BTC vs. SPY
Compare and contrast key facts about Grayscale Bitcoin Mini Trust ETF (BTC) and State Street SPDR S&P 500 ETF (SPY).
BTC and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTC is an actively managed fund by Grayscale. It was launched on Jul 31, 2024. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
BTC vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -20.35% return, which is significantly lower than SPY's -3.11% return.
BTC
- 1D
- 4.05%
- 1M
- 2.42%
- YTD
- -20.35%
- 6M
- -44.48%
- 1Y
- -17.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- 0.47%
- 1M
- -1.73%
- YTD
- -3.11%
- 6M
- -1.33%
- 1Y
- 31.90%
- 3Y*
- 18.72%
- 5Y*
- 11.65%
- 10Y*
- 14.26%
BTC vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -20.35% | -7.50% | 44.64% |
SPY State Street SPDR S&P 500 ETF | -3.11% | 17.72% | 7.09% |
Correlation
The correlation between BTC and SPY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.
BTC vs. SPY - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is higher than SPY's 0.09% 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%.
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Return for Risk
BTC vs. SPY — Risk / Return Rank
BTC
SPY
BTC vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.38 | 1.85 | -2.23 |
Sortino ratioReturn per unit of downside risk | -0.27 | 3.00 | -3.27 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.42 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.03 | -2.44 |
Martin ratioReturn relative to average drawdown | -0.85 | 8.48 | -9.33 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.38 | 1.85 | -2.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.80 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.56 | -0.49 |
Drawdowns
BTC vs. SPY - Drawdown Comparison
The maximum BTC drawdown since its inception was -49.34%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BTC and SPY.
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Drawdown Indicators
| BTC | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.34% | -55.19% | +5.85% |
Max Drawdown (1Y)Largest decline over 1 year | -49.34% | -8.88% | -40.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -44.48% | -5.00% | -39.48% |
Average DrawdownAverage peak-to-trough decline | -14.39% | -9.09% | -5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.55% | 2.13% | +21.42% |
Volatility
BTC vs. SPY - Volatility Comparison
Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 11.42% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that BTC'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.
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Volatility by Period
| BTC | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.42% | 5.31% | +6.11% |
Volatility (6M)Calculated over the trailing 6-month period | 36.83% | 9.50% | +27.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.17% | 17.45% | +27.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.53% | 17.05% | +32.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.53% | 17.92% | +31.61% |
Dividends
BTC vs. SPY - Dividend Comparison
BTC has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.12%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.12% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |