BTCO vs. SPY

Last updated Aug 2, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BTCO is a Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, BTCO returned -44.55% vs 21.49% for SPY. Their 0.40 correlation means their historical movements had little consistent relationship. BTCO charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

BTCO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Bitcoin ETF (BTCO) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCO achieves a -28.24% return, which is significantly lower than SPY's 10.13% return.

BTCO

• 1D: -2.89%
• 1M: 2.27%
• 6M: -25.04%
• YTD: -28.24%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.82%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCO Invesco Galaxy Bitcoin ETF	$2.75M	$2.91M	$6.66M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

BTCO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	-28.24%	-6.58%	93.87%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.56%

Correlation

The correlation between BTCO and SPY is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.40

Return for Risk

BTCO vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCO

BTCO Risk / Return Rank: 1
BTCO Sharpe Ratio Rank: 1
BTCO Sortino Ratio Rank: 1
BTCO Omega Ratio Rank: 2
BTCO Calmar Ratio Rank: 2
BTCO Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.52	-2.57
Sortino ratio: Return per unit of downside risk	-1.59	2.11	-3.70
Omega ratio: Gain probability vs. loss probability	0.83	1.27	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.87	2.20	-3.07
Martin ratio: Return relative to average drawdown	-1.34	9.40	-10.74

BTCO vs. SPY - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -1.05, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of BTCO and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTCO vs. SPY - Drawdown Comparison

The maximum BTCO drawdown since its inception was -53.33%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BTCO and SPY.

Drawdown Indicators

	BTCO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-55.19%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-8.88%	-44.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-50.02%	-1.40%	-48.62%
Average Drawdown Average peak-to-trough decline	-18.14%	-9.01%	-9.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	2.08%	+32.55%

Volatility

BTCO vs. SPY - Volatility Comparison

Invesco Galaxy Bitcoin ETF (BTCO) has a higher volatility of 9.08% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that BTCO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	3.58%	+5.50%
Volatility (6M) Calculated over the trailing 6-month period	33.70%	10.14%	+23.56%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	12.89%	+31.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.14%	17.18%	+31.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.14%	17.95%	+31.19%

BTCO vs. SPY - Expense Ratio Comparison

BTCO has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BTCO vs. SPY - Dividend Comparison

BTCO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTCO Invesco Galaxy Bitcoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BTCO and SPY in my portfolio?

BTCO and SPY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCO or SPY?

BTCO has higher volatility (9.08%) compared to SPY (3.58%). In terms of maximum drawdown, BTCO dropped -53.33% vs SPY's -55.19%.

Which ETF is better, BTCO or SPY?

On 1-year performance, SPY leads with 21.49% vs -44.55% for BTCO. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs -44.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for BTCO.

Which ETF pays a higher dividend yield, BTCO or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.00% for BTCO.

What is the main difference between BTCO and SPY?

BTCO is categorized as Cryptocurrency, while SPY is S&P 500. BTCO tracks Lukka Prime Reference Bitcoin Rate, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for BTCO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 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.