BTF vs. BTRN

Last updated Jun 3, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds. BTF is actively managed, while BTRN is passively managed. Over the past year, BTF returned -32.30% vs -15.85% for BTRN. A 0.72 correlation means they provide meaningful diversification when combined. BTF charges 1.24%/yr vs 0.95%/yr for BTRN.

Performance

BTF vs. BTRN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Global X Bitcoin Trend Strategy ETF (BTRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTF achieves a -30.57% return, which is significantly lower than BTRN's -8.05% return.

BTF

• 1D: -5.41%
• 1M: -16.05%
• YTD: -30.57%
• 6M: -32.41%
• 1Y: -32.30%
• 3Y*: 14.70%
• 5Y*: —
• 10Y*: —

BTRN

• 1D: -2.96%
• 1M: -9.74%
• YTD: -8.05%
• 6M: -8.67%
• 1Y: -15.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTF vs. BTRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTF Valkyrie Bitcoin and Ether Strategy ETF	-30.57%	-12.44%	11.79%
BTRN Global X Bitcoin Trend Strategy ETF	-8.05%	4.89%	5.22%

Correlation

The correlation between BTF and BTRN is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Mar 22, 2024	0.72

The correlation between BTF and BTRN has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

Return for Risk

BTF vs. BTRN — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 4
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 4
BTF Martin Ratio Rank: 4

BTRN

BTRN Risk / Return Rank: 3
BTRN Sharpe Ratio Rank: 2
BTRN Sortino Ratio Rank: 3
BTRN Omega Ratio Rank: 2
BTRN Calmar Ratio Rank: 3
BTRN Martin Ratio Rank: 3

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.

BTF vs. BTRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Global X Bitcoin Trend Strategy ETF (BTRN). 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	BTRN	Difference
Sharpe ratio Return per unit of total volatility	-0.60	-0.80	+0.20
Sortino ratio Return per unit of downside risk	-0.63	-1.04	+0.41
Omega ratio Gain probability vs. loss probability	0.93	0.86	+0.07
Calmar ratio Return relative to maximum drawdown	-0.59	-0.66	+0.07
Martin ratio Return relative to average drawdown	-0.99	-1.10	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTF vs. BTRN - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.60, which is comparable to the BTRN Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of BTF and BTRN, 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

	BTF	BTRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	-0.80	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.02	-0.17

Drawdowns

BTF vs. BTRN - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for BTF and BTRN.

Drawdown Indicators

	BTF	BTRN	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-36.97%	-40.53%
Max Drawdown (1Y) Largest decline over 1 year	-55.75%	-24.27%	-31.48%
Max Drawdown (3Y) Largest decline over 3 years	-55.75%	—	—
Current Drawdown Current decline from peak	-54.59%	-24.27%	-30.32%
Average Drawdown Average peak-to-trough decline	-39.64%	-14.39%	-25.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.13%	14.59%	+18.54%

Volatility

BTF vs. BTRN - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 9.46% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 7.50%. This indicates that BTF's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTF	BTRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	7.50%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	39.97%	10.27%	+29.70%
Volatility (1Y) Calculated over the trailing 1-year period	54.18%	19.87%	+34.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.42%	30.98%	+27.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.42%	30.98%	+27.44%

BTF vs. BTRN - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than BTRN's 0.95% expense ratio.

Dividends

BTF vs. BTRN - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 209.94%, more than BTRN's 30.19% yield.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	209.94%	146.05%	52.96%	15.98%
BTRN Global X Bitcoin Trend Strategy ETF	30.19%	27.76%	2.56%	0.00%

Frequently Asked Questions

Can I hold both BTF and BTRN in my portfolio?

BTF and BTRN have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTF or BTRN?

BTF has higher volatility (9.46%) compared to BTRN (7.50%). In terms of maximum drawdown, BTF dropped -77.50% vs BTRN's -36.97%.

Which ETF is better, BTF or BTRN?

On 1-year performance, BTRN leads with -15.85% vs -32.30% for BTF. On fees, BTRN is cheaper at 0.95% per year. On volatility, BTRN has been the lower-risk option at 7.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or BTRN?

Over the 1-year period, BTRN has performed better with a -15.85% return vs -32.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or BTRN?

BTRN is cheaper with a 0.95% expense ratio, compared with 1.24% for BTF.

Which ETF pays a higher dividend yield, BTF or BTRN?

BTF has the higher dividend yield at 209.94%, compared with 30.19% for BTRN.

What is the main difference between BTF and BTRN?

They also come from different issuers: Valkyrie and Global X. Their fees differ too: 1.24% for BTF and 0.95% for BTRN.

Which has better risk-adjusted returns?

BTF currently has the higher Sharpe Ratio (-0.60 vs -0.80), 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.