GBTC vs. ACWX
GBTC (Grayscale Bitcoin Trust ETF) and ACWX (iShares MSCI ACWI ex U.S. ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index. Both are passively managed. Over the past 10 years, GBTC returned 46.15%/yr vs 9.87%/yr for ACWX. At a 0.23 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.32%/yr for ACWX.
Performance
GBTC vs. ACWX - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.85% return, which is significantly lower than ACWX's 13.42% return. Over the past 10 years, GBTC has outperformed ACWX with an annualized return of 46.15%, while ACWX has yielded a comparatively lower 9.87% annualized return.
GBTC
- 1D
- 2.71%
- 1M
- -21.45%
- YTD
- -27.85%
- 6M
- -31.30%
- 1Y
- -42.50%
- 3Y*
- 55.49%
- 5Y*
- 9.89%
- 10Y*
- 46.15%
ACWX
- 1D
- 3.41%
- 1M
- 1.94%
- YTD
- 13.42%
- 6M
- 14.35%
- 1Y
- 28.83%
- 3Y*
- 18.66%
- 5Y*
- 8.17%
- 10Y*
- 9.87%
GBTC vs. ACWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.85% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
ACWX iShares MSCI ACWI ex U.S. ETF | 13.42% | 32.59% | 5.17% | 15.63% | -16.07% | 7.67% | 10.29% | 21.05% | -13.99% | 27.20% |
Correlation
The correlation between GBTC and ACWX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.23 |
Over the past year, GBTC and ACWX have become more correlated (0.44) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
GBTC vs. ACWX — Risk / Return Rank
GBTC
ACWX
GBTC vs. ACWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares MSCI ACWI ex U.S. ETF (ACWX). 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.
| GBTC | ACWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -3.83 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.32 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.53 | -3.35 |
| Martin ratioReturn relative to average drawdown | -1.43 | 9.69 | -11.12 |
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Drawdowns
GBTC vs. ACWX - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than ACWX's maximum drawdown of -60.40%. Use the drawdown chart below to compare losses from any high point for GBTC and ACWX.
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Drawdown Indicators
| GBTC | ACWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -60.40% | -29.51% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -11.42% | -41.03% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -13.84% | -38.61% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -30.07% | -55.35% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -35.38% | -54.53% |
Current DrawdownCurrent decline from peak | -49.89% | -1.82% | -48.07% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -13.32% | -30.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 2.98% | +26.70% |
Volatility
GBTC vs. ACWX - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.92% compared to iShares MSCI ACWI ex U.S. ETF (ACWX) at 7.03%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than ACWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | ACWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.92% | 7.03% | +4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 14.36% | +20.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 16.43% | +27.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.27% | 16.46% | +45.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.18% | 17.43% | +64.75% |
GBTC vs. ACWX - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than ACWX's 0.32% expense ratio.
Dividends
GBTC vs. ACWX - Dividend Comparison
GBTC has not paid dividends to shareholders, while ACWX's dividend yield for the trailing twelve months is around 2.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 2.49% | 2.82% | 2.97% | 2.96% | 2.68% | 2.74% | 1.88% | 3.22% | 2.60% | 2.40% | 2.77% | 2.51% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and ACWX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.92%) compared to ACWX (7.03%). In terms of maximum drawdown, GBTC dropped -89.91% vs ACWX's -60.40%.
On 10-year performance, GBTC leads with 46.15% vs 9.87% for ACWX. On fees, ACWX is cheaper at 0.32% per year. On volatility, ACWX has been the lower-risk option at 7.03%. 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 46.15% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWX is cheaper with a 0.32% expense ratio, compared with 1.50% for GBTC.
ACWX has the higher dividend yield at 2.49%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while ACWX is Foreign Large Cap Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while ACWX tracks MSCI All Country World ex-U.S. Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.32% for ACWX.
ACWX currently has the higher Sharpe Ratio (1.76 vs -0.97), 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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