BRRR vs. BTG-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Valkyrie Bitcoin ETF (BRRR) and Bitcoin Gold (BTG-USD).

BRRR is a passively managed fund by Valkyrie Digital Assets that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 10, 2024.

Performance

BRRR vs. BTG-USD - Performance Comparison

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

BRRR vs. BTG-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRRR Valkyrie Bitcoin ETF	-22.20%	-6.50%	99.02%
BTG-USD Bitcoin Gold	101.62%	-92.37%	-67.39%

Returns By Period

In the year-to-date period, BRRR achieves a -22.20% return, which is significantly lower than BTG-USD's 101.62% return.

BRRR

• 1D: 0.58%
• 1M: -1.43%
• YTD: -22.20%
• 6M: -42.06%
• 1Y: -19.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTG-USD

• 1D: 70.19%
• 1M: 55.09%
• YTD: 101.62%
• 6M: -10.95%
• 1Y: 198.19%
• 3Y*: -54.08%
• 5Y*: -48.31%
• 10Y*: —

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

Return for Risk

BRRR vs. BTG-USD — Risk / Return Rank

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

BRRR

BRRR Risk / Return Rank: 6
BRRR Sharpe Ratio Rank: 5
BRRR Sortino Ratio Rank: 5
BRRR Omega Ratio Rank: 6
BRRR Calmar Ratio Rank: 6
BRRR Martin Ratio Rank: 6

BTG-USD

BTG-USD Risk / Return Rank: 96
BTG-USD Sharpe Ratio Rank: 86
BTG-USD Sortino Ratio Rank: 100
BTG-USD Omega Ratio Rank: 100
BTG-USD Calmar Ratio Rank: 97
BTG-USD Martin Ratio Rank: 96

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. BTG-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin ETF (BRRR) and Bitcoin Gold (BTG-USD). 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	BTG-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.44	0.19	-0.64
Sortino ratio Return per unit of downside risk	-0.37	9.33	-9.71
Omega ratio Gain probability vs. loss probability	0.96	2.06	-1.10
Calmar ratio Return relative to maximum drawdown	-0.35	2.59	-2.94
Martin ratio Return relative to average drawdown	-0.75	4.07	-4.82
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. BTG-USD - Sharpe Ratio Comparison

The current BRRR Sharpe Ratio is -0.44, which is lower than the BTG-USD Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of BRRR and BTG-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BRRR	BTG-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	0.19	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	-0.11	+0.47

Correlation

The correlation between BRRR and BTG-USD is 0.20, 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.

Drawdowns

BRRR vs. BTG-USD - Drawdown Comparison

The maximum BRRR drawdown since its inception was -49.35%, smaller than the maximum BTG-USD drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for BRRR and BTG-USD.

Drawdown Indicators

	BRRR	BTG-USD	Difference
Max Drawdown Largest peak-to-trough decline	-49.35%	-99.93%	+50.58%
Max Drawdown (1Y) Largest decline over 1 year	-49.35%	-91.49%	+42.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.77%	—
Current Drawdown Current decline from peak	-45.74%	-99.68%	+53.94%
Average Drawdown Average peak-to-trough decline	-14.17%	-93.20%	+79.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.23%	54.69%	-31.46%

Volatility

BRRR vs. BTG-USD - Volatility Comparison

The current volatility for Valkyrie Bitcoin ETF (BRRR) is 13.03%, while Bitcoin Gold (BTG-USD) has a volatility of 331.80%. This indicates that BRRR experiences smaller price fluctuations and is considered to be less risky than BTG-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRRR	BTG-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	331.80%	-318.77%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	529.96%	-493.25%
Volatility (1Y) Calculated over the trailing 1-year period	45.15%	860.46%	-815.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.90%	405.31%	-354.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.90%	323.33%	-272.43%