BTC-USD vs. SPGM

Last updated Jun 10, 2026

BTC-USD (Bitcoin) is a cryptocurrency, while SPGM (SPDR Portfolio MSCI Global Stock Market ETF) is Global Equities fund tracking the MSCI AC World IMI. Over the past 10 years, BTC-USD returned 58.73%/yr vs 12.85%/yr for SPGM. At a 0.12 correlation, their price movements are largely independent.

Performance

BTC-USD vs. SPGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin (BTC-USD) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC-USD achieves a -29.30% return, which is significantly lower than SPGM's 10.39% return. Over the past 10 years, BTC-USD has outperformed SPGM with an annualized return of 58.73%, while SPGM has yielded a comparatively lower 12.85% annualized return.

BTC-USD

• 1D: -1.90%
• 1M: -24.74%
• YTD: -29.30%
• 6M: -33.26%
• 1Y: -43.91%
• 3Y*: 33.75%
• 5Y*: 11.01%
• 10Y*: 58.73%

SPGM

• 1D: -0.15%
• 1M: -0.20%
• YTD: 10.39%
• 6M: 11.12%
• 1Y: 27.63%
• 3Y*: 20.31%
• 5Y*: 10.91%
• 10Y*: 12.85%

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

BTC-USD vs. SPGM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTC-USD Bitcoin	-29.30%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	10.39%	23.62%	16.75%	21.34%	-17.53%	21.13%	15.28%	26.58%	-10.12%	23.26%

Correlation

The correlation between BTC-USD and SPGM is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Sep 24, 2012	0.12

Over the past year, BTC-USD and SPGM have become more correlated (0.39) than their long-term average of 0.12, meaning their price movements have been converging.

Return for Risk

BTC-USD vs. SPGM — 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: 22
BTC-USD Sharpe Ratio Rank: 6
BTC-USD Sortino Ratio Rank: 31
BTC-USD Omega Ratio Rank: 29
BTC-USD Calmar Ratio Rank: 41
BTC-USD Martin Ratio Rank: 4

SPGM

SPGM Risk / Return Rank: 72
SPGM Sharpe Ratio Rank: 73
SPGM Sortino Ratio Rank: 71
SPGM Omega Ratio Rank: 73
SPGM Calmar Ratio Rank: 66
SPGM Martin Ratio Rank: 77

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. SPGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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	SPGM	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	2.09	-3.12
Sortino ratio: Return per unit of downside risk	-1.52	2.83	-4.35
Omega ratio: Gain probability vs. loss probability	0.84	1.38	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.86	2.92	-3.78
Martin ratio: Return relative to average drawdown	-1.52	13.03	-14.55
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. SPGM - Sharpe Ratio Comparison

The current BTC-USD Sharpe Ratio is -1.03, which is lower than the SPGM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of BTC-USD and SPGM, 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

	BTC-USD	SPGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.03	2.09	-3.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.68	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.73	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.65	+0.48

Drawdowns

BTC-USD vs. SPGM - Drawdown Comparison

The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than SPGM's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for BTC-USD and SPGM.

Drawdown Indicators

	BTC-USD	SPGM	Difference
Max Drawdown Largest peak-to-trough decline	-85.30%	-33.97%	-51.33%
Max Drawdown (1Y) Largest decline over 1 year	-51.21%	-9.50%	-41.71%
Max Drawdown (3Y) Largest decline over 3 years	-51.21%	-16.90%	-34.31%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	-25.93%	-50.74%
Max Drawdown (10Y) Largest decline over 10 years	-83.80%	-33.97%	-49.83%
Current Drawdown Current decline from peak	-50.40%	-3.05%	-47.35%
Average Drawdown Average peak-to-trough decline	-42.32%	-4.80%	-37.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.60%	2.13%	+32.47%

Volatility

BTC-USD vs. SPGM - Volatility Comparison

Bitcoin (BTC-USD) has a higher volatility of 11.29% compared to SPDR Portfolio MSCI Global Stock Market ETF (SPGM) at 4.52%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than SPGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC-USD	SPGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	4.52%	+6.77%
Volatility (6M) Calculated over the trailing 6-month period	34.48%	10.85%	+23.63%
Volatility (1Y) Calculated over the trailing 1-year period	35.69%	13.26%	+22.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.74%	16.09%	+28.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.71%	17.59%	+39.12%

Frequently Asked Questions

Can I hold both BTC-USD and SPGM in my portfolio?

BTC-USD and SPGM have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC-USD or SPGM?

BTC-USD has higher volatility (11.29%) compared to SPGM (4.52%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs SPGM's -33.97%.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (2.09 vs -1.03), 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.