BTCI vs. GBTC

Last updated Jun 9, 2026

BTCI (NEOS Bitcoin High Income ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. BTCI is actively managed, while GBTC is passively managed. Over the past year, BTCI returned -34.15% vs -40.20% for GBTC. With a 0.99 correlation, they move nearly in lockstep. BTCI charges 0.99%/yr vs 1.50%/yr for GBTC.

Performance

BTCI vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -24.93% return, which is significantly higher than GBTC's -28.07% return.

BTCI

• 1D: 5.05%
• 1M: -19.01%
• YTD: -24.93%
• 6M: -26.93%
• 1Y: -34.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: 5.06%
• 1M: -21.09%
• YTD: -28.07%
• 6M: -30.74%
• 1Y: -40.20%
• 3Y*: 53.71%
• 5Y*: 10.31%
• 10Y*: 49.25%

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

BTCI vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-24.93%	-1.09%	26.12%
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	37.38%

Correlation

The correlation between BTCI 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 (All Time) Calculated using the full available price history since Oct 17, 2024	0.99

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

Return for Risk

BTCI vs. GBTC — Risk / Return Rank

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

BTCI

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

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: 3
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.

BTCI vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.91	+0.05
Sortino ratio: Return per unit of downside risk	-1.15	-1.28	+0.13
Omega ratio: Gain probability vs. loss probability	0.86	0.86	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.77	+0.04
Martin ratio: Return relative to average drawdown	-1.34	-1.38	+0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCI vs. GBTC - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.87, which is comparable to the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of BTCI 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.

Sharpe Ratios by Period

	BTCI	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-0.91	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.17	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.65	-0.73

Drawdowns

BTCI vs. GBTC - Drawdown Comparison

The maximum BTCI drawdown since its inception was -47.16%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BTCI and GBTC.

Drawdown Indicators

	BTCI	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-47.16%	-89.91%	+42.75%
Max Drawdown (1Y) Largest decline over 1 year	-47.16%	-52.45%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-52.45%	—
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	-44.49%	-50.05%	+5.56%
Average Drawdown Average peak-to-trough decline	-15.40%	-43.44%	+28.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.53%	29.16%	-3.63%

Volatility

BTCI vs. GBTC - Volatility Comparison

The current volatility for NEOS Bitcoin High Income ETF (BTCI) is 10.95%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that BTCI experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCI	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	11.75%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	31.23%	34.55%	-3.32%
Volatility (1Y) Calculated over the trailing 1-year period	39.57%	44.19%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.40%	62.40%	-22.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.40%	82.22%	-41.82%

BTCI vs. GBTC - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

BTCI vs. GBTC - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 44.41%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCI NEOS Bitcoin High Income ETF	44.41%	36.46%	6.76%	0.00%	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 BTCI and GBTC in my portfolio?

With a correlation of 0.99, BTCI 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, BTCI or GBTC?

GBTC has higher volatility (11.75%) compared to BTCI (10.95%). In terms of maximum drawdown, BTCI dropped -47.16% vs GBTC's -89.91%.

Which ETF is better, BTCI or GBTC?

On 1-year performance, BTCI leads with -34.15% vs -40.20% for GBTC. On fees, BTCI is cheaper at 0.99% per year. On volatility, BTCI has been the lower-risk option at 10.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCI or GBTC?

Over the 1-year period, BTCI has performed better with a -34.15% return vs -40.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCI or GBTC?

BTCI is cheaper with a 0.99% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, BTCI or GBTC?

BTCI has the higher dividend yield at 44.41%, compared with 0.00% for GBTC.

What is the main difference between BTCI and GBTC?

They also come from different issuers: Neos and Grayscale. Their fees differ too: 0.99% for BTCI and 1.50% for GBTC.

Which has better risk-adjusted returns?

BTCI currently has the higher Sharpe Ratio (-0.87 vs -0.91), 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.