GAVA vs. GBTC
GAVA (Grayscale Avalanche Staking ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds from Grayscale. GAVA is actively managed, while GBTC is passively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. GAVA charges 0.35%/yr vs 1.50%/yr for GBTC.
Performance
GAVA vs. GBTC - Performance Comparison
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Returns By Period
GAVA
- 1D
- -1.11%
- 1M
- -5.05%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
GBTC
- 1D
- -2.85%
- 1M
- 2.29%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -45.18%
- 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) |
|---|---|---|---|
| $25.36K | $35.54K | $52.60K | |
| $75.53M | $74.63M | $101.29M |
GAVA vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
GAVA Grayscale Avalanche Staking ETF | -32.74% |
GBTC Grayscale Bitcoin Trust ETF | -11.48% |
Correlation
The correlation between GAVA and GBTC is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 12, 2026 | 0.77 |
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Return for Risk
GAVA vs. GBTC — Risk / Return Rank
GAVA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GBTC
GAVA vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) 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.
| GAVA | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.82 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.88 | — |
| Martin ratioReturn relative to average drawdown | — | -1.34 | — |
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Drawdowns
GAVA vs. GBTC - Drawdown Comparison
The maximum GAVA drawdown since its inception was -40.42%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for GAVA and GBTC.
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Drawdown Indicators
| GAVA | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.42% | -89.91% | +49.49% |
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 | -37.27% | -50.49% | +13.22% |
Average DrawdownAverage peak-to-trough decline | -19.71% | -43.51% | +23.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 34.92% | — |
Volatility
GAVA vs. GBTC - Volatility Comparison
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Volatility by Period
| GAVA | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.06% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 33.68% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.40% | 44.36% | +8.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.40% | 60.60% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.40% | 81.27% | -28.87% |
GAVA vs. GBTC - Expense Ratio Comparison
GAVA has a 0.35% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
GAVA vs. GBTC - Dividend Comparison
Neither GAVA nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GAVA Grayscale Avalanche Staking ETF | 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
GAVA and GBTC have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GAVA is cheaper with a 0.35% expense ratio, compared with 1.50% for GBTC.
GAVA and GBTC have nearly identical dividend yields, around 0.00%.
Their fees differ too: 0.35% for GAVA and 1.50% for GBTC.
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