BTC vs. BND

Last updated Jun 13, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. BTC is actively managed, while BND is passively managed. Over the past year, BTC returned -40.53% vs 4.40% for BND. At a 0.08 correlation, their price movements are largely independent. BTC charges 0.15%/yr vs 0.03%/yr for BND.

Performance

BTC vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC achieves a -27.37% return, which is significantly lower than BND's 0.52% return.

BTC

• 1D: 0.07%
• 1M: -20.09%
• YTD: -27.37%
• 6M: -29.59%
• 1Y: -40.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BND

• 1D: -0.12%
• 1M: 0.42%
• YTD: 0.52%
• 6M: 0.91%
• 1Y: 4.40%
• 3Y*: 4.17%
• 5Y*: 0.03%
• 10Y*: 1.58%

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

BTC vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-27.37%	-7.50%	41.93%
BND Vanguard Total Bond Market ETF	0.52%	7.08%	0.17%

Correlation

The correlation between BTC and BND is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.08

Return for Risk

BTC vs. BND — Risk / Return Rank

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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 3
BTC Omega Ratio Rank: 3
BTC Calmar Ratio Rank: 3
BTC Martin Ratio Rank: 2

BND

BND Risk / Return Rank: 37
BND Sharpe Ratio Rank: 38
BND Sortino Ratio Rank: 38
BND Omega Ratio Rank: 35
BND Calmar Ratio Rank: 37
BND Martin Ratio Rank: 35

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 vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and Vanguard Total Bond Market ETF (BND). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTC	BND	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	1.18	-2.11
Sortino ratio: Return per unit of downside risk	-1.30	1.77	-3.07
Omega ratio: Gain probability vs. loss probability	0.85	1.21	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.78	1.65	-2.43
Martin ratio: Return relative to average drawdown	-1.37	4.81	-6.18

BTC vs. BND - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.92, which is lower than the BND Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of BTC and BND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTC vs. BND - Drawdown Comparison

The maximum BTC drawdown since its inception was -51.97%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for BTC and BND.

Drawdown Indicators

	BTC	BND	Difference
Max Drawdown Largest peak-to-trough decline	-51.97%	-18.58%	-33.39%
Max Drawdown (1Y) Largest decline over 1 year	-51.97%	-2.68%	-49.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.58%	—
Current Drawdown Current decline from peak	-49.38%	-2.12%	-47.26%
Average Drawdown Average peak-to-trough decline	-17.26%	-3.06%	-14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.58%	0.92%	+28.66%

Volatility

BTC vs. BND - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 11.89% compared to Vanguard Total Bond Market ETF (BND) at 1.28%. This indicates that BTC's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	1.28%	+10.61%
Volatility (6M) Calculated over the trailing 6-month period	34.43%	2.74%	+31.69%
Volatility (1Y) Calculated over the trailing 1-year period	44.03%	3.75%	+40.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	6.03%	+42.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.30%	5.53%	+42.77%

BTC vs. BND - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is higher than BND's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BTC vs. BND - Dividend Comparison

BTC has not paid dividends to shareholders, while BND's dividend yield for the trailing twelve months is around 3.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.96%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTC and BND in my portfolio?

BTC and BND have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC or BND?

BTC has higher volatility (11.89%) compared to BND (1.28%). In terms of maximum drawdown, BTC dropped -51.97% vs BND's -18.58%.

Which ETF is better, BTC or BND?

On 1-year performance, BND leads with 4.40% vs -40.53% for BTC. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or BND?

Over the 1-year period, BND has performed better with a 4.40% return vs -40.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or BND?

BND is cheaper with a 0.03% expense ratio, compared with 0.15% for BTC.

Which ETF pays a higher dividend yield, BTC or BND?

BND has the higher dividend yield at 3.96%, compared with 0.00% for BTC.

What is the main difference between BTC and BND?

BTC is categorized as Cryptocurrency, while BND is Total Bond Market. They also come from different issuers: Grayscale and Vanguard. Their fees differ too: 0.15% for BTC and 0.03% for BND.

Which has better risk-adjusted returns?

BND currently has the higher Sharpe Ratio (1.18 vs -0.92), 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.