BTCO vs. MARA
BTCO (Invesco Galaxy Bitcoin ETF) is Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while MARA (Marathon Digital Holdings, Inc.) is a stock. Over the past year, BTCO returned -38.71% vs -8.94% for MARA. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
BTCO vs. MARA - Performance Comparison
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Returns By Period
In the year-to-date period, BTCO achieves a -25.40% return, which is significantly lower than MARA's 55.46% return.
BTCO
- 1D
- -2.74%
- 1M
- -18.43%
- YTD
- -25.40%
- 6M
- -29.84%
- 1Y
- -38.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MARA
- 1D
- -2.24%
- 1M
- 18.01%
- YTD
- 55.46%
- 6M
- 11.95%
- 1Y
- -8.94%
- 3Y*
- 11.65%
- 5Y*
- -10.53%
- 10Y*
- -10.91%
BTCO vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -25.40% | -6.58% | 100.54% |
MARA Marathon Digital Holdings, Inc. | 55.46% | -46.45% | -25.13% |
Correlation
The correlation between BTCO and MARA is 0.67, 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 | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.67 |
The correlation between BTCO and MARA has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
BTCO vs. MARA — Risk / Return Rank
BTCO
MARA
BTCO vs. MARA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) and Marathon Digital Holdings, Inc. (MARA). 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 | MARA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.05 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.13 | -0.66 |
| Martin ratioReturn relative to average drawdown | -1.36 | -0.21 | -1.15 |
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 | MARA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.12 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.10 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.09 | +0.39 |
Drawdowns
BTCO vs. MARA - Drawdown Comparison
The maximum BTCO drawdown since its inception was -49.33%, smaller than the maximum MARA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for BTCO and MARA.
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Drawdown Indicators
| BTCO | MARA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.33% | -99.74% | +50.41% |
Max Drawdown (1Y)Largest decline over 1 year | -49.33% | -70.53% | +21.20% |
Max Drawdown (3Y)Largest decline over 3 years | — | -78.34% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.20% | — |
Current DrawdownCurrent decline from peak | -48.03% | -90.98% | +42.95% |
Average DrawdownAverage peak-to-trough decline | -15.95% | -78.00% | +62.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.41% | 42.03% | -13.62% |
Volatility
BTCO vs. MARA - Volatility Comparison
The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 9.46%, while Marathon Digital Holdings, Inc. (MARA) has a volatility of 16.33%. This indicates that BTCO experiences smaller price fluctuations and is considered to be less risky than MARA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCO | MARA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.46% | 16.33% | -6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 34.37% | 58.00% | -23.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.56% | 77.65% | -34.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.77% | 105.79% | -56.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.77% | 144.06% | -94.29% |
Dividends
BTCO vs. MARA - Dividend Comparison
Neither BTCO nor MARA has paid dividends to shareholders.
Frequently Asked Questions
BTCO and MARA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MARA has higher volatility (16.33%) compared to BTCO (9.46%). In terms of maximum drawdown, BTCO dropped -49.33% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (-0.12 vs -0.89), 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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