BTF vs. ^GSPC
BTF (Valkyrie Bitcoin and Ether Strategy ETF) is Cryptocurrency fund actively managed by Valkyrie, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, BTF returned 14.70%/yr vs 21.12%/yr for ^GSPC. At a 0.44 correlation, their price movements are largely independent.
Performance
BTF vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, BTF achieves a -30.57% return, which is significantly lower than ^GSPC's 11.16% return.
BTF
- 1D
- -5.41%
- 1M
- -16.05%
- YTD
- -30.57%
- 6M
- -32.41%
- 1Y
- -32.30%
- 3Y*
- 14.70%
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
BTF vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTF Valkyrie Bitcoin and Ether Strategy ETF | -30.57% | -12.44% | 67.60% | 136.86% | -63.05% | -26.38% |
^GSPC S&P 500 Index | 11.16% | 16.39% | 23.31% | 24.23% | -19.44% | 4.87% |
Correlation
The correlation between BTF and ^GSPC is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2021 | 0.44 |
The correlation between BTF and ^GSPC shifts across timeframes, from 0.40 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTF vs. ^GSPC — Risk / Return Rank
BTF
^GSPC
BTF vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and S&P 500 Index (^GSPC). 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.
| BTF | ^GSPC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.60 | 2.39 | -2.99 |
Sortino ratioReturn per unit of downside risk | -0.63 | 3.25 | -3.88 |
Omega ratioGain probability vs. loss probability | 0.93 | 1.43 | -0.50 |
Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.16 | -3.75 |
Martin ratioReturn relative to average drawdown | -0.99 | 14.61 | -15.61 |
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
| BTF | ^GSPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.60 | 2.39 | -2.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.75 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | 0.47 | -0.62 |
Drawdowns
BTF vs. ^GSPC - Drawdown Comparison
The maximum BTF drawdown since its inception was -77.50%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for BTF and ^GSPC.
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Drawdown Indicators
| BTF | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.50% | -56.78% | -20.72% |
Max Drawdown (1Y)Largest decline over 1 year | -55.75% | -9.10% | -46.65% |
Max Drawdown (3Y)Largest decline over 3 years | -55.75% | -18.90% | -36.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -54.59% | 0.00% | -54.59% |
Average DrawdownAverage peak-to-trough decline | -39.64% | -10.72% | -28.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.13% | 1.97% | +31.16% |
Volatility
BTF vs. ^GSPC - Volatility Comparison
Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 9.46% compared to S&P 500 Index (^GSPC) at 2.84%. This indicates that BTF's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTF | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.46% | 2.84% | +6.62% |
Volatility (6M)Calculated over the trailing 6-month period | 39.97% | 8.98% | +30.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.18% | 11.87% | +42.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.42% | 16.90% | +41.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.42% | 18.07% | +40.35% |
Frequently Asked Questions
BTF and ^GSPC have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTF has higher volatility (9.46%) compared to ^GSPC (2.84%). In terms of maximum drawdown, BTF dropped -77.50% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (2.39 vs -0.60), 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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