BTCC vs. USFR
BTCC (Grayscale Bitcoin Covered Call ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - BTCC 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. BTCC is actively managed, while USFR is passively managed. Over the past year, BTCC returned -35.68% vs 3.97% for USFR. Their -0.13 correlation means they have often moved in opposite directions in the past. BTCC charges 0.66%/yr vs 0.15%/yr for USFR.
Performance
BTCC vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, BTCC achieves a -20.22% return, which is significantly lower than USFR's 2.29% return.
BTCC
- 1D
- -0.34%
- 1M
- 5.11%
- 6M
- -11.21%
- YTD
- -20.22%
- 1Y
- -35.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -19.41%
USFR
- 1D
- 0.02%
- 1M
- 0.36%
- 6M
- 1.91%
- YTD
- 2.29%
- 1Y
- 3.97%
- 3Y*
- 4.68%
- 5Y*
- 3.81%
- 10Y*
- 2.48%
- ALL TIME*
- 1.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $242.21K | $239.26K | $255.92K | |
| $329.70M | $258.22M | $246.25M |
BTCC vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | -20.22% | -6.05% |
USFR WisdomTree Floating Rate Treasury Fund | 2.29% | 3.14% |
Correlation
The correlation between BTCC and USFR is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | -0.13 |
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Return for Risk
BTCC vs. USFR — Risk / Return Rank
BTCC
USFR
BTCC vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) 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.
| BTCC | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.69 | ||
| Sortino ratioReturn per unit of downside risk | -53.00 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 14.07 | -13.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 200.37 | -201.18 |
| Martin ratioReturn relative to average drawdown | -1.27 | 800.41 | -801.69 |
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Drawdowns
BTCC vs. USFR - Drawdown Comparison
The maximum BTCC drawdown since its inception was -44.40%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BTCC and USFR.
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Drawdown Indicators
| BTCC | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.40% | -1.36% | -43.04% |
Max Drawdown (1Y)Largest decline over 1 year | -44.40% | -0.02% | -44.38% |
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 DrawdownCurrent decline from peak | -38.98% | 0.00% | -38.98% |
Average DrawdownAverage peak-to-trough decline | -18.58% | -0.15% | -18.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.12% | 0.00% | +28.12% |
Volatility
BTCC vs. USFR - Volatility Comparison
Grayscale Bitcoin Covered Call ETF (BTCC) has a higher volatility of 5.09% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that BTCC'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.
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Volatility by Period
| BTCC | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 0.09% | +5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 27.56% | 0.20% | +27.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.35% | 0.27% | +34.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 0.39% | +30.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.30% | 0.76% | +30.54% |
BTCC vs. USFR - Expense Ratio Comparison
BTCC has a 0.66% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
BTCC vs. USFR - Dividend Comparison
BTCC's dividend yield for the trailing twelve months is around 90.87%, more than USFR's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | 90.87% | 63.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.79% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
BTCC and USFR have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTCC has higher volatility (5.09%) compared to USFR (0.09%). In terms of maximum drawdown, BTCC dropped -44.40% vs USFR's -1.36%.
On 1-year performance, USFR leads with 3.97% vs -35.68% for BTCC. On fees, USFR is cheaper at 0.15% per year. 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.
Over the 1-year period, USFR has performed better with a 3.97% return vs -35.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.66% for BTCC.
BTCC has the higher dividend yield at 90.87%, compared with 3.79% for USFR.
BTCC is categorized as Cryptocurrency, while USFR is Government Bonds. They also come from different issuers: Grayscale and WisdomTree. Their fees differ too: 0.66% for BTCC and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.64 vs -1.04), 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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