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 8.64%/yr vs 18.60%/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 -35.64% return, which is significantly lower than ^GSPC's 9.79% return.
BTF
- 1D
- -1.77%
- 1M
- 1.98%
- 6M
- -38.36%
- YTD
- -35.64%
- 1Y
- -45.62%
- 3Y*
- 8.64%
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- -0.79%
- 1M
- 1.13%
- 6M
- 7.71%
- YTD
- 9.79%
- 1Y
- 20.06%
- 3Y*
- 18.60%
- 5Y*
- 11.43%
- 10Y*
- 13.27%
BTF vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTF Valkyrie Bitcoin and Ether Strategy ETF | -35.64% | -12.44% | 67.60% | 136.86% | -63.05% | -29.84% |
^GSPC S&P 500 Index | 9.79% | 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 | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.29 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.21 | -2.96 |
| Martin ratioReturn relative to average drawdown | -1.19 | 9.61 | -10.80 |
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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 | -61.55% | -9.10% | -52.45% |
Max Drawdown (3Y)Largest decline over 3 years | -61.55% | -18.90% | -42.65% |
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 | -57.91% | -1.24% | -56.67% |
Average DrawdownAverage peak-to-trough decline | -40.06% | -10.71% | -29.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.26% | 2.09% | +36.17% |
Volatility
BTF vs. ^GSPC - Volatility Comparison
Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 13.50% compared to S&P 500 Index (^GSPC) at 3.96%. 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 | 13.50% | 3.96% | +9.54% |
Volatility (6M)Calculated over the trailing 6-month period | 40.08% | 9.99% | +30.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.67% | 12.57% | +42.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.33% | 17.01% | +41.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.33% | 18.05% | +40.28% |
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 (13.50%) compared to ^GSPC (3.96%). In terms of maximum drawdown, BTF dropped -77.50% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.61 vs -0.84), 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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