BTC-USD vs. GBTC
BTC-USD (Bitcoin) is a cryptocurrency, while GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, BTC-USD returned 59.68%/yr vs 49.25%/yr for GBTC. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
BTC-USD vs. GBTC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BTC-USD having a -28.54% return and GBTC slightly higher at -28.07%. Over the past 10 years, BTC-USD has outperformed GBTC with an annualized return of 59.68%, while GBTC has yielded a comparatively lower 49.25% annualized return.
BTC-USD
- 1D
- -1.22%
- 1M
- -22.47%
- YTD
- -28.54%
- 6M
- -31.02%
- 1Y
- -40.89%
- 3Y*
- 33.16%
- 5Y*
- 10.82%
- 10Y*
- 59.68%
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%
BTC-USD vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -28.54% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
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 BTC-USD and GBTC is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.58 |
The correlation between BTC-USD and GBTC shifts across timeframes, from 0.58 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTC-USD vs. GBTC — Risk / Return Rank
BTC-USD
GBTC
BTC-USD vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.
| BTC-USD | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.77 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.38 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTC-USD | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.91 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.17 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.60 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 0.65 | +0.48 |
Drawdowns
BTC-USD vs. GBTC - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BTC-USD and GBTC.
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Drawdown Indicators
| BTC-USD | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -89.91% | +4.61% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -52.45% | +1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -52.45% | +1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -85.42% | +8.75% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | -89.91% | +6.11% |
Current DrawdownCurrent decline from peak | -49.86% | -50.05% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -42.32% | -43.44% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.46% | 29.16% | +5.30% |
Volatility
BTC-USD vs. GBTC - Volatility Comparison
Bitcoin (BTC-USD) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 11.59% and 11.75%, 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.
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Volatility by Period
| BTC-USD | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.59% | 11.75% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 34.55% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.67% | 44.19% | -8.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.95% | 62.40% | -17.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.71% | 82.22% | -25.51% |
Frequently Asked Questions
BTC-USD and GBTC have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.75%) compared to BTC-USD (11.59%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs GBTC's -89.91%.
GBTC currently has the higher Sharpe Ratio (-0.91 vs -0.95), 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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