BTCO vs. MARA
BTCO (Invesco Galaxy Bitcoin ETF) is Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while MARA (MARA Holdings, Inc.) is a stock. Over the past year, BTCO returned -44.55% vs -26.97% for MARA. Their 0.66 correlation means they have sometimes moved together and sometimes differently.
Performance
BTCO vs. MARA - Performance Comparison
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Returns By Period
In the year-to-date period, BTCO achieves a -28.24% return, which is significantly lower than MARA's 26.06% return.
BTCO
- 1D
- -2.89%
- 1M
- 2.27%
- 6M
- -25.04%
- YTD
- -28.24%
- 1Y
- -44.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.82%
MARA
- 1D
- -4.23%
- 1M
- -8.71%
- 6M
- 19.16%
- YTD
- 26.06%
- 1Y
- -26.97%
- 3Y*
- -12.38%
- 5Y*
- -16.34%
- 10Y*
- -13.31%
- ALL TIME*
- -10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.75M | $2.91M | $6.66M | |
| $650.73M | $599.97M | $583.47M |
BTCO vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -28.24% | -6.58% | 93.87% |
MARA MARA Holdings, Inc. | 26.06% | -46.45% | -34.57% |
Correlation
The correlation between BTCO and MARA is 0.63, 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. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.66 |
The correlation between BTCO and MARA has been stable across timeframes, ranging from 0.63 to 0.66 - 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 MARA 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.
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 | MARA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.00 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.42 | -0.45 |
| Martin ratioReturn relative to average drawdown | -1.34 | -0.66 | -0.68 |
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Drawdowns
BTCO vs. MARA - Drawdown Comparison
The maximum BTCO drawdown since its inception was -53.33%, 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 | -53.33% | -99.74% | +46.41% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | -70.53% | +17.20% |
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 | — | -99.19% | — |
Current DrawdownCurrent decline from peak | -50.02% | -92.68% | +42.66% |
Average DrawdownAverage peak-to-trough decline | -18.14% | -78.13% | +59.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.63% | 44.73% | -10.10% |
Volatility
BTCO vs. MARA - Volatility Comparison
The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 9.08%, while MARA Holdings, Inc. (MARA) has a volatility of 31.27%. 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 | 9.08% | 31.27% | -22.19% |
Volatility (6M)Calculated over the trailing 6-month period | 33.70% | 64.18% | -30.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 82.43% | -38.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.14% | 106.03% | -56.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.14% | 144.42% | -95.28% |
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 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MARA has higher volatility (31.27%) compared to BTCO (9.08%). In terms of maximum drawdown, BTCO dropped -53.33% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (-0.36 vs -1.05), 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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