FAS vs. GBTC
FAS (Direxion Daily Financial Bull 3X Shares) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, FAS returned 21.20%/yr vs 46.47%/yr for GBTC. At a 0.19 correlation, their price movements are largely independent. FAS charges 1.00%/yr vs 1.50%/yr for GBTC.
Performance
FAS vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -13.50% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, FAS has underperformed GBTC with an annualized return of 21.20%, while GBTC has yielded a comparatively higher 46.47% annualized return.
FAS
- 1D
- 4.15%
- 1M
- 12.77%
- YTD
- -13.50%
- 6M
- -13.89%
- 1Y
- 1.34%
- 3Y*
- 38.21%
- 5Y*
- 7.30%
- 10Y*
- 21.20%
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
FAS vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -13.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between FAS and GBTC is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.19 |
The correlation between FAS and GBTC shifts across timeframes, from 0.19 (all time) to 0.32 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FAS vs. GBTC — Risk / Return Rank
FAS
GBTC
FAS vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.
| FAS | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.85 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.79 | +0.82 |
| Martin ratioReturn relative to average drawdown | 0.08 | -1.39 | +1.46 |
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Drawdowns
FAS vs. GBTC - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, roughly equal to the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FAS and GBTC.
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Drawdown Indicators
| FAS | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -89.91% | -1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -52.45% | +11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -52.45% | +9.35% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -85.42% | +18.54% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -89.91% | +3.92% |
Current DrawdownCurrent decline from peak | -20.63% | -49.87% | +29.24% |
Average DrawdownAverage peak-to-trough decline | -31.12% | -43.43% | +12.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 29.85% | -11.88% |
Volatility
FAS vs. GBTC - Volatility Comparison
Direxion Daily Financial Bull 3X Shares (FAS) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 12.45% and 11.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAS | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.45% | 11.97% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 33.46% | 34.41% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 44.01% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.59% | 62.25% | -6.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.33% | 81.84% | -20.51% |
FAS vs. GBTC - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
FAS vs. GBTC - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 9.64%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 9.64% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
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
FAS and GBTC have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (12.45%) compared to GBTC (11.97%). In terms of maximum drawdown, FAS dropped -91.61% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.47% vs 21.20% for FAS. On fees, FAS is cheaper at 1.00% per year. On volatility, GBTC has been the lower-risk option at 11.97%. 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 46.47% return vs 21.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 1.00% expense ratio, compared with 1.50% for GBTC.
FAS has the higher dividend yield at 9.64%, compared with 0.00% for GBTC.
FAS is categorized as Leveraged Equities, while GBTC is Cryptocurrency. FAS tracks Russell 1000 Financial Services Index (300%), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Direxion and Grayscale. Their fees differ too: 1.00% for FAS and 1.50% for GBTC.
FAS currently has the higher Sharpe Ratio (0.03 vs -0.94), 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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