BTCC vs. BTC-USD
BTCC (Grayscale Bitcoin Covered Call ETF) is Cryptocurrency fund actively managed by Grayscale, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, BTCC returned -35.11% vs -39.53% for BTC-USD. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
BTCC vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BTCC achieves a -22.92% return, which is significantly higher than BTC-USD's -27.60% return.
BTCC
- 1D
- -2.66%
- 1M
- -18.64%
- YTD
- -22.92%
- 6M
- -24.96%
- 1Y
- -35.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -1.08%
- 1M
- -21.71%
- YTD
- -27.60%
- 6M
- -31.22%
- 1Y
- -39.53%
- 3Y*
- 35.01%
- 5Y*
- 12.25%
- 10Y*
- 59.71%
BTCC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | -22.92% | -6.34% |
BTC-USD Bitcoin | -27.60% | 6.07% |
Correlation
The correlation between BTCC and BTC-USD is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.65 |
The correlation between BTCC and BTC-USD has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
BTCC vs. BTC-USD — Risk / Return Rank
BTCC
BTC-USD
BTCC vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Bitcoin (BTC-USD). 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.
| BTCC | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.87 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.80 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.39 | -0.13 |
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
| BTCC | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.07 | -0.92 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.77 | 1.13 | -1.90 |
Drawdowns
BTCC vs. BTC-USD - Drawdown Comparison
The maximum BTCC drawdown since its inception was -44.40%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BTCC and BTC-USD.
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Drawdown Indicators
| BTCC | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.40% | -85.30% | +40.90% |
Max Drawdown (1Y)Largest decline over 1 year | -44.40% | -49.65% | +5.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -49.65% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -41.04% | -49.21% | +8.17% |
Average DrawdownAverage peak-to-trough decline | -15.66% | -42.28% | +26.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.02% | 33.87% | -10.85% |
Volatility
BTCC vs. BTC-USD - Volatility Comparison
The current volatility for Grayscale Bitcoin Covered Call ETF (BTCC) is 8.74%, while Bitcoin (BTC-USD) has a volatility of 10.14%. This indicates that BTCC experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 10.14% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 27.38% | 34.17% | -6.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.99% | 35.51% | -2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 44.98% | -13.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.72% | 56.69% | -24.97% |
Frequently Asked Questions
BTCC and BTC-USD have a correlation of 0.68, 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 (10.14%) compared to BTCC (8.74%). In terms of maximum drawdown, BTCC dropped -44.40% vs BTC-USD's -85.30%.
BTC-USD currently has the higher Sharpe Ratio (-0.92 vs -1.07), 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.
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