BTF vs. GBTC

Last updated Apr 2, 2026

Compare and contrast key facts about Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Grayscale Bitcoin Trust (BTC) (GBTC).

BTF is an actively managed fund by Valkyrie. It was launched on Oct 21, 2021.

Performance

BTF vs. GBTC - Performance Comparison

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

BTF vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTF Valkyrie Bitcoin and Ether Strategy ETF	-25.41%	-63.94%	67.60%	136.86%	-63.05%	-26.38%
GBTC Grayscale Bitcoin Trust (BTC)	-22.40%	-7.65%	113.81%	317.61%	-75.80%	-29.74%

Returns By Period

In the year-to-date period, BTF achieves a -25.41% return, which is significantly lower than GBTC's -22.40% return.

BTF

• 1D: 1.36%
• 1M: 1.28%
• YTD: -25.41%
• 6M: -78.33%
• 1Y: -61.97%
• 3Y*: -14.24%
• 5Y*: —
• 10Y*: —

GBTC

• 1D: 0.55%
• 1M: -1.56%
• YTD: -22.40%
• 6M: -42.46%
• 1Y: -21.01%
• 3Y*: 48.01%
• 5Y*: 0.84%
• 10Y*: 58.56%

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

Return for Risk

BTF vs. GBTC — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 2
BTF Sharpe Ratio Rank: 2
BTF Sortino Ratio Rank: 3
BTF Omega Ratio Rank: 2
BTF Calmar Ratio Rank: 1
BTF Martin Ratio Rank: 2

GBTC

GBTC Risk / Return Rank: 24
GBTC Sharpe Ratio Rank: 20
GBTC Sortino Ratio Rank: 20
GBTC Omega Ratio Rank: 21
GBTC Calmar Ratio Rank: 29
GBTC Martin Ratio Rank: 28

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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Grayscale Bitcoin Trust (BTC) (GBTC). 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	GBTC	Difference
Sharpe ratio Return per unit of total volatility	-0.74	-0.47	-0.27
Sortino ratio Return per unit of downside risk	-0.66	-0.41	-0.25
Omega ratio Gain probability vs. loss probability	0.88	0.95	-0.07
Calmar ratio Return relative to maximum drawdown	-0.74	-0.38	-0.36
Martin ratio Return relative to average drawdown	-1.41	-0.80	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTF vs. GBTC - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.74, which is lower than the GBTC Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of BTF and GBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTF	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	-0.47	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	0.67	-1.05

Correlation

The correlation between BTF and GBTC is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BTF vs. GBTC - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 3.14%, while GBTC has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTF Valkyrie Bitcoin and Ether Strategy ETF	3.14%	3.07%	52.96%	15.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust (BTC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Drawdowns

BTF vs. GBTC - Drawdown Comparison

The maximum BTF drawdown since its inception was -81.78%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BTF and GBTC.

Drawdown Indicators

	BTF	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-81.78%	-89.91%	+8.13%
Max Drawdown (1Y) Largest decline over 1 year	-81.78%	-49.55%	-32.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-79.91%	-46.10%	-33.81%
Average Drawdown Average peak-to-trough decline	-41.47%	-43.48%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.93%	23.39%	+19.54%

Volatility

BTF vs. GBTC - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 15.74% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 12.99%. This indicates that BTF's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTF	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.74%	12.99%	+2.75%
Volatility (6M) Calculated over the trailing 6-month period	101.59%	36.80%	+64.79%
Volatility (1Y) Calculated over the trailing 1-year period	84.01%	45.30%	+38.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.67%	64.19%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.67%	82.56%	-16.89%