BTCO vs. SHOP
BTCO (Invesco Galaxy Bitcoin ETF) is Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while SHOP (Shopify Inc.) is a stock. Over the past year, BTCO returned -39.40% vs -0.57% for SHOP. At a 0.33 correlation, their price movements are largely independent.
Performance
BTCO vs. SHOP - Performance Comparison
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Returns By Period
In the year-to-date period, BTCO achieves a -27.65% return, which is significantly higher than SHOP's -31.18% return.
BTCO
- 1D
- 5.10%
- 1M
- -20.91%
- YTD
- -27.65%
- 6M
- -30.32%
- 1Y
- -39.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHOP
- 1D
- 1.13%
- 1M
- 0.34%
- YTD
- -31.18%
- 6M
- -30.07%
- 1Y
- -0.57%
- 3Y*
- 21.77%
- 5Y*
- -1.84%
- 10Y*
- 44.31%
BTCO vs. SHOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -27.65% | -6.58% | 100.54% |
SHOP Shopify Inc. | -31.18% | 51.39% | 30.79% |
Correlation
The correlation between BTCO and SHOP is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.33 |
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Return for Risk
BTCO vs. SHOP — Risk / Return Rank
BTCO
SHOP
BTCO vs. SHOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) and Shopify Inc. (SHOP). 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 | SHOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.05 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.01 | -0.75 |
| Martin ratioReturn relative to average drawdown | -1.36 | -0.03 | -1.34 |
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 | SHOP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | -0.01 | -0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.69 | -0.42 |
Drawdowns
BTCO vs. SHOP - Drawdown Comparison
The maximum BTCO drawdown since its inception was -52.05%, smaller than the maximum SHOP drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for BTCO and SHOP.
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Drawdown Indicators
| BTCO | SHOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.05% | -84.82% | +32.77% |
Max Drawdown (1Y)Largest decline over 1 year | -52.05% | -46.71% | -5.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -46.71% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -84.82% | — |
Current DrawdownCurrent decline from peak | -49.60% | -38.12% | -11.48% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -28.22% | +12.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.93% | 21.74% | +7.19% |
Volatility
BTCO vs. SHOP - Volatility Comparison
The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 11.78%, while Shopify Inc. (SHOP) has a volatility of 17.86%. This indicates that BTCO experiences smaller price fluctuations and is considered to be less risky than SHOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCO | SHOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 17.86% | -6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 43.67% | -9.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 57.27% | -13.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.90% | 65.57% | -15.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.90% | 59.09% | -9.19% |
Dividends
BTCO vs. SHOP - Dividend Comparison
Neither BTCO nor SHOP has paid dividends to shareholders.
Frequently Asked Questions
BTCO and SHOP have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHOP has higher volatility (17.86%) compared to BTCO (11.78%). In terms of maximum drawdown, BTCO dropped -52.05% vs SHOP's -84.82%.
SHOP currently has the higher Sharpe Ratio (-0.01 vs -0.90), 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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