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GBTC vs. BITO
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between GBTC and BITO is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.


Performance

GBTC vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

0.00%20.00%40.00%60.00%80.00%December2025FebruaryMarchAprilMay
63.83%
29.18%
GBTC
BITO

Key characteristics

Sharpe Ratio

GBTC:

0.82

BITO:

0.99

Sortino Ratio

GBTC:

1.38

BITO:

1.58

Omega Ratio

GBTC:

1.17

BITO:

1.18

Calmar Ratio

GBTC:

1.20

BITO:

1.63

Martin Ratio

GBTC:

2.66

BITO:

3.65

Ulcer Index

GBTC:

15.85%

BITO:

13.89%

Daily Std Dev

GBTC:

55.12%

BITO:

54.51%

Max Drawdown

GBTC:

-89.91%

BITO:

-77.86%

Current Drawdown

GBTC:

-5.58%

BITO:

-7.55%

Returns By Period

In the year-to-date period, GBTC achieves a 8.05% return, which is significantly higher than BITO's 6.27% return.


GBTC

YTD

8.05%

1M

31.96%

6M

31.37%

1Y

44.63%

5Y*

47.70%

10Y*

64.85%

BITO

YTD

6.27%

1M

31.73%

6M

27.50%

1Y

53.27%

5Y*

N/A

10Y*

N/A

*Annualized

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Risk-Adjusted Performance

GBTC vs. BITO — Risk-Adjusted Performance Rank

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

GBTC
The Risk-Adjusted Performance Rank of GBTC is 7878
Overall Rank
The Sharpe Ratio Rank of GBTC is 8080
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 7575
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7171
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 8787
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 7878
Martin Ratio Rank

BITO
The Risk-Adjusted Performance Rank of BITO is 8282
Overall Rank
The Sharpe Ratio Rank of BITO is 8080
Sharpe Ratio Rank
The Sortino Ratio Rank of BITO is 8383
Sortino Ratio Rank
The Omega Ratio Rank of BITO is 7878
Omega Ratio Rank
The Calmar Ratio Rank of BITO is 9191
Calmar Ratio Rank
The Martin Ratio Rank of BITO is 7979
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

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.


The current GBTC Sharpe Ratio is 0.82, which is comparable to the BITO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GBTC and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.000.501.001.502.002.50December2025FebruaryMarchAprilMay
0.82
0.99
GBTC
BITO

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 59.27%.


TTM20242023202220212020201920182017
GBTC
Grayscale Bitcoin Trust (BTC)
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.23%
BITO
ProShares Bitcoin Strategy ETF
59.27%61.58%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.


-30.00%-25.00%-20.00%-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-5.58%
-7.55%
GBTC
BITO

Volatility

GBTC vs. BITO - Volatility Comparison

Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.19% and 12.34%, 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.


8.00%10.00%12.00%14.00%16.00%18.00%20.00%December2025FebruaryMarchAprilMay
12.19%
12.34%
GBTC
BITO