BTC-USD vs. SPY
BTC-USD (Bitcoin) is a cryptocurrency, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BTC-USD returned 59.37%/yr vs 15.16%/yr for SPY. At a 0.13 correlation, their price movements are largely independent.
Performance
BTC-USD vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BTC-USD achieves a -29.97% return, which is significantly lower than SPY's 8.45% return. Over the past 10 years, BTC-USD has outperformed SPY with an annualized return of 59.37%, while SPY has yielded a comparatively lower 15.16% annualized return.
BTC-USD
- 1D
- -3.97%
- 1M
- -24.76%
- YTD
- -29.97%
- 6M
- -31.42%
- 1Y
- -39.67%
- 3Y*
- 31.02%
- 5Y*
- 11.35%
- 10Y*
- 59.37%
SPY
- 1D
- -2.58%
- 1M
- 0.51%
- YTD
- 8.45%
- 6M
- 8.18%
- 1Y
- 25.79%
- 3Y*
- 21.43%
- 5Y*
- 13.32%
- 10Y*
- 15.16%
BTC-USD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -29.97% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
SPY State Street SPDR S&P 500 ETF | 8.45% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between BTC-USD and SPY 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 | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2012 | 0.13 |
Over the past year, BTC-USD and SPY have become more correlated (0.39) than their long-term average of 0.13, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BTC-USD vs. SPY — Risk / Return Rank
BTC-USD
SPY
BTC-USD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.39 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.92 | -3.70 |
| Martin ratioReturn relative to average drawdown | -1.39 | 13.50 | -14.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BTC-USD | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.14 | -3.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.78 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.85 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 0.58 | +0.54 |
Drawdowns
BTC-USD vs. SPY - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BTC-USD and SPY.
Loading charts...
Drawdown Indicators
| BTC-USD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -55.19% | -30.11% |
Max Drawdown (1Y)Largest decline over 1 year | -50.87% | -8.88% | -41.99% |
Max Drawdown (3Y)Largest decline over 3 years | -50.87% | -18.76% | -32.11% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -24.50% | -52.17% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | -33.72% | -50.08% |
Current DrawdownCurrent decline from peak | -50.87% | -2.90% | -47.97% |
Average DrawdownAverage peak-to-trough decline | -42.29% | -9.05% | -33.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.02% | 1.91% | +32.11% |
Volatility
BTC-USD vs. SPY - Volatility Comparison
Bitcoin (BTC-USD) has a higher volatility of 10.54% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BTC-USD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.54% | 3.73% | +6.81% |
Volatility (6M)Calculated over the trailing 6-month period | 34.26% | 9.31% | +24.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.65% | 12.12% | +23.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.98% | 17.09% | +27.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.70% | 17.95% | +38.75% |
Frequently Asked Questions
BTC-USD and SPY 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.
BTC-USD has higher volatility (10.54%) compared to SPY (3.73%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (2.14 vs -0.93), 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.
Find the right allocation for BTC-USD and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer