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 5 years, GBTC returned 8.08%/yr vs -5.83%/yr for BKCH. Their 0.72 correlation means they have sometimes moved together and sometimes differently. 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 -27.25% return, which is significantly lower than BKCH's 6.75% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
BKCH
- 1D
- 0.21%
- 1M
- -0.67%
- 6M
- -3.07%
- YTD
- 6.75%
- 1Y
- 23.59%
- 3Y*
- 30.82%
- 5Y*
- -5.83%
- 10Y*
- —
- ALL TIME*
- -3.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.64M | $3.41M | $7.65M | |
| $77.84M | $75.78M | $100.19M |
GBTC vs. BKCH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -7.65% | 113.81% | 317.61% | -75.80% | 29.73% |
BKCH Global X Blockchain ETF | 6.75% | 27.14% | 18.81% | 267.06% | -85.10% | -6.69% |
Correlation
The correlation between GBTC and BKCH is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
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 0.66 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 | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.11 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.42 | -1.26 |
| Martin ratioReturn relative to average drawdown | -1.28 | 0.70 | -1.97 |
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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 | -53.75% | -56.28% | +2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -57.99% | +4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -91.80% | +6.38% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.48% | -48.82% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -61.52% | +18.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 33.88% | +1.32% |
Volatility
GBTC vs. BKCH - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while Global X Blockchain ETF (BKCH) has a volatility of 25.51%. 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 | 8.10% | 25.51% | -17.41% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 53.54% | -20.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 73.14% | -28.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 75.43% | -14.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 75.58% | +5.57% |
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 1.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 1.79% | 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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKCH has higher volatility (25.51%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs BKCH's -91.80%.
On 5-year performance, GBTC leads with 8.08% vs -5.83% for BKCH. On fees, BKCH is cheaper at 0.50% per year. On volatility, GBTC has been the lower-risk option at 8.10%. 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 8.08% return vs -5.83%. 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 1.79%, 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 (0.32 vs -1.02), 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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