BTF vs. GBTC

Last updated Jun 3, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) is Cryptocurrency fund actively managed by Valkyrie, while GBTC (Grayscale Bitcoin Trust (BTC)) is a stock. Over the past 3 years, BTF returned 14.70%/yr vs 53.65%/yr for GBTC. Their correlation of 0.91 suggests significant overlap in exposure.

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.

Returns By Period

In the year-to-date period, BTF achieves a -30.57% return, which is significantly lower than GBTC's -23.70% return.

BTF

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

GBTC

• 1D: -5.98%
• 1M: -14.45%
• YTD: -23.70%
• 6M: -26.79%
• 1Y: -36.66%
• 3Y*: 53.65%
• 5Y*: 10.09%
• 10Y*: 50.88%

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

BTF vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTF Valkyrie Bitcoin and Ether Strategy ETF	-30.57%	-12.44%	67.60%	136.86%	-63.05%	-26.38%
GBTC Grayscale Bitcoin Trust (BTC)	-23.70%	-7.65%	113.81%	317.61%	-75.80%	-29.74%

Correlation

The correlation between BTF and GBTC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 25, 2021	0.91

The correlation between BTF and GBTC has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

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: 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

GBTC

GBTC Risk / Return Rank: 10
GBTC Sharpe Ratio Rank: 7
GBTC Sortino Ratio Rank: 9
GBTC Omega Ratio Rank: 11
GBTC Calmar Ratio Rank: 12
GBTC Martin Ratio Rank: 10

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	-0.60	-0.84	+0.25
Sortino ratio Return per unit of downside risk	-0.63	-1.13	+0.50
Omega ratio Gain probability vs. loss probability	0.93	0.87	+0.06
Calmar ratio Return relative to maximum drawdown	-0.59	-0.74	+0.15
Martin ratio Return relative to average drawdown	-0.99	-1.29	+0.30
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 -0.60, which is comparable to the GBTC Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of BTF and GBTC, 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	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	-0.84	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.66	-0.81

Drawdowns

BTF vs. GBTC - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, 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	-77.50%	-89.91%	+12.41%
Max Drawdown (1Y) Largest decline over 1 year	-55.75%	-49.55%	-6.20%
Max Drawdown (3Y) Largest decline over 3 years	-55.75%	-49.55%	-6.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-54.59%	-47.01%	-7.58%
Average Drawdown Average peak-to-trough decline	-39.64%	-43.43%	+3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.13%	28.47%	+4.66%

Volatility

BTF vs. GBTC - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Grayscale Bitcoin Trust (BTC) (GBTC) have volatilities of 9.46% and 9.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	9.46%	9.69%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	39.97%	34.77%	+5.20%
Volatility (1Y) Calculated over the trailing 1-year period	54.18%	43.58%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.42%	62.46%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.42%	82.22%	-23.80%

Dividends

BTF vs. GBTC - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 209.94%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTF Valkyrie Bitcoin and Ether Strategy ETF	209.94%	146.05%	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%

Frequently Asked Questions

Can I hold both BTF and GBTC in my portfolio?

With a correlation of 0.94, BTF and GBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTF or GBTC?

GBTC has higher volatility (9.69%) compared to BTF (9.46%). In terms of maximum drawdown, BTF dropped -77.50% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

BTF currently has the higher Sharpe Ratio (-0.60 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.