GBTC vs. BKCH
GBTC (Grayscale Bitcoin Trust ETF) and BKCH (Global X Blockchain ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while BKCH is a Blockchain fund tracking the Solactive Blockchain Index. Both are passively managed. Over the past 3 years, GBTC returned 36.17%/yr vs 45.87%/yr for BKCH. A 0.72 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.50%/yr for BKCH.
Performance
GBTC vs. BKCH - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -32.86% return, which is significantly lower than BKCH's 21.04% 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%
BKCH
- 1D
- -2.83%
- 1M
- -12.14%
- YTD
- 21.04%
- 6M
- 11.57%
- 1Y
- 62.38%
- 3Y*
- 45.87%
- 5Y*
- —
- 10Y*
- —
GBTC vs. BKCH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.86% | -7.65% | 113.81% | 317.61% | -75.80% | 29.73% |
BKCH Global X Blockchain ETF | 21.04% | 27.14% | 18.81% | 267.06% | -85.10% | -6.69% |
Correlation
The correlation between GBTC and BKCH is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021 | 0.72 |
The correlation between GBTC and BKCH has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
GBTC vs. BKCH — Risk / Return Rank
GBTC
BKCH
GBTC vs. BKCH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Global X Blockchain ETF (BKCH). 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 | BKCH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.18 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 1.11 | -1.98 |
| Martin ratioReturn relative to average drawdown | -1.48 | 2.01 | -3.49 |
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Drawdowns
GBTC vs. BKCH - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum BKCH drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for GBTC and BKCH.
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Drawdown Indicators
| GBTC | BKCH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -91.80% | +1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | -56.28% | +2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -53.37% | -57.99% | +4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -53.37% | -41.97% | -11.40% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -61.81% | +18.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.15% | 31.10% | +0.05% |
Volatility
GBTC vs. BKCH - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while Global X Blockchain ETF (BKCH) has a volatility of 18.92%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than BKCH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | BKCH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 18.92% | -5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 51.13% | -16.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 70.28% | -25.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.02% | 75.41% | -13.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 75.41% | +6.03% |
GBTC vs. BKCH - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than BKCH's 0.50% expense ratio.
Dividends
GBTC vs. BKCH - Dividend Comparison
GBTC has not paid dividends to shareholders, while BKCH's dividend yield for the trailing twelve months is around 1.65%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 1.65% | 2.00% | 7.61% | 2.33% | 1.29% | 4.28% | 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
GBTC and BKCH have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKCH has higher volatility (18.92%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs BKCH's -91.80%.
On 3-year performance, BKCH leads with 45.87% vs 36.17% for GBTC. On fees, BKCH is cheaper at 0.50% 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 3-year period, BKCH has performed better with a 45.87% return vs 36.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKCH is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
BKCH has the higher dividend yield at 1.65%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while BKCH is Blockchain. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BKCH tracks Solactive Blockchain Index. They also come from different issuers: Grayscale and Global X. Their fees differ too: 1.50% for GBTC and 0.50% for BKCH.
BKCH currently has the higher Sharpe Ratio (0.89 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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