BTCO vs. YBTC

Last updated Jun 4, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and YBTC (Roundhill Bitcoin Covered Call Strategy ETF) are both Cryptocurrency funds. BTCO is passively managed, while YBTC is actively managed. Over the past year, BTCO returned -38.71% vs -35.71% for YBTC. Their correlation of 0.88 suggests significant overlap in exposure. BTCO charges 0.39%/yr vs 0.95%/yr for YBTC.

Performance

BTCO vs. YBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Bitcoin ETF (BTCO) and Roundhill Bitcoin Covered Call Strategy ETF (YBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCO achieves a -25.40% return, which is significantly lower than YBTC's -23.39% return.

BTCO

• 1D: -2.74%
• 1M: -18.43%
• YTD: -25.40%
• 6M: -29.84%
• 1Y: -38.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YBTC

• 1D: -2.77%
• 1M: -16.32%
• YTD: -23.39%
• 6M: -26.70%
• 1Y: -35.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCO vs. YBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	-25.40%	-6.58%	128.42%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-23.39%	-4.23%	58.55%

Correlation

The correlation between BTCO and YBTC is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.88

The correlation between BTCO and YBTC has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

BTCO vs. YBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTCO

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

YBTC

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTCO vs. YBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) and Roundhill Bitcoin Covered Call Strategy ETF (YBTC). 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	YBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.91	+0.02
Sortino ratio: Return per unit of downside risk	-1.23	-1.22	-0.01
Omega ratio: Gain probability vs. loss probability	0.86	0.85	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.76	-0.03
Martin ratio: Return relative to average drawdown	-1.36	-1.39	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCO vs. YBTC - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -0.89, which is comparable to the YBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of BTCO and YBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTCO	YBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.91	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.16	+0.14

Drawdowns

BTCO vs. YBTC - Drawdown Comparison

The maximum BTCO drawdown since its inception was -49.33%, roughly equal to the maximum YBTC drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for BTCO and YBTC.

Drawdown Indicators

	BTCO	YBTC	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-47.09%	-2.24%
Max Drawdown (1Y) Largest decline over 1 year	-49.33%	-47.09%	-2.24%
Current Drawdown Current decline from peak	-48.03%	-44.06%	-3.97%
Average Drawdown Average peak-to-trough decline	-15.95%	-12.89%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.41%	25.69%	+2.72%

Volatility

BTCO vs. YBTC - Volatility Comparison

Invesco Galaxy Bitcoin ETF (BTCO) has a higher volatility of 9.46% compared to Roundhill Bitcoin Covered Call Strategy ETF (YBTC) at 8.85%. This indicates that BTCO's price experiences larger fluctuations and is considered to be riskier than YBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCO	YBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	8.85%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	31.81%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	43.56%	39.20%	+4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.77%	40.81%	+8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.77%	40.81%	+8.96%

BTCO vs. YBTC - Expense Ratio Comparison

BTCO has a 0.39% expense ratio, which is lower than YBTC's 0.95% expense ratio.

Dividends

BTCO vs. YBTC - Dividend Comparison

BTCO has not paid dividends to shareholders, while YBTC's dividend yield for the trailing twelve months is around 88.13%.

Position	TTM	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	0.00%	0.00%	0.00%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	88.13%	76.04%	44.53%

Frequently Asked Questions

Can I hold both BTCO and YBTC in my portfolio?

With a correlation of 0.93, BTCO and YBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTCO or YBTC?

BTCO has higher volatility (9.46%) compared to YBTC (8.85%). In terms of maximum drawdown, BTCO dropped -49.33% vs YBTC's -47.09%.

Which ETF is better, BTCO or YBTC?

On 1-year performance, YBTC leads with -35.71% vs -38.71% for BTCO. On fees, BTCO is cheaper at 0.39% per year. On volatility, YBTC has been the lower-risk option at 8.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or YBTC?

Over the 1-year period, YBTC has performed better with a -35.71% return vs -38.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or YBTC?

BTCO is cheaper with a 0.39% expense ratio, compared with 0.95% for YBTC.

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

YBTC has the higher dividend yield at 88.13%, compared with 0.00% for BTCO.

What is the main difference between BTCO and YBTC?

They also come from different issuers: Invesco and Roundhill. Their fees differ too: 0.39% for BTCO and 0.95% for YBTC.

Which has better risk-adjusted returns?

BTCO currently has the higher Sharpe Ratio (-0.89 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.