EDEN vs. GBTC
EDEN (iShares MSCI Denmark ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - EDEN is a Europe Equities fund tracking the MSCI Denmark IMI 25/50 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, EDEN returned 8.04%/yr vs 50.46%/yr for GBTC. At a 0.17 correlation, their price movements are largely independent. EDEN charges 0.53%/yr vs 1.50%/yr for GBTC.
Performance
EDEN vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, EDEN achieves a -4.94% return, which is significantly higher than GBTC's -25.79% return. Over the past 10 years, EDEN has underperformed GBTC with an annualized return of 8.04%, while GBTC has yielded a comparatively higher 50.46% annualized return.
EDEN
- 1D
- -1.04%
- 1M
- -0.76%
- YTD
- -4.94%
- 6M
- -1.08%
- 1Y
- -2.21%
- 3Y*
- 2.62%
- 5Y*
- 1.78%
- 10Y*
- 8.04%
GBTC
- 1D
- -2.74%
- 1M
- -18.48%
- YTD
- -25.79%
- 6M
- -30.25%
- 1Y
- -39.46%
- 3Y*
- 52.23%
- 5Y*
- 10.42%
- 10Y*
- 50.46%
EDEN vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | -4.94% | 10.58% | -3.94% | 17.99% | -11.47% | 14.81% | 42.56% | 24.37% | -14.43% | 35.39% |
GBTC Grayscale Bitcoin Trust ETF | -25.79% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between EDEN and GBTC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.17 |
The correlation between EDEN and GBTC shifts across timeframes, from 0.17 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EDEN vs. GBTC — Risk / Return Rank
EDEN
GBTC
EDEN vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Denmark ETF (EDEN) 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.
| EDEN | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.86 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | -0.80 | +0.69 |
| Martin ratioReturn relative to average drawdown | -0.22 | -1.38 | +1.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EDEN | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.11 | -0.91 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.17 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.62 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.66 | -0.02 |
Drawdowns
EDEN vs. GBTC - Drawdown Comparison
The maximum EDEN drawdown since its inception was -36.61%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for EDEN and GBTC.
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Drawdown Indicators
| EDEN | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.61% | -89.91% | +53.30% |
Max Drawdown (1Y)Largest decline over 1 year | -21.17% | -49.55% | +28.38% |
Max Drawdown (3Y)Largest decline over 3 years | -29.31% | -49.55% | +20.24% |
Max Drawdown (5Y)Largest decline over 5 years | -36.61% | -85.42% | +48.81% |
Max Drawdown (10Y)Largest decline over 10 years | -36.61% | -89.91% | +53.30% |
Current DrawdownCurrent decline from peak | -15.24% | -48.46% | +33.22% |
Average DrawdownAverage peak-to-trough decline | -7.36% | -43.43% | +36.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.04% | 28.63% | -18.59% |
Volatility
EDEN vs. GBTC - Volatility Comparison
The current volatility for iShares MSCI Denmark ETF (EDEN) is 4.88%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.43%. This indicates that EDEN experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EDEN | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 9.43% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.61% | 34.39% | -18.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.92% | 43.66% | -22.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.21% | 62.45% | -42.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 82.21% | -62.78% |
EDEN vs. GBTC - Expense Ratio Comparison
EDEN has a 0.53% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
EDEN vs. GBTC - Dividend Comparison
EDEN's dividend yield for the trailing twelve months is around 2.93%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | 2.93% | 2.79% | 1.50% | 1.92% | 1.47% | 0.74% | 0.42% | 2.36% | 2.01% | 2.03% | 1.28% | 1.46% |
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
EDEN and GBTC have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.43%) compared to EDEN (4.88%). In terms of maximum drawdown, EDEN dropped -36.61% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 50.46% vs 8.04% for EDEN. On fees, EDEN is cheaper at 0.53% per year. On volatility, EDEN has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 50.46% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDEN is cheaper with a 0.53% expense ratio, compared with 1.50% for GBTC.
EDEN has the higher dividend yield at 2.93%, compared with 0.00% for GBTC.
EDEN is categorized as Europe Equities, while GBTC is Cryptocurrency. EDEN tracks MSCI Denmark IMI 25/50 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.53% for EDEN and 1.50% for GBTC.
EDEN currently has the higher Sharpe Ratio (-0.11 vs -0.91), 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.
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