility by Period
| BLCN | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.35% | 13.05% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 27.56% | 34.57% | -7.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.88% | 44.21% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.21% | 62.13% | -26.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.32% | 81.46% | -50.14% |
BLCN vs. GBTC - Expense Ratio Comparison
BLCN has a 0.68% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BLCN vs. GBTC - Dividend Comparison
BLCN's dividend yield for the trailing twelve months is around 2.77%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF | 2.77% | 3.01% | 0.67% | 0.54% | 1.28% | 0.56% | 0.58% | 1.45% | 1.16% | 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
BLCN and GBTC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BLCN has higher volatility (14.35%) compared to GBTC (13.05%). In terms of maximum drawdown, BLCN dropped -67.51% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 10.30% vs -10.03% for BLCN. On fees, BLCN is cheaper at 0.68% per year. On volatility, GBTC has been the lower-risk option at 13.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 10.30% return vs -10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLCN is cheaper with a 0.68% expense ratio, compared with 1.50% for GBTC.
BLCN has the higher dividend yield at 2.77%, compared with 0.00% for GBTC.
BLCN is categorized as Large Cap Blend Equities, while GBTC is Cryptocurrency. BLCN tracks Siren NASDAQ Blockchain Economy Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: SRN Advisors and Grayscale. Their fees differ too: 0.68% for BLCN and 1.50% for GBTC.
BLCN currently has the higher Sharpe Ratio (0.69 vs -0.92), 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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