BTCC vs. BTC

Last updated Jun 23, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, BTCC returned -33.40% vs -37.74% for BTC. Their correlation of 0.92 suggests significant overlap in exposure. BTCC charges 0.66%/yr vs 0.15%/yr for BTC.

Performance

BTCC vs. BTC - Performance Comparison

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

Returns By Period

In the year-to-date period, BTCC achieves a -20.52% return, which is significantly higher than BTC's -26.47% return.

BTCC

• 1D: 2.26%
• 1M: -13.23%
• YTD: -20.52%
• 6M: -20.17%
• 1Y: -33.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: 2.30%
• 1M: -15.06%
• YTD: -26.47%
• 6M: -27.12%
• 1Y: -37.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCC vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.52%	-6.05%
BTC Grayscale Bitcoin Mini Trust ETF	-26.47%	2.87%

Correlation

The correlation between BTCC and BTC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.92

The correlation between BTCC and BTC has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

BTCC vs. BTC — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 2
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 2

BTC

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

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.

BTCC vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	BTCC	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	-0.86	-0.13
Sortino ratio: Return per unit of downside risk	-1.29	-1.16	-0.13
Omega ratio: Gain probability vs. loss probability	0.83	0.87	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.73	-0.03
Martin ratio: Return relative to average drawdown	-1.36	-1.24	-0.12

BTCC vs. BTC - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -0.99, which is comparable to the BTC Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BTCC and BTC, 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

BTCC vs. BTC - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, smaller than the maximum BTC drawdown of -51.97%. Use the drawdown chart below to compare losses from any high point for BTCC and BTC.

Drawdown Indicators

	BTCC	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-51.97%	+7.57%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-51.97%	+7.57%
Current Drawdown Current decline from peak	-39.21%	-48.75%	+9.54%
Average Drawdown Average peak-to-trough decline	-16.50%	-17.59%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.52%	30.36%	-5.84%

Volatility

BTCC vs. BTC - Volatility Comparison

The current volatility for Grayscale Bitcoin Covered Call ETF (BTCC) is 11.68%, while Grayscale Bitcoin Mini Trust ETF (BTC) has a volatility of 12.75%. This indicates that BTCC experiences smaller price fluctuations and is considered to be less risky than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.68%	12.75%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	28.03%	34.47%	-6.44%
Volatility (1Y) Calculated over the trailing 1-year period	33.93%	44.21%	-10.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.05%	48.25%	-16.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.05%	48.25%	-16.20%

BTCC vs. BTC - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

BTCC vs. BTC - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 108.94%, while BTC has not paid dividends to shareholders.

Position	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
BTCC Grayscale Bitcoin Covered Call ETF	108.94%	63.86%

Frequently Asked Questions

Can I hold both BTCC and BTC in my portfolio?

With a correlation of 0.94, BTCC and BTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTCC or BTC?

BTC has higher volatility (12.75%) compared to BTCC (11.68%). In terms of maximum drawdown, BTCC dropped -44.40% vs BTC's -51.97%.

Which ETF is better, BTCC or BTC?

On 1-year performance, BTCC leads with -33.40% vs -37.74% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTCC has been the lower-risk option at 11.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or BTC?

Over the 1-year period, BTCC has performed better with a -33.40% return vs -37.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCC or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.66% for BTCC.

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

BTCC has the higher dividend yield at 108.94%, compared with 0.00% for BTC.

What is the main difference between BTCC and BTC?

Their fees differ too: 0.66% for BTCC and 0.15% for BTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.86 vs -0.99), 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.