GBAT vs. BITC

Last updated Jun 30, 2026

GBAT (Grayscale Basic Attention Token Trust) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, GBAT returned -32.44%/yr vs 28.27%/yr for BITC. At a 0.19 correlation, their price movements are largely independent.

Performance

GBAT vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Basic Attention Token Trust (GBAT) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBAT achieves a -63.16% return, which is significantly lower than BITC's -0.38% return.

GBAT

• 1D: 2.77%
• 1M: -27.03%
• YTD: -63.16%
• 6M: -63.28%
• 1Y: -49.06%
• 3Y*: -32.44%
• 5Y*: —
• 10Y*: —

BITC

• 1D: 0.12%
• 1M: -6.74%
• YTD: -0.38%
• 6M: -0.37%
• 1Y: -17.20%
• 3Y*: 28.27%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBAT vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GBAT Grayscale Basic Attention Token Trust	-63.16%	-77.32%	-26.98%	585.71%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-0.38%	-20.46%	97.86%	42.71%

Correlation

The correlation between GBAT and BITC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023	0.19

Return for Risk

GBAT vs. BITC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBAT

GBAT Risk / Return Rank: 7
GBAT Sharpe Ratio Rank: 6
GBAT Sortino Ratio Rank: 9
GBAT Omega Ratio Rank: 9
GBAT Calmar Ratio Rank: 4
GBAT Martin Ratio Rank: 5

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GBAT vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	GBAT	BITC	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	-0.68	+0.31
Sortino ratio: Return per unit of downside risk	0.18	-0.84	+1.02
Omega ratio: Gain probability vs. loss probability	1.02	0.87	+0.15
Calmar ratio: Return relative to maximum drawdown	-0.63	-0.65	+0.02
Martin ratio: Return relative to average drawdown	-1.04	-0.90	-0.14

GBAT vs. BITC - Sharpe Ratio Comparison

The current GBAT Sharpe Ratio is -0.37, which is higher than the BITC Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of GBAT and BITC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBAT vs. BITC - Drawdown Comparison

The maximum GBAT drawdown since its inception was -98.13%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for GBAT and BITC.

Drawdown Indicators

	GBAT	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-98.13%	-38.51%	-59.62%
Max Drawdown (1Y) Largest decline over 1 year	-78.53%	-26.51%	-52.02%
Max Drawdown (3Y) Largest decline over 3 years	-98.13%	-38.51%	-59.62%
Current Drawdown Current decline from peak	-97.68%	-31.54%	-66.14%
Average Drawdown Average peak-to-trough decline	-69.04%	-16.59%	-52.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.29%	19.22%	+28.07%

Volatility

GBAT vs. BITC - Volatility Comparison

Grayscale Basic Attention Token Trust (GBAT) has a higher volatility of 31.49% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 5.29%. This indicates that GBAT's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBAT	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.49%	5.29%	+26.20%
Volatility (6M) Calculated over the trailing 6-month period	72.98%	19.46%	+53.52%
Volatility (1Y) Calculated over the trailing 1-year period	132.10%	25.50%	+106.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.39%	46.24%	+123.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.39%	46.24%	+123.15%

Dividends

GBAT vs. BITC - Dividend Comparison

GBAT has not paid dividends to shareholders, while BITC's dividend yield for the trailing twelve months is around 3.37%.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.37%	3.36%	42.68%	5.82%
GBAT Grayscale Basic Attention Token Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBAT and BITC in my portfolio?

GBAT and BITC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBAT or BITC?

GBAT has higher volatility (31.49%) compared to BITC (5.29%). In terms of maximum drawdown, GBAT dropped -98.13% vs BITC's -38.51%.

Which ETF is better, GBAT or BITC?

On 3-year performance, BITC leads with 28.27% vs -32.44% for GBAT. On volatility, BITC has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBAT or BITC?

Over the 3-year period, BITC has performed better with a 28.27% return vs -32.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF pays a higher dividend yield, GBAT or BITC?

BITC has the higher dividend yield at 3.37%, compared with 0.00% for GBAT.

What is the main difference between GBAT and BITC?

They also come from different issuers: Grayscale and Bitwise.

Which has better risk-adjusted returns?

GBAT currently has the higher Sharpe Ratio (-0.37 vs -0.68), 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.