ETCG vs. GBTC
ETCG (Grayscale Ethereum Classic Trust (ETC)) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds from Grayscale - ETCG tracks the Ethereum Classic (ETC) while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, ETCG returned -36.21%/yr vs 9.81%/yr for GBTC. A 0.61 correlation means they provide meaningful diversification when combined. ETCG charges 2.50%/yr vs 1.50%/yr for GBTC.
Performance
ETCG vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, ETCG achieves a -37.40% return, which is significantly lower than GBTC's -27.82% return.
ETCG
- 1D
- -3.10%
- 1M
- -11.55%
- YTD
- -37.40%
- 6M
- -45.61%
- 1Y
- -53.60%
- 3Y*
- -8.79%
- 5Y*
- -36.21%
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
ETCG vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ETCG Grayscale Ethereum Classic Trust (ETC) | -37.40% | -39.78% | -9.57% | 289.22% | -80.45% | 145.11% | -10.70% | 7.52% | -75.82% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -72.81% |
Correlation
The correlation between ETCG and GBTC is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 11, 2018 | 0.61 |
The correlation between ETCG and GBTC has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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Return for Risk
ETCG vs. GBTC — Risk / Return Rank
ETCG
GBTC
ETCG vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.
| ETCG | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.81 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.40 | +0.17 |
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
| ETCG | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | -0.93 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.39 | 0.16 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.65 | -0.84 |
Drawdowns
ETCG vs. GBTC - Drawdown Comparison
The maximum ETCG drawdown since its inception was -96.59%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ETCG and GBTC.
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Drawdown Indicators
| ETCG | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.59% | -89.91% | -6.68% |
Max Drawdown (1Y)Largest decline over 1 year | -67.13% | -49.87% | -17.26% |
Max Drawdown (3Y)Largest decline over 3 years | -78.55% | -49.87% | -28.68% |
Max Drawdown (5Y)Largest decline over 5 years | -92.70% | -85.42% | -7.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -95.47% | -49.87% | -45.60% |
Average DrawdownAverage peak-to-trough decline | -82.67% | -43.43% | -39.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.62% | 28.81% | +14.81% |
Volatility
ETCG vs. GBTC - Volatility Comparison
Grayscale Ethereum Classic Trust (ETC) (ETCG) has a higher volatility of 11.24% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that ETCG's price experiences larger fluctuations and is considered to be riskier 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
| ETCG | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.24% | 9.07% | +2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 33.86% | +2.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.10% | 43.69% | +18.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.02% | 62.44% | +31.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 115.30% | 82.20% | +33.10% |
ETCG vs. GBTC - Expense Ratio Comparison
ETCG has a 2.50% expense ratio, which is higher than GBTC's 1.50% expense ratio.
Dividends
ETCG vs. GBTC - Dividend Comparison
Neither ETCG nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETCG Grayscale Ethereum Classic Trust (ETC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
ETCG and GBTC have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETCG has higher volatility (11.24%) compared to GBTC (9.07%). In terms of maximum drawdown, ETCG dropped -96.59% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 9.81% vs -36.21% for ETCG. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 9.81% return vs -36.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for ETCG.
ETCG and GBTC have nearly identical dividend yields, around 0.00%.
ETCG tracks Ethereum Classic (ETC), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 2.50% for ETCG and 1.50% for GBTC.
ETCG currently has the higher Sharpe Ratio (-0.87 vs -0.93), 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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