GBTC vs. BITO
Compare and contrast key facts about Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO).
BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: GBTC or BITO.
Key characteristics
| GBTC | BITO | |
|---|---|---|
| YTD Return | 110.31% | 104.81% |
| 1Y Return | 151.20% | 134.95% |
| 3Y Return (Ann) | 15.70% | 9.90% |
| Sharpe Ratio | 2.47 | 2.14 |
| Sortino Ratio | 2.90 | 2.73 |
| Omega Ratio | 1.35 | 1.32 |
| Calmar Ratio | 2.96 | 2.47 |
| Martin Ratio | 9.36 | 9.18 |
| Ulcer Index | 15.45% | 13.50% |
| Daily Std Dev | 58.61% | 57.80% |
| Max Drawdown | -89.91% | -77.86% |
| Current Drawdown | 0.00% | 0.00% |
Correlation
The correlation between GBTC and BITO is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
GBTC vs. BITO - Performance Comparison
The year-to-date returns for both stocks are quite close, with GBTC having a 110.31% return and BITO slightly lower at 104.81%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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Risk-Adjusted Performance
GBTC vs. BITO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO). 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.
Dividends
GBTC vs. BITO - Dividend Comparison
GBTC has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 49.45%.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust (BTC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.23% |
BITO ProShares Bitcoin Strategy ETF | 49.45% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
GBTC vs. BITO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for GBTC and BITO. For additional features, visit the drawdowns tool.
Volatility
GBTC vs. BITO - Volatility Comparison
Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 18.35% and 18.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.