BTCO vs. BTC-USD
BTCO (Invesco Galaxy Bitcoin ETF) is Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, BTCO returned -43.70% vs -44.57% for BTC-USD. Their 0.72 correlation means they have sometimes moved together and sometimes differently.
Performance
BTCO vs. BTC-USD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BTCO having a -27.14% return and BTC-USD slightly lower at -27.65%.
BTCO
- 1D
- 1.53%
- 1M
- 3.84%
- 6M
- -18.24%
- YTD
- -27.14%
- 1Y
- -43.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.44%
BTC-USD
- 1D
- -0.30%
- 1M
- 0.35%
- 6M
- -19.52%
- YTD
- -27.65%
- 1Y
- -44.57%
- 3Y*
- 29.61%
- 5Y*
- 9.77%
- 10Y*
- 59.80%
- ALL TIME*
- 87.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1541.04T | $1614.90T | $2068.30T |
| $3.64M | $3.19M | $6.72M |
BTCO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -27.14% | -6.58% | 93.87% |
BTC-USD Bitcoin | -27.65% | -6.27% | 100.05% |
Correlation
The correlation between BTCO and BTC-USD is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.72 |
The correlation between BTCO and BTC-USD has been stable across timeframes, ranging from 0.72 to 0.72 - a consistent structural relationship.
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Return for Risk
BTCO vs. BTC-USD — Risk / Return Rank
BTCO
BTC-USD
BTCO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.
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.
| BTCO | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.84 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.29 | +0.03 |
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Drawdowns
BTCO vs. BTC-USD - Drawdown Comparison
The maximum BTCO drawdown since its inception was -53.33%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BTCO and BTC-USD.
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Drawdown Indicators
| BTCO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -85.30% | +31.97% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | -53.08% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
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 | -49.25% | -49.24% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -18.18% | -42.74% | +24.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.77% | 25.03% | +9.74% |
Volatility
BTCO vs. BTC-USD - Volatility Comparison
Invesco Galaxy Bitcoin ETF (BTCO) and Bitcoin (BTC-USD) have volatilities of 8.88% and 8.46%, 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.
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Volatility by Period
| BTCO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 8.46% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 33.75% | 33.65% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.33% | 35.87% | +8.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.11% | 43.64% | +5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.11% | 56.22% | -7.11% |
Frequently Asked Questions
BTCO and BTC-USD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTCO has higher volatility (8.88%) compared to BTC-USD (8.46%). In terms of maximum drawdown, BTCO dropped -53.33% vs BTC-USD's -85.30%.
BTCO currently has the higher Sharpe Ratio (-0.99 vs -1.03), 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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