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 5.96%/yr vs 19.20%/yr for ^GSPC. At a 0.45 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 -37.72% return, which is significantly lower than ^GSPC's 7.60% return.
BTF
- 1D
- -3.72%
- 1M
- -18.83%
- YTD
- -37.72%
- 6M
- -37.84%
- 1Y
- -36.03%
- 3Y*
- 5.96%
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
BTF vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTF Valkyrie Bitcoin and Ether Strategy ETF | -37.72% | -12.44% | 67.60% | 136.86% | -63.05% | -29.84% |
^GSPC S&P 500 Index | 7.60% | 16.39% | 23.31% | 24.23% | -19.44% | 4.76% |
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 | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2021 | 0.45 |
The correlation between BTF and ^GSPC has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.
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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.
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.
| BTF | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.19 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.32 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.46 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.01 | 10.92 | -11.92 |
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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 | -60.85% | -9.10% | -51.75% |
Max Drawdown (3Y)Largest decline over 3 years | -60.85% | -18.90% | -41.95% |
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 | -59.27% | -3.21% | -56.06% |
Average DrawdownAverage peak-to-trough decline | -39.85% | -10.71% | -29.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.81% | 2.04% | +33.77% |
Volatility
BTF vs. ^GSPC - Volatility Comparison
Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 15.71% compared to S&P 500 Index (^GSPC) at 4.89%. 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 | 15.71% | 4.89% | +10.82% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 9.93% | +30.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.04% | 12.57% | +42.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.48% | 17.00% | +41.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.48% | 18.08% | +40.40% |
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 (15.71%) compared to ^GSPC (4.89%). In terms of maximum drawdown, BTF dropped -77.50% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.78 vs -0.66), 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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