BTM vs. IBIT

Last updated Jun 9, 2026

BTM (Bitcoin Depot Inc.) is a stock, while IBIT (iShares Bitcoin Trust ETF) is Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Over the past year, BTM returned -98.50% vs -39.44% for IBIT. At a 0.36 correlation, their price movements are largely independent.

Performance

BTM vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin Depot Inc. (BTM) and iShares Bitcoin Trust ETF (IBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTM achieves a -94.55% return, which is significantly lower than IBIT's -27.71% return.

BTM

• 1D: 0.00%
• 1M: -90.34%
• YTD: -94.55%
• 6M: -94.91%
• 1Y: -98.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 5.13%
• 1M: -21.03%
• YTD: -27.71%
• 6M: -30.34%
• 1Y: -39.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTM vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTM Bitcoin Depot Inc.	-94.55%	-20.37%	-38.64%
IBIT iShares Bitcoin Trust ETF	-27.71%	-6.41%	89.87%

Correlation

The correlation between BTM and IBIT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.36

Return for Risk

BTM vs. IBIT — Risk / Return Rank

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

IBIT

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

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.

BTM vs. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin Depot Inc. (BTM) and iShares Bitcoin Trust ETF (IBIT). 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.

	BTM	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.90	+0.23
Sortino ratio: Return per unit of downside risk	-2.23	-1.24	-0.99
Omega ratio: Gain probability vs. loss probability	0.68	0.86	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.76	-0.23
Martin ratio: Return relative to average drawdown	-1.41	-1.36	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTM vs. IBIT - Sharpe Ratio Comparison

The current BTM Sharpe Ratio is -0.66, which is comparable to the IBIT Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BTM and IBIT, 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

	BTM	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.90	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	0.26	-0.89

Drawdowns

BTM vs. IBIT - Drawdown Comparison

The maximum BTM drawdown since its inception was -98.92%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for BTM and IBIT.

Drawdown Indicators

	BTM	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-98.92%	-52.11%	-46.81%
Max Drawdown (1Y) Largest decline over 1 year	-98.92%	-52.11%	-46.81%
Current Drawdown Current decline from peak	-98.92%	-49.66%	-49.26%
Average Drawdown Average peak-to-trough decline	-55.29%	-16.19%	-39.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.47%	28.97%	+40.50%

Volatility

BTM vs. IBIT - Volatility Comparison

Bitcoin Depot Inc. (BTM) has a higher volatility of 146.68% compared to iShares Bitcoin Trust ETF (IBIT) at 11.85%. This indicates that BTM's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTM	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	146.68%	11.85%	+134.83%
Volatility (6M) Calculated over the trailing 6-month period	173.19%	34.60%	+138.59%
Volatility (1Y) Calculated over the trailing 1-year period	148.74%	44.28%	+104.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.29%	50.32%	+67.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.29%	50.32%	+67.97%

Dividends

BTM vs. IBIT - Dividend Comparison

Neither BTM nor IBIT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTM and IBIT in my portfolio?

BTM and IBIT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTM or IBIT?

BTM has higher volatility (146.68%) compared to IBIT (11.85%). In terms of maximum drawdown, BTM dropped -98.92% vs IBIT's -52.11%.

Which has better risk-adjusted returns?

BTM currently has the higher Sharpe Ratio (-0.66 vs -0.90), 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.