GBTC vs. BRRR

Last updated Jun 12, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BRRR (Valkyrie Bitcoin ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while BRRR tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GBTC returned -42.50% vs -41.75% for BRRR. With a 1.00 correlation, they move nearly in lockstep. GBTC charges 1.50%/yr vs 0.25%/yr for BRRR.

Performance

GBTC vs. BRRR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GBTC having a -27.85% return and BRRR slightly higher at -27.50%.

GBTC

• 1D: 2.71%
• 1M: -21.45%
• YTD: -27.85%
• 6M: -31.30%
• 1Y: -42.50%
• 3Y*: 55.49%
• 5Y*: 9.89%
• 10Y*: 46.15%

BRRR

• 1D: 2.75%
• 1M: -21.36%
• YTD: -27.50%
• 6M: -30.88%
• 1Y: -41.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. BRRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-27.85%	-7.65%	82.78%
BRRR Valkyrie Bitcoin ETF	-27.50%	-6.50%	87.59%

Correlation

The correlation between GBTC and BRRR is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between GBTC and BRRR has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

GBTC vs. BRRR — 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: 2
GBTC Martin Ratio Rank: 2

BRRR

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

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. BRRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Valkyrie Bitcoin ETF (BRRR). 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	BRRR	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.95	-0.02
Sortino ratio: Return per unit of downside risk	-1.40	-1.37	-0.03
Omega ratio: Gain probability vs. loss probability	0.84	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.80	-0.01
Martin ratio: Return relative to average drawdown	-1.43	-1.42	-0.01

GBTC vs. BRRR - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.97, which is comparable to the BRRR Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of GBTC and BRRR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBTC vs. BRRR - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BRRR's maximum drawdown of -52.09%. Use the drawdown chart below to compare losses from any high point for GBTC and BRRR.

Drawdown Indicators

	GBTC	BRRR	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-52.09%	-37.82%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-52.09%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-49.89%	-49.44%	-0.45%
Average Drawdown Average peak-to-trough decline	-43.43%	-16.50%	-26.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.68%	29.44%	+0.24%

Volatility

GBTC vs. BRRR - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and Valkyrie Bitcoin ETF (BRRR) have volatilities of 11.92% and 12.04%, 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.

Volatility by Period

	GBTC	BRRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	12.04%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	34.41%	34.44%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	44.01%	43.98%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.27%	50.06%	+12.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.18%	50.06%	+32.12%

GBTC vs. BRRR - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than BRRR's 0.25% expense ratio.

Dividends

GBTC vs. BRRR - Dividend Comparison

Neither GBTC nor BRRR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRRR Valkyrie Bitcoin 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

Can I hold both GBTC and BRRR in my portfolio?

With a correlation of 1.00, GBTC and BRRR 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.

Which is riskier, GBTC or BRRR?

BRRR has higher volatility (12.04%) compared to GBTC (11.92%). In terms of maximum drawdown, GBTC dropped -89.91% vs BRRR's -52.09%.

Which ETF is better, GBTC or BRRR?

On 1-year performance, BRRR leads with -41.75% vs -42.50% for GBTC. On fees, BRRR is cheaper at 0.25% per year. On volatility, GBTC has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or BRRR?

Over the 1-year period, BRRR has performed better with a -41.75% return vs -42.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or BRRR?

BRRR is cheaper with a 0.25% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, GBTC or BRRR?

GBTC and BRRR have nearly identical dividend yields, around 0.00%.

What is the main difference between GBTC and BRRR?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BRRR tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Grayscale and Valkyrie Digital Assets. Their fees differ too: 1.50% for GBTC and 0.25% for BRRR.

Which has better risk-adjusted returns?

BRRR currently has the higher Sharpe Ratio (-0.95 vs -0.97), 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.