BTC vs. USFR

Last updated Jun 25, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. BTC is actively managed, while USFR is passively managed. Over the past year, BTC returned -43.50% vs 3.99% for USFR. At a correlation of -0.00, they often move in opposite directions. Both charge a 0.15% expense ratio.

Performance

BTC vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC achieves a -31.66% return, which is significantly lower than USFR's 1.82% return.

BTC

• 1D: -3.96%
• 1M: -21.06%
• YTD: -31.66%
• 6M: -31.44%
• 1Y: -43.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.82%
• 6M: 1.92%
• 1Y: 3.99%
• 3Y*: 4.74%
• 5Y*: 3.72%
• 10Y*: 2.43%

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

BTC vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-31.66%	-7.50%	41.93%
USFR WisdomTree Floating Rate Treasury Fund	1.82%	4.23%	2.12%

Correlation

The correlation between BTC and USFR is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	-0.00

Return for Risk

BTC vs. USFR — 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: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 2

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	14.67	-15.66
Sortino ratio: Return per unit of downside risk	-1.44	50.13	-51.57
Omega ratio: Gain probability vs. loss probability	0.84	13.31	-12.47
Calmar ratio: Return relative to maximum drawdown	-0.83	201.33	-202.17
Martin ratio: Return relative to average drawdown	-1.42	779.76	-781.18

BTC vs. USFR - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.98, which is lower than the USFR Sharpe Ratio of 14.67. The chart below compares the historical Sharpe Ratios of BTC and USFR, 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. USFR - Drawdown Comparison

The maximum BTC drawdown since its inception was -52.37%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BTC and USFR.

Drawdown Indicators

	BTC	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-52.37%	-1.36%	-51.01%
Max Drawdown (1Y) Largest decline over 1 year	-52.37%	-0.02%	-52.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-52.37%	0.00%	-52.37%
Average Drawdown Average peak-to-trough decline	-17.73%	-0.15%	-17.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.70%	0.01%	+30.69%

Volatility

BTC vs. USFR - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 13.21% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that BTC's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.21%	0.09%	+13.12%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	0.19%	+34.34%
Volatility (1Y) Calculated over the trailing 1-year period	44.39%	0.27%	+44.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.29%	0.40%	+47.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.29%	0.78%	+47.51%

BTC vs. USFR - Expense Ratio Comparison

Both BTC and USFR have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BTC vs. USFR - Dividend Comparison

BTC has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.90%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both BTC and USFR in my portfolio?

BTC and USFR have a correlation of -0.09, 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 USFR?

BTC has higher volatility (13.21%) compared to USFR (0.09%). In terms of maximum drawdown, BTC dropped -52.37% vs USFR's -1.36%.

Which ETF is better, BTC or USFR?

On 1-year performance, USFR leads with 3.99% vs -43.50% for BTC. Both ETFs have the same 0.15% expense ratio. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or USFR?

Over the 1-year period, USFR has performed better with a 3.99% return vs -43.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or USFR?

BTC and USFR have the same expense ratio: 0.15% per year.

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

USFR has the higher dividend yield at 3.90%, compared with 0.00% for BTC.

What is the main difference between BTC and USFR?

BTC is categorized as Cryptocurrency, while USFR is Government Bonds. They also come from different issuers: Grayscale and WisdomTree.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.67 vs -0.98), 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.