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 -47.55% vs -36.31% 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 -29.04% return, which is significantly lower than MARA's 35.75% return.
BTCO
- 1D
- -2.67%
- 1M
- -2.20%
- 6M
- -32.10%
- YTD
- -29.04%
- 1Y
- -47.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MARA
- 1D
- -3.25%
- 1M
- -13.42%
- 6M
- 14.46%
- YTD
- 35.75%
- 1Y
- -36.31%
- 3Y*
- -12.30%
- 5Y*
- -13.13%
- 10Y*
- -13.09%
BTCO vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -29.04% | -6.58% | 93.87% |
MARA MARA Holdings, Inc. | 35.75% | -46.45% | -34.57% |
Correlation
The correlation between BTCO and MARA is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.67 |
The correlation between BTCO and MARA has been stable across timeframes, ranging from 0.64 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 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 | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.97 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.52 | -0.38 |
| Martin ratioReturn relative to average drawdown | -1.46 | -0.83 | -0.63 |
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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 | — | -99.20% | — |
Current DrawdownCurrent decline from peak | -50.57% | -92.12% | +41.55% |
Average DrawdownAverage peak-to-trough decline | -17.45% | -78.07% | +60.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.69% | 43.99% | -11.30% |
Volatility
BTCO vs. MARA - Volatility Comparison
The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 11.42%, while MARA Holdings, Inc. (MARA) has a volatility of 21.71%. 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 | 11.42% | 21.71% | -10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 34.71% | 60.74% | -26.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.23% | 79.50% | -35.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.51% | 106.04% | -56.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.51% | 144.24% | -94.73% |
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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MARA has higher volatility (21.71%) compared to BTCO (11.42%). In terms of maximum drawdown, BTCO dropped -53.33% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (-0.46 vs -1.08), 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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