GBTC vs. BRK-B

Last updated Jun 9, 2026

GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, GBTC returned 49.25%/yr vs 13.14%/yr for BRK-B. At a 0.11 correlation, their price movements are largely independent.

Performance

GBTC vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than BRK-B's -3.11% return. Over the past 10 years, GBTC has outperformed BRK-B with an annualized return of 49.25%, while BRK-B has yielded a comparatively lower 13.14% annualized return.

GBTC

• 1D: 5.06%
• 1M: -21.09%
• YTD: -28.07%
• 6M: -30.74%
• 1Y: -40.20%
• 3Y*: 53.71%
• 5Y*: 10.31%
• 10Y*: 49.25%

BRK-B

• 1D: -0.23%
• 1M: 2.32%
• YTD: -3.11%
• 6M: -2.06%
• 1Y: -1.32%
• 3Y*: 13.25%
• 5Y*: 11.03%
• 10Y*: 13.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%
BRK-B Berkshire Hathaway Inc.	-3.11%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between GBTC and BRK-B is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.11

The correlation between GBTC and BRK-B shifts across timeframes, from -0.16 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Total Revenue (TTM) GBTC : $0.00 BRK-B : $375.39B
Gross Profit (TTM) GBTC : $0.00 BRK-B : $94.36B
EBITDA (TTM) GBTC : $4.58B BRK-B : $71.92B

Return for Risk

GBTC vs. BRK-B — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 3
GBTC Martin Ratio Rank: 2

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GBTC vs. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Berkshire Hathaway Inc. (BRK-B). 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.

	GBTC	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.09	-0.82
Sortino ratio: Return per unit of downside risk	-1.28	-0.03	-1.25
Omega ratio: Gain probability vs. loss probability	0.86	1.00	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.14	-0.63
Martin ratio: Return relative to average drawdown	-1.38	-0.30	-1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. BRK-B - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.91, which is lower than the BRK-B Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of GBTC and BRK-B, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GBTC	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	-0.09	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.65	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.68	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.48	+0.17

Drawdowns

GBTC vs. BRK-B - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for GBTC and BRK-B.

Drawdown Indicators

	GBTC	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-53.86%	-36.05%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-9.42%	-43.03%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	-14.95%	-37.50%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	-26.58%	-58.84%
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	-29.57%	-60.34%
Current Drawdown Current decline from peak	-50.05%	-9.78%	-40.27%
Average Drawdown Average peak-to-trough decline	-43.44%	-11.07%	-32.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.16%	4.49%	+24.67%

Volatility

GBTC vs. BRK-B - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.75% compared to Berkshire Hathaway Inc. (BRK-B) at 3.98%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.75%	3.98%	+7.77%
Volatility (6M) Calculated over the trailing 6-month period	34.55%	10.87%	+23.68%
Volatility (1Y) Calculated over the trailing 1-year period	44.19%	14.38%	+29.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.40%	17.13%	+45.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.22%	19.44%	+62.78%

Dividends

GBTC vs. BRK-B - Dividend Comparison

Neither GBTC nor BRK-B has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRK-B Berkshire Hathaway Inc.	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

Can I hold both GBTC and BRK-B in my portfolio?

GBTC and BRK-B have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or BRK-B?

GBTC has higher volatility (11.75%) compared to BRK-B (3.98%). In terms of maximum drawdown, GBTC dropped -89.91% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

BRK-B currently has the higher Sharpe Ratio (-0.09 vs -0.91), 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.