BTC-USD vs. IBIT

Last updated Apr 3, 2026

Compare and contrast key facts about Bitcoin (BTC-USD) and iShares Bitcoin Trust ETF (IBIT).

IBIT is a passively managed fund by iShares that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 5, 2024.

Performance

BTC-USD vs. IBIT - Performance Comparison

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

BTC-USD vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC-USD Bitcoin	-23.70%	-6.27%	101.44%
IBIT iShares Bitcoin Trust ETF	-23.52%	-6.41%	99.21%

Returns By Period

The year-to-date returns for both investments are quite close, with BTC-USD having a -23.70% return and IBIT slightly higher at -23.52%.

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

IBIT

• 1D: -1.73%
• 1M: -1.89%
• YTD: -23.52%
• 6M: -44.79%
• 1Y: -23.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

BTC-USD vs. IBIT — Risk / Return Rank

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

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

IBIT

IBIT Risk / Return Rank: 5
IBIT Sharpe Ratio Rank: 4
IBIT Sortino Ratio Rank: 5
IBIT Omega Ratio Rank: 5
IBIT Calmar Ratio Rank: 5
IBIT Martin Ratio Rank: 4

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.

BTC-USD vs. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio Return per unit of total volatility	-0.43	-0.51	+0.08
Sortino ratio Return per unit of downside risk	-0.36	-0.49	+0.13
Omega ratio Gain probability vs. loss probability	0.96	0.94	+0.02
Calmar ratio Return relative to maximum drawdown	-1.14	-0.43	-0.70
Martin ratio Return relative to average drawdown	-2.03	-0.91	-1.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTC-USD vs. IBIT - Sharpe Ratio Comparison

The current BTC-USD Sharpe Ratio is -0.43, which is comparable to the IBIT Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of BTC-USD and IBIT, 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

	BTC-USD	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	-0.51	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.34	+0.84

Correlation

The correlation between BTC-USD and IBIT is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

BTC-USD vs. IBIT - Drawdown Comparison

The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than IBIT's maximum drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for BTC-USD and IBIT.

Drawdown Indicators

	BTC-USD	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-85.30%	-49.36%	-35.94%
Max Drawdown (1Y) Largest decline over 1 year	-49.65%	-49.36%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-83.80%	—	—
Current Drawdown Current decline from peak	-46.47%	-46.74%	+0.27%
Average Drawdown Average peak-to-trough decline	-42.00%	-14.24%	-27.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.75%	23.45%	+4.30%

Volatility

BTC-USD vs. IBIT - Volatility Comparison

Bitcoin (BTC-USD) has a higher volatility of 13.70% compared to iShares Bitcoin Trust ETF (IBIT) at 10.86%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC-USD	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.70%	10.86%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	35.96%	36.66%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	36.69%	45.32%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.91%	51.18%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.71%	51.18%	+5.53%