GBTC vs. BIL
GBTC (Grayscale Bitcoin Trust ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, GBTC returned 47.82%/yr vs 2.23%/yr for BIL. At a 0.02 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.14%/yr for BIL.
Performance
GBTC vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -26.20% return, which is significantly lower than BIL's 1.95% return. Over the past 10 years, GBTC has outperformed BIL with an annualized return of 47.82%, while BIL has yielded a comparatively lower 2.23% annualized return.
GBTC
- 1D
- 1.49%
- 1M
- 3.38%
- 6M
- -32.35%
- YTD
- -26.20%
- 1Y
- -45.38%
- 3Y*
- 36.41%
- 5Y*
- 14.15%
- 10Y*
- 47.82%
- ALL TIME*
- 55.15%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- 6M
- 1.77%
- YTD
- 1.95%
- 1Y
- 3.79%
- 3Y*
- 4.56%
- 5Y*
- 3.51%
- 10Y*
- 2.23%
- ALL TIME*
- 1.37%
GBTC vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -26.20% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.95% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between GBTC and BIL 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 | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.02 |
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Return for Risk
GBTC vs. BIL — Risk / Return Rank
GBTC
BIL
GBTC vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.23 | ||
| Sortino ratioReturn per unit of downside risk | -154.23 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 69.15 | -68.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 348.23 | -349.07 |
| Martin ratioReturn relative to average drawdown | -1.35 | 2,469.46 | -2,470.81 |
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Drawdowns
GBTC vs. BIL - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for GBTC and BIL.
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Drawdown Indicators
| GBTC | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -0.78% | -89.13% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -0.01% | -53.74% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -0.01% | -53.74% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -0.08% | -85.34% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -0.21% | -89.70% |
Current DrawdownCurrent decline from peak | -48.75% | 0.00% | -48.75% |
Average DrawdownAverage peak-to-trough decline | -43.49% | -0.26% | -43.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.67% | 0.00% | +33.67% |
Volatility
GBTC vs. BIL - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 10.57% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.57% | 0.07% | +10.50% |
Volatility (6M)Calculated over the trailing 6-month period | 34.51% | 0.14% | +34.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 0.20% | +44.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.77% | 0.26% | +61.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.37% | 0.26% | +81.11% |
GBTC vs. BIL - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
GBTC vs. BIL - Dividend Comparison
GBTC has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
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% |
Frequently Asked Questions
GBTC and BIL 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.
GBTC has higher volatility (10.57%) compared to BIL (0.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs BIL's -0.78%.
On 10-year performance, GBTC leads with 47.82% vs 2.23% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. 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 47.82% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 1.50% for GBTC.
BIL has the higher dividend yield at 3.81%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while BIL is Government Bonds. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 1.50% for GBTC and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.20 vs -1.03), 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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