GBAT vs. CEPI
GBAT (Grayscale Basic Attention Token Trust) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, GBAT returned -49.06% vs 25.85% for CEPI. At a 0.29 correlation, their price movements are largely independent.
Performance
GBAT vs. CEPI - Performance Comparison
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Returns By Period
In the year-to-date period, GBAT achieves a -63.16% return, which is significantly lower than CEPI's 20.69% return.
GBAT
- 1D
- 2.77%
- 1M
- -27.03%
- YTD
- -63.16%
- 6M
- -63.28%
- 1Y
- -49.06%
- 3Y*
- -32.44%
- 5Y*
- —
- 10Y*
- —
CEPI
- 1D
- 0.79%
- 1M
- -1.55%
- YTD
- 20.69%
- 6M
- 19.17%
- 1Y
- 25.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBAT vs. CEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBAT Grayscale Basic Attention Token Trust | -63.16% | -77.32% | -22.11% |
CEPI REX Crypto Equity Premium Income ETF | 20.69% | 10.75% | -7.02% |
Correlation
The correlation between GBAT and CEPI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024 | 0.29 |
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Return for Risk
GBAT vs. CEPI — Risk / Return Rank
GBAT
CEPI
GBAT vs. CEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) and REX Crypto Equity Premium Income ETF (CEPI). 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 | CEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.18 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | 1.16 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.04 | 2.74 | -3.78 |
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Drawdowns
GBAT vs. CEPI - Drawdown Comparison
The maximum GBAT drawdown since its inception was -98.13%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for GBAT and CEPI.
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Drawdown Indicators
| GBAT | CEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.13% | -29.48% | -68.65% |
Max Drawdown (1Y)Largest decline over 1 year | -78.53% | -22.47% | -56.06% |
Max Drawdown (3Y)Largest decline over 3 years | -98.13% | — | — |
Current DrawdownCurrent decline from peak | -97.68% | -3.14% | -94.54% |
Average DrawdownAverage peak-to-trough decline | -69.04% | -8.36% | -60.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.29% | 9.46% | +37.83% |
Volatility
GBAT vs. CEPI - Volatility Comparison
Grayscale Basic Attention Token Trust (GBAT) has a higher volatility of 31.49% compared to REX Crypto Equity Premium Income ETF (CEPI) at 8.28%. This indicates that GBAT's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBAT | CEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.49% | 8.28% | +23.21% |
Volatility (6M)Calculated over the trailing 6-month period | 72.98% | 21.55% | +51.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.10% | 27.41% | +104.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 169.39% | 31.52% | +137.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 169.39% | 31.52% | +137.87% |
Dividends
GBAT vs. CEPI - Dividend Comparison
GBAT has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 42.20%.
| Position | TTM | 2025 |
|---|---|---|
CEPI REX Crypto Equity Premium Income ETF | 42.20% | 50.78% |
GBAT Grayscale Basic Attention Token Trust | 0.00% | 0.00% |
Frequently Asked Questions
GBAT and CEPI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBAT has higher volatility (31.49%) compared to CEPI (8.28%). In terms of maximum drawdown, GBAT dropped -98.13% vs CEPI's -29.48%.
On 1-year performance, CEPI leads with 25.85% vs -49.06% for GBAT. On volatility, CEPI has been the lower-risk option at 8.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CEPI has performed better with a 25.85% return vs -49.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEPI has the higher dividend yield at 42.20%, compared with 0.00% for GBAT.
They also come from different issuers: Grayscale and REX.
CEPI currently has the higher Sharpe Ratio (0.95 vs -0.37), 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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