ESPO vs. GBTC
ESPO (VanEck Video Gaming and eSports ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, ESPO returned 8.32%/yr vs 7.01%/yr for GBTC. Their 0.33 correlation means their historical movements had little consistent relationship. ESPO charges 0.55%/yr vs 1.50%/yr for GBTC.
Performance
ESPO vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, ESPO achieves a -9.09% return, which is significantly higher than GBTC's -28.72% return.
ESPO
- 1D
- -3.16%
- 1M
- 3.18%
- 6M
- -5.98%
- YTD
- -9.09%
- 1Y
- -11.33%
- 3Y*
- 18.46%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 16.59%
GBTC
- 1D
- -2.85%
- 1M
- 4.80%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -46.91%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.98M | $1.50M | $1.55M | |
| $75.53M | $74.63M | $101.29M |
ESPO vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | -9.09% | 25.79% | 47.61% | 33.64% | -34.71% | -2.13% | 83.93% | 42.36% | -12.49% |
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -45.54% |
Correlation
The correlation between ESPO and GBTC is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.33 |
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Return for Risk
ESPO vs. GBTC — Risk / Return Rank
ESPO
GBTC
ESPO vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Video Gaming and eSports ETF (ESPO) 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.
| ESPO | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.82 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | -0.88 | +0.49 |
| Martin ratioReturn relative to average drawdown | -0.62 | -1.34 | +0.73 |
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Drawdowns
ESPO vs. GBTC - Drawdown Comparison
The maximum ESPO drawdown since its inception was -50.99%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ESPO and GBTC.
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Drawdown Indicators
| ESPO | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.99% | -89.91% | +38.92% |
Max Drawdown (1Y)Largest decline over 1 year | -29.43% | -53.75% | +24.32% |
Max Drawdown (3Y)Largest decline over 3 years | -29.43% | -53.75% | +24.32% |
Max Drawdown (5Y)Largest decline over 5 years | -48.33% | -85.42% | +37.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -22.03% | -50.49% | +28.46% |
Average DrawdownAverage peak-to-trough decline | -15.23% | -43.51% | +28.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 34.92% | -16.60% |
Volatility
ESPO vs. GBTC - Volatility Comparison
The current volatility for VanEck Video Gaming and eSports ETF (ESPO) is 6.66%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.06%. This indicates that ESPO 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
| ESPO | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.66% | 9.06% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 16.07% | 33.68% | -17.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.65% | 44.36% | -24.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.12% | 60.60% | -35.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.65% | 81.27% | -55.62% |
ESPO vs. GBTC - Expense Ratio Comparison
ESPO has a 0.55% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
ESPO vs. GBTC - Dividend Comparison
ESPO's dividend yield for the trailing twelve months is around 1.37%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | 1.37% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% | 0.00% |
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% |
Frequently Asked Questions
ESPO and GBTC have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.06%) compared to ESPO (6.66%). In terms of maximum drawdown, ESPO dropped -50.99% vs GBTC's -89.91%.
On 5-year performance, ESPO leads with 8.32% vs 7.01% for GBTC. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ESPO has performed better with a 8.32% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESPO is cheaper with a 0.55% expense ratio, compared with 1.50% for GBTC.
ESPO has the higher dividend yield at 1.37%, compared with 0.00% for GBTC.
ESPO is categorized as Gaming, while GBTC is Cryptocurrency. ESPO tracks MVIS Global Video Gaming and eSports Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.55% for ESPO and 1.50% for GBTC.
ESPO currently has the higher Sharpe Ratio (-0.58 vs -1.06), 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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