BSV vs. GBTC

Last updated Jun 9, 2026

BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, BSV returned 1.91%/yr vs 49.25%/yr for GBTC. At a 0.01 correlation, their price movements are largely independent. BSV charges 0.03%/yr vs 1.50%/yr for GBTC.

Performance

BSV vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Bond Index Fund ETF Shares (BSV) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSV achieves a 0.10% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, BSV has underperformed GBTC with an annualized return of 1.91%, while GBTC has yielded a comparatively higher 49.25% annualized return.

BSV

• 1D: -0.01%
• 1M: -0.38%
• YTD: 0.10%
• 6M: 0.53%
• 1Y: 3.66%
• 3Y*: 4.42%
• 5Y*: 1.57%
• 10Y*: 1.91%

GBTC

• 1D: 5.06%
• 1M: -21.09%
• YTD: -28.07%
• 6M: -30.74%
• 1Y: -40.20%
• 3Y*: 53.71%
• 5Y*: 10.31%
• 10Y*: 49.25%

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

BSV vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.10%	6.00%	3.78%	4.90%	-5.49%	-1.09%	4.70%	4.98%	1.34%	1.20%
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between BSV and GBTC is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.01

The correlation between BSV and GBTC shifts across timeframes, from -0.01 (3 years) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BSV vs. GBTC — Risk / Return Rank

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

BSV

BSV Risk / Return Rank: 70
BSV Sharpe Ratio Rank: 70
BSV Sortino Ratio Rank: 82
BSV Omega Ratio Rank: 74
BSV Calmar Ratio Rank: 63
BSV Martin Ratio Rank: 61

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 3
GBTC 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.

BSV vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) 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.

	BSV	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.06	-0.91	+2.97
Sortino ratio: Return per unit of downside risk	3.30	-1.28	+4.59
Omega ratio: Gain probability vs. loss probability	1.39	0.86	+0.54
Calmar ratio: Return relative to maximum drawdown	2.85	-0.77	+3.62
Martin ratio: Return relative to average drawdown	9.83	-1.38	+11.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSV vs. GBTC - Sharpe Ratio Comparison

The current BSV Sharpe Ratio is 2.06, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of BSV and GBTC, 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

	BSV	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	-0.91	+2.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.17	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.60	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.65	+0.20

Drawdowns

BSV vs. GBTC - Drawdown Comparison

The maximum BSV drawdown since its inception was -8.54%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BSV and GBTC.

Drawdown Indicators

	BSV	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-89.91%	+81.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-52.45%	+51.16%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-52.45%	+50.92%
Max Drawdown (5Y) Largest decline over 5 years	-8.54%	-85.42%	+76.88%
Max Drawdown (10Y) Largest decline over 10 years	-8.54%	-89.91%	+81.37%
Current Drawdown Current decline from peak	-0.82%	-50.05%	+49.23%
Average Drawdown Average peak-to-trough decline	-0.97%	-43.44%	+42.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	29.16%	-28.79%

Volatility

BSV vs. GBTC - Volatility Comparison

The current volatility for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) is 0.54%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that BSV experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSV	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	11.75%	-11.21%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	34.55%	-33.27%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	44.19%	-42.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	62.40%	-59.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	82.22%	-79.84%

BSV vs. GBTC - Expense Ratio Comparison

BSV has a 0.03% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

BSV vs. GBTC - Dividend Comparison

BSV's dividend yield for the trailing twelve months is around 4.00%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSV Vanguard Short-Term Bond Index Fund ETF Shares	4.00%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSV and GBTC in my portfolio?

BSV and GBTC have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSV or GBTC?

GBTC has higher volatility (11.75%) compared to BSV (0.54%). In terms of maximum drawdown, BSV dropped -8.54% vs GBTC's -89.91%.

Which ETF is better, BSV or GBTC?

On 10-year performance, GBTC leads with 49.25% vs 1.91% for BSV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSV or GBTC?

Over the 10-year period, GBTC has performed better with a 49.25% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSV or GBTC?

BSV is cheaper with a 0.03% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, BSV or GBTC?

BSV has the higher dividend yield at 4.00%, compared with 0.00% for GBTC.

What is the main difference between BSV and GBTC?

BSV is categorized as Short-Term Bond, while GBTC is Cryptocurrency. BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Vanguard and Grayscale. Their fees differ too: 0.03% for BSV and 1.50% for GBTC.

Which has better risk-adjusted returns?

BSV currently has the higher Sharpe Ratio (2.06 vs -0.91), 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.