BTF vs. BTC-USD
BTF (Valkyrie Bitcoin and Ether Strategy ETF) is Cryptocurrency fund actively managed by Valkyrie, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, BTF returned 5.96%/yr vs 27.25%/yr for BTC-USD. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
BTF vs. BTC-USD - 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 BTC-USD's -28.07% return.
BTF
- 1D
- -3.72%
- 1M
- -18.83%
- YTD
- -37.72%
- 6M
- -37.84%
- 1Y
- -36.03%
- 3Y*
- 5.96%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -1.58%
- 1M
- -18.24%
- YTD
- -28.07%
- 6M
- -28.01%
- 1Y
- -40.30%
- 3Y*
- 27.25%
- 5Y*
- 12.68%
- 10Y*
- 57.41%
BTF vs. BTC-USD - 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% |
BTC-USD Bitcoin | -28.07% | -6.27% | 120.76% | 155.82% | -64.23% | -25.71% |
Correlation
The correlation between BTF and BTC-USD is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2021 | 0.68 |
The correlation between BTF and BTC-USD has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.
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Return for Risk
BTF vs. BTC-USD — Risk / Return Rank
BTF
BTC-USD
BTF vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.86 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.79 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.01 | -1.32 | +0.32 |
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Drawdowns
BTF vs. BTC-USD - Drawdown Comparison
The maximum BTF drawdown since its inception was -77.50%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BTF and BTC-USD.
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Drawdown Indicators
| BTF | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.50% | -85.30% | +7.80% |
Max Drawdown (1Y)Largest decline over 1 year | -60.85% | -51.21% | -9.64% |
Max Drawdown (3Y)Largest decline over 3 years | -60.85% | -51.21% | -9.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -59.27% | -49.54% | -9.73% |
Average DrawdownAverage peak-to-trough decline | -39.85% | -42.40% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.81% | 31.29% | +4.52% |
Volatility
BTF vs. BTC-USD - Volatility Comparison
Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 15.71% compared to Bitcoin (BTC-USD) at 12.23%. This indicates that BTF's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTF | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.71% | 12.23% | +3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 34.57% | +5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.04% | 35.70% | +19.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.48% | 44.26% | +14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.48% | 56.41% | +2.07% |
Frequently Asked Questions
BTF and BTC-USD have a correlation of 0.69, 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 BTC-USD (12.23%). In terms of maximum drawdown, BTF dropped -77.50% vs BTC-USD's -85.30%.
BTF currently has the higher Sharpe Ratio (-0.66 vs -0.94), 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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