BTCW vs. GBTC

Last updated Jun 5, 2026

BTCW (Wisdom Tree Bitcoin Fund) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. Over the past year, BTCW returned -39.49% vs -40.35% for GBTC. With a 1.00 correlation, they move nearly in lockstep. BTCW charges 0.30%/yr vs 1.50%/yr for GBTC.

Performance

BTCW vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BTCW having a -27.48% return and GBTC slightly lower at -27.82%.

BTCW

• 1D: -2.81%
• 1M: -22.18%
• YTD: -27.48%
• 6M: -31.47%
• 1Y: -39.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -2.74%
• 1M: -22.25%
• YTD: -27.82%
• 6M: -31.83%
• 1Y: -40.35%
• 3Y*: 53.36%
• 5Y*: 9.81%
• 10Y*: 49.21%

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

BTCW vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-27.48%	-6.05%	100.00%
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	81.91%

Correlation

The correlation between BTCW and GBTC is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	1.00

The correlation between BTCW and GBTC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BTCW vs. GBTC — Risk / Return Rank

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

BTCW

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC 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.

BTCW vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	BTCW	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.93	+0.02
Sortino ratio: Return per unit of downside risk	-1.27	-1.31	+0.04
Omega ratio: Gain probability vs. loss probability	0.86	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.81	+0.01
Martin ratio: Return relative to average drawdown	-1.38	-1.40	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCW vs. GBTC - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -0.91, which is comparable to the GBTC Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of BTCW and GBTC, 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

	BTCW	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	-0.93	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.65	-0.38

Drawdowns

BTCW vs. GBTC - Drawdown Comparison

The maximum BTCW drawdown since its inception was -49.45%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BTCW and GBTC.

Drawdown Indicators

	BTCW	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-49.45%	-89.91%	+40.46%
Max Drawdown (1Y) Largest decline over 1 year	-49.45%	-49.87%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-49.45%	-49.87%	+0.42%
Average Drawdown Average peak-to-trough decline	-16.05%	-43.43%	+27.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.57%	28.81%	-0.24%

Volatility

BTCW vs. GBTC - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 9.14% and 9.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.14%	9.07%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	33.72%	33.86%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	43.57%	43.69%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.09%	62.44%	-12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.09%	82.20%	-32.11%

BTCW vs. GBTC - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

BTCW vs. GBTC - Dividend Comparison

Neither BTCW nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both BTCW and GBTC in my portfolio?

With a correlation of 1.00, BTCW and GBTC 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, BTCW or GBTC?

BTCW has higher volatility (9.14%) compared to GBTC (9.07%). In terms of maximum drawdown, BTCW dropped -49.45% vs GBTC's -89.91%.

Which ETF is better, BTCW or GBTC?

On 1-year performance, BTCW leads with -39.49% vs -40.35% for GBTC. On fees, BTCW is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or GBTC?

Over the 1-year period, BTCW has performed better with a -39.49% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or GBTC?

BTCW is cheaper with a 0.30% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, BTCW or GBTC?

BTCW and GBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between BTCW and GBTC?

They also come from different issuers: WisdomTree and Grayscale. Their fees differ too: 0.30% for BTCW and 1.50% for GBTC.

Which has better risk-adjusted returns?

BTCW currently has the higher Sharpe Ratio (-0.91 vs -0.93), 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.