BTCX-B.TO vs. GBTC

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) is Cryptocurrency fund managed by CI Global Asset Management, while GBTC (Grayscale Bitcoin Trust (BTC)) is a stock. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 13.58%/yr for GBTC. Their correlation of 0.90 suggests significant overlap in exposure.

Performance

BTCX-B.TO vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Grayscale Bitcoin Trust (BTC) (GBTC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCX-B.TO is traded in CAD, while GBTC is traded in USD. To make them comparable, the GBTC values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with BTCX-B.TO having a -24.79% return and GBTC slightly lower at -24.85%.

BTCX-B.TO

• 1D: -2.37%
• 1M: -16.88%
• YTD: -24.79%
• 6M: -30.42%
• 1Y: -38.32%
• 3Y*: 34.38%
• 5Y*: 14.29%
• 10Y*: —

GBTC

• 1D: -2.34%
• 1M: -16.85%
• YTD: -24.85%
• 6M: -30.52%
• 1Y: -38.68%
• 3Y*: 54.00%
• 5Y*: 13.58%
• 10Y*: 51.55%

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

BTCX-B.TO vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.79%	-11.32%	139.01%	149.40%	-62.06%	-16.98%
GBTC Grayscale Bitcoin Trust (BTC)	-24.85%	-11.88%	132.17%	308.41%	-74.07%	-30.22%

Correlation

The correlation between BTCX-B.TO and GBTC is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.90

The correlation between BTCX-B.TO and GBTC has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

BTCX-B.TO vs. GBTC — Risk / Return Rank

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

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 2

GBTC

GBTC Risk / Return Rank: 8
GBTC Sharpe Ratio Rank: 6
GBTC Sortino Ratio Rank: 8
GBTC Omega Ratio Rank: 10
GBTC Calmar Ratio Rank: 10
GBTC Martin Ratio Rank: 8

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.

BTCX-B.TO vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Grayscale Bitcoin Trust (BTC) (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.

	BTCX-B.TO	GBTC	Difference
Sharpe ratio Return per unit of total volatility	-0.90	-0.90	+0.01
Sortino ratio Return per unit of downside risk	-1.24	-1.26	+0.02
Omega ratio Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio Return relative to maximum drawdown	-0.76	-0.77	+0.01
Martin ratio Return relative to average drawdown	-1.32	-1.33	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCX-B.TO vs. GBTC - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is comparable to the GBTC Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BTCX-B.TO 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

	BTCX-B.TO	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.90	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.22	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.69	-0.61

Drawdowns

BTCX-B.TO vs. GBTC - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, smaller than the maximum GBTC drawdown of -89.63%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and GBTC.

Drawdown Indicators

	BTCX-B.TO	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-89.63%	+14.37%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-50.39%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-50.39%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-84.10%	+8.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.63%	—
Current Drawdown Current decline from peak	-48.50%	-48.63%	+0.13%
Average Drawdown Average peak-to-trough decline	-32.95%	-42.84%	+9.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	29.17%	-0.09%

Volatility

BTCX-B.TO vs. GBTC - Volatility Comparison

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 9.06%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	9.06%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	34.06%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	42.95%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	60.79%	-6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	81.36%	-26.37%

Dividends

BTCX-B.TO vs. GBTC - Dividend Comparison

Neither BTCX-B.TO nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust (BTC)	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 BTCX-B.TO and GBTC in my portfolio?

With a correlation of 0.97, BTCX-B.TO 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.