BTCO vs. BTC-USD
Compare and contrast key facts about Invesco Galaxy Bitcoin ETF (BTCO) and Bitcoin (BTC-USD).
BTCO is a passively managed fund by Invesco that tracks the performance of the Lukka Prime Reference Bitcoin Rate. It was launched on Jan 11, 2024.
Performance
BTCO vs. BTC-USD - Performance Comparison
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BTCO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -22.16% | -6.58% | 100.54% |
BTC-USD Bitcoin | -21.63% | -6.27% | 101.44% |
Returns By Period
The year-to-date returns for both investments are quite close, with BTCO having a -22.16% return and BTC-USD slightly higher at -21.63%.
BTCO
- 1D
- 0.56%
- 1M
- -1.48%
- YTD
- -22.16%
- 6M
- -42.11%
- 1Y
- -20.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 0.51%
- 1M
- -0.38%
- YTD
- -21.63%
- 6M
- -42.21%
- 1Y
- -19.49%
- 3Y*
- 34.49%
- 5Y*
- 3.06%
- 10Y*
- 66.45%
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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.
| BTCO | BTC-USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.45 | -0.44 | 0.00 |
Sortino ratioReturn per unit of downside risk | -0.38 | -0.38 | 0.00 |
Omega ratioGain probability vs. loss probability | 0.96 | 0.96 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.35 | -1.11 | +0.75 |
Martin ratioReturn relative to average drawdown | -0.75 | -1.99 | +1.24 |
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
| BTCO | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.45 | -0.44 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.05 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.97 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 1.19 | -0.82 |
Correlation
The correlation between BTCO and BTC-USD is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Drawdowns
BTCO vs. BTC-USD - Drawdown Comparison
The maximum BTCO drawdown since its inception was -49.33%, 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 | -49.33% | -85.30% | +35.97% |
Max Drawdown (1Y)Largest decline over 1 year | -49.33% | -49.65% | +0.32% |
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 | -45.78% | -45.02% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -14.11% | -41.99% | +27.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.23% | 27.60% | -4.37% |
Volatility
BTCO vs. BTC-USD - Volatility Comparison
Invesco Galaxy Bitcoin ETF (BTCO) and Bitcoin (BTC-USD) have volatilities of 13.03% and 13.58%, 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 | 13.03% | 13.58% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 36.73% | 35.98% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.12% | 36.76% | +8.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.78% | 46.90% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.78% | 56.70% | -5.92% |