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 -39.83% vs 3.67% for MARA. A 0.68 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 -28.85% return, which is significantly lower than MARA's 63.70% return.
BTCO
- 1D
- -3.28%
- 1M
- -17.75%
- YTD
- -28.85%
- 6M
- -28.96%
- 1Y
- -39.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MARA
- 1D
- -1.01%
- 1M
- 6.44%
- YTD
- 63.70%
- 6M
- 49.09%
- 1Y
- 3.67%
- 3Y*
- 4.97%
- 5Y*
- -12.99%
- 10Y*
- -9.81%
BTCO vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -28.85% | -6.58% | 93.87% |
MARA MARA Holdings, Inc. | 63.70% | -46.45% | -34.57% |
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 11, 2024 | 0.68 |
The correlation between BTCO and MARA has been stable across timeframes, ranging from 0.67 to 0.68 - 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 | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.08 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.05 | -0.82 |
| Martin ratioReturn relative to average drawdown | -1.31 | 0.09 | -1.39 |
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Drawdowns
BTCO vs. MARA - Drawdown Comparison
The maximum BTCO drawdown since its inception was -52.05%, 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 | -52.05% | -99.74% | +47.69% |
Max Drawdown (1Y)Largest decline over 1 year | -52.05% | -70.53% | +18.48% |
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 | -50.44% | -90.50% | +40.06% |
Average DrawdownAverage peak-to-trough decline | -16.74% | -78.02% | +61.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.55% | 42.92% | -12.37% |
Volatility
BTCO vs. MARA - Volatility Comparison
The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 13.05%, while MARA Holdings, Inc. (MARA) has a volatility of 22.49%. 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 | 13.05% | 22.49% | -9.44% |
Volatility (6M)Calculated over the trailing 6-month period | 34.56% | 59.83% | -25.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.13% | 79.25% | -35.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.75% | 105.92% | -56.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.75% | 144.16% | -94.41% |
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 (22.49%) compared to BTCO (13.05%). In terms of maximum drawdown, BTCO dropped -52.05% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (0.05 vs -0.91), 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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