BRRR vs. BTC

Last updated Jun 4, 2026

BRRR (Valkyrie Bitcoin ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. BRRR is passively managed, while BTC is actively managed. Over the past year, BRRR returned -38.71% vs -38.61% for BTC. With a 1.00 correlation, they move nearly in lockstep. BRRR charges 0.25%/yr vs 0.15%/yr for BTC.

Performance

BRRR vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin ETF (BRRR) and Grayscale Bitcoin Mini Trust ETF (BTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BRRR having a -25.48% return and BTC slightly higher at -25.36%.

BRRR

• 1D: -2.74%
• 1M: -18.42%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: -2.73%
• 1M: -18.40%
• YTD: -25.36%
• 6M: -29.74%
• 1Y: -38.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRRR vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRRR Valkyrie Bitcoin ETF	-25.48%	-6.50%	43.13%
BTC Grayscale Bitcoin Mini Trust ETF	-25.36%	-7.50%	44.64%

Correlation

The correlation between BRRR and BTC is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	1.00

The correlation between BRRR and BTC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BRRR vs. BTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRRR

BRRR Risk / Return Rank: 2
BRRR Sharpe Ratio Rank: 2
BRRR Sortino Ratio Rank: 2
BRRR Omega Ratio Rank: 2
BRRR Calmar Ratio Rank: 2
BRRR Martin Ratio Rank: 2

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRRR vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin ETF (BRRR) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	BRRR	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.89	0.00
Sortino ratio: Return per unit of downside risk	-1.23	-1.22	-0.01
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.78	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.36	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRRR vs. BTC - Sharpe Ratio Comparison

The current BRRR Sharpe Ratio is -0.89, which is comparable to the BTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BRRR and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BRRR	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.00	+0.30

Drawdowns

BRRR vs. BTC - Drawdown Comparison

The maximum BRRR drawdown since its inception was -49.35%, roughly equal to the maximum BTC drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for BRRR and BTC.

Drawdown Indicators

	BRRR	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-49.35%	-49.34%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-49.35%	-49.34%	-0.01%
Current Drawdown Current decline from peak	-48.03%	-47.98%	-0.05%
Average Drawdown Average peak-to-trough decline	-16.01%	-16.61%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.41%	28.38%	+0.03%

Volatility

BRRR vs. BTC - Volatility Comparison

Valkyrie Bitcoin ETF (BRRR) and Grayscale Bitcoin Mini Trust ETF (BTC) have volatilities of 9.46% and 9.40%, 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.

Volatility by Period

	BRRR	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	9.40%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	34.45%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	43.60%	43.69%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	48.30%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.89%	48.30%	+1.59%

BRRR vs. BTC - Expense Ratio Comparison

BRRR has a 0.25% expense ratio, which is higher than BTC's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BRRR vs. BTC - Dividend Comparison

Neither BRRR nor BTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BRRR and BTC in my portfolio?

With a correlation of 1.00, BRRR and BTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BRRR or BTC?

BRRR has higher volatility (9.46%) compared to BTC (9.40%). In terms of maximum drawdown, BRRR dropped -49.35% vs BTC's -49.34%.

Which ETF is better, BRRR or BTC?

On 1-year performance, BTC leads with -38.61% vs -38.71% for BRRR. On fees, BTC is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRRR or BTC?

Over the 1-year period, BTC has performed better with a -38.61% return vs -38.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRRR or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.25% for BRRR.

Which ETF pays a higher dividend yield, BRRR or BTC?

BRRR and BTC have nearly identical dividend yields, around 0.00%.

What is the main difference between BRRR and BTC?

They also come from different issuers: Valkyrie Digital Assets and Grayscale. Their fees differ too: 0.25% for BRRR and 0.15% for BTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.89 vs -0.89), 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.