BTCFX vs. GBTC

Last updated Jun 24, 2026

BTCFX (Bitcoin ProFund Investor) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. Over the past 3 years, BTCFX returned 18.48%/yr vs 36.07%/yr for GBTC. Their correlation of 0.94 suggests significant overlap in exposure. BTCFX charges 1.41%/yr vs 1.50%/yr for GBTC.

Performance

BTCFX vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin ProFund Investor (BTCFX) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCFX achieves a -27.61% return, which is significantly higher than GBTC's -29.27% return.

BTCFX

• 1D: 2.39%
• 1M: -15.16%
• YTD: -27.61%
• 6M: -27.80%
• 1Y: -40.56%
• 3Y*: 18.48%
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -3.22%
• 1M: -17.84%
• YTD: -29.27%
• 6M: -29.42%
• 1Y: -40.53%
• 3Y*: 36.07%
• 5Y*: 10.30%
• 10Y*: 44.88%

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

BTCFX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCFX Bitcoin ProFund Investor	-27.61%	-11.83%	102.93%	133.31%	-64.04%	-3.69%
GBTC Grayscale Bitcoin Trust ETF	-29.27%	-7.65%	113.81%	317.61%	-75.80%	-4.89%

Correlation

The correlation between BTCFX and GBTC is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	0.94

The correlation between BTCFX and GBTC has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

Return for Risk

BTCFX vs. GBTC — Risk / Return Rank

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

BTCFX

BTCFX Risk / Return Rank: 1
BTCFX Sharpe Ratio Rank: 1
BTCFX Sortino Ratio Rank: 1
BTCFX Omega Ratio Rank: 1
BTCFX Calmar Ratio Rank: 0
BTCFX Martin Ratio Rank: 1

GBTC

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

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.

BTCFX vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin ProFund Investor (BTCFX) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	BTCFX	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	-0.92	0.00
Sortino ratio: Return per unit of downside risk	-1.29	-1.29	0.00
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.78	+0.01
Martin ratio: Return relative to average drawdown	-1.30	-1.32	+0.02

BTCFX vs. GBTC - Sharpe Ratio Comparison

The current BTCFX Sharpe Ratio is -0.92, which is comparable to the GBTC Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of BTCFX and GBTC, 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

BTCFX vs. GBTC - Drawdown Comparison

The maximum BTCFX drawdown since its inception was -77.89%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BTCFX and GBTC.

Drawdown Indicators

	BTCFX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-77.89%	-89.91%	+12.02%
Max Drawdown (1Y) Largest decline over 1 year	-53.40%	-52.45%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-53.40%	-52.45%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-50.35%	-50.88%	+0.53%
Average Drawdown Average peak-to-trough decline	-36.07%	-43.44%	+7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.37%	30.79%	+0.58%

Volatility

BTCFX vs. GBTC - Volatility Comparison

Bitcoin ProFund Investor (BTCFX) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 12.77% and 13.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCFX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.77%	13.05%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	34.56%	34.57%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	44.46%	44.21%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.31%	62.13%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.31%	81.46%	-26.15%

BTCFX vs. GBTC - Expense Ratio Comparison

BTCFX has a 1.41% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

BTCFX vs. GBTC - Dividend Comparison

BTCFX's dividend yield for the trailing twelve months is around 38.65%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCFX Bitcoin ProFund Investor	38.65%	44.62%	24.28%	10.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both BTCFX and GBTC in my portfolio?

With a correlation of 0.99, BTCFX and GBTC 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, BTCFX or GBTC?

GBTC has higher volatility (13.05%) compared to BTCFX (12.77%). In terms of maximum drawdown, BTCFX dropped -77.89% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

BTCFX currently has the higher Sharpe Ratio (-0.92 vs -0.92), 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.