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 -38.71% vs -40.02% for BTC-USD. A 0.72 correlation means they provide meaningful diversification when combined.
Performance
BTCO vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BTCO achieves a -25.40% return, which is significantly higher than BTC-USD's -27.71% return.
BTCO
- 1D
- -2.74%
- 1M
- -18.43%
- YTD
- -25.40%
- 6M
- -29.84%
- 1Y
- -38.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -5.18%
- 1M
- -20.79%
- YTD
- -27.71%
- 6M
- -32.32%
- 1Y
- -40.02%
- 3Y*
- 32.61%
- 5Y*
- 11.41%
- 10Y*
- 60.00%
BTCO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -25.40% | -6.58% | 100.54% |
BTC-USD Bitcoin | -27.71% | -6.27% | 101.44% |
Correlation
The correlation between BTCO and BTC-USD is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 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.
| BTCO | BTC-USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.89 | -0.93 | +0.04 |
Sortino ratioReturn per unit of downside risk | -1.23 | -1.31 | +0.08 |
Omega ratioGain probability vs. loss probability | 0.86 | 0.87 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.81 | +0.02 |
Martin ratioReturn relative to average drawdown | -1.36 | -1.42 | +0.05 |
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 | -0.89 | -0.93 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 1.13 | -0.83 |
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 (3Y)Largest decline over 3 years | — | -49.65% | — |
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 | -48.03% | -49.29% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -15.95% | -42.27% | +26.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.41% | 33.73% | -5.32% |
Volatility
BTCO vs. BTC-USD - Volatility Comparison
The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 9.46%, while Bitcoin (BTC-USD) has a volatility of 10.81%. This indicates that BTCO experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. 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 | 9.46% | 10.81% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 34.37% | 34.33% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.56% | 35.60% | +7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.77% | 45.05% | +4.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.77% | 56.69% | -6.92% |
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.
BTC-USD has higher volatility (10.81%) compared to BTCO (9.46%). In terms of maximum drawdown, BTCO dropped -49.33% vs BTC-USD's -85.30%.
BTCO currently has the higher Sharpe Ratio (-0.89 vs -0.93), 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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