GBTC vs. BITW
GBTC (Grayscale Bitcoin Trust ETF) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while BITW tracks the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Over the past 5 years, GBTC returned 10.64%/yr vs 1.48%/yr for BITW. A 0.72 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.75%/yr for BITW.
Performance
GBTC vs. BITW - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -32.86% return, which is significantly higher than BITW's -35.89% return.
GBTC
- 1D
- -1.10%
- 1M
- -22.12%
- YTD
- -32.86%
- 6M
- -32.70%
- 1Y
- -45.93%
- 3Y*
- 36.17%
- 5Y*
- 10.64%
- 10Y*
- 44.37%
BITW
- 1D
- -1.13%
- 1M
- -22.28%
- YTD
- -35.89%
- 6M
- -35.92%
- 1Y
- -42.92%
- 3Y*
- 50.82%
- 5Y*
- 1.48%
- 10Y*
- —
GBTC vs. BITW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.86% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 162.30% |
BITW Bitwise 10 Crypto Index ETF | -35.89% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
Correlation
The correlation between GBTC and BITW is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.72 |
Over the past year, GBTC and BITW have become more correlated (0.97) than their long-term average of 0.72, meaning their price movements have been converging.
Fundamentals
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Return for Risk
GBTC vs. BITW — Risk / Return Rank
GBTC
BITW
GBTC vs. BITW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Bitwise 10 Crypto Index ETF (BITW). 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 | BITW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.86 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.76 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.30 | -0.17 |
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Drawdowns
GBTC vs. BITW - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for GBTC and BITW.
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Drawdown Indicators
| GBTC | BITW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -96.46% | +6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | -56.34% | +2.97% |
Max Drawdown (3Y)Largest decline over 3 years | -53.37% | -56.34% | +2.97% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -91.93% | +6.51% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -53.37% | -72.90% | +19.53% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -69.56% | +26.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.15% | 32.94% | -1.79% |
Volatility
GBTC vs. BITW - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while Bitwise 10 Crypto Index ETF (BITW) has a volatility of 14.31%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than BITW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | BITW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 14.31% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 37.21% | -2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 49.84% | -5.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.02% | 65.56% | -3.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 108.29% | -26.85% |
GBTC vs. BITW - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than BITW's 0.75% expense ratio.
Dividends
GBTC vs. BITW - Dividend Comparison
Neither GBTC nor BITW has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.97, GBTC and BITW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BITW has higher volatility (14.31%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs BITW's -96.46%.
On 5-year performance, GBTC leads with 10.64% vs 1.48% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, GBTC has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 10.64% return vs 1.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITW is cheaper with a 0.75% expense ratio, compared with 1.50% for GBTC.
GBTC and BITW have nearly identical dividend yields, around 0.00%.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BITW tracks Bitwise 10 Large Cap Crypto Index. They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 1.50% for GBTC and 0.75% for BITW.
BITW currently has the higher Sharpe Ratio (-0.87 vs -1.04), 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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