CN vs. GBTC
CN (Xtrackers MSCI All China Equity ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - CN is a China Equities fund tracking the MSCI China All Shares, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Their 0.14 correlation means their historical movements had little consistent relationship. CN charges 0.50%/yr vs 1.50%/yr for GBTC.
Performance
CN vs. GBTC - Performance Comparison
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Returns By Period
CN
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
GBTC
- 1D
- 0.92%
- 1M
- 1.60%
- 6M
- -12.29%
- YTD
- -26.58%
- 1Y
- -43.85%
- 3Y*
- 37.71%
- 5Y*
- 6.87%
- 10Y*
- 50.04%
- ALL TIME*
- 54.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.03M | $74.72M | $99.77M |
CN vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CN Xtrackers MSCI All China Equity ETF | 0.00% | 0.00% | -3.10% | -11.87% | -23.85% | -12.74% | 31.55% | 26.79% | -22.41% | 43.69% |
GBTC Grayscale Bitcoin Trust ETF | -26.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between CN and GBTC is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.14 |
The correlation between CN and GBTC shifts across timeframes, from -0.04 (3 years) to 0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CN vs. GBTC — Risk / Return Rank
CN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GBTC
CN vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All China Equity ETF (CN) and Grayscale Bitcoin Trust ETF (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.
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.
| CN | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.84 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.82 | — |
| Martin ratioReturn relative to average drawdown | — | -1.24 | — |
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Drawdowns
CN vs. GBTC - Drawdown Comparison
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Drawdown Indicators
| CN | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -89.91% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -53.75% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | — | -49.01% | — |
Average DrawdownAverage peak-to-trough decline | — | -43.52% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.33% | — |
Volatility
CN vs. GBTC - Volatility Comparison
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Volatility by Period
| CN | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 8.15% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 32.95% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 44.28% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 60.53% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 81.13% | — |
CN vs. GBTC - Expense Ratio Comparison
CN has a 0.50% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
CN vs. GBTC - Dividend Comparison
Neither CN nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CN Xtrackers MSCI All China Equity ETF | 0.00% | 0.00% | 0.00% | 4.04% | 1.80% | 2.00% | 0.78% | 4.18% | 2.09% | 0.81% | 11.41% | 14.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% | 0.00% | 0.00% |
Frequently Asked Questions
CN and GBTC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CN is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
CN and GBTC have nearly identical dividend yields, around 0.00%.
CN is categorized as China Equities, while GBTC is Cryptocurrency. CN tracks MSCI China All Shares, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Deutsche Bank and Grayscale. Their fees differ too: 0.50% for CN and 1.50% for GBTC.
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