GBTC vs. BTAL
GBTC (Grayscale Bitcoin Trust ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, GBTC returned 49.25%/yr vs -4.76%/yr for BTAL. At a correlation of -0.21, they often move in opposite directions. GBTC charges 1.50%/yr vs 2.11%/yr for BTAL.
Performance
GBTC vs. BTAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than BTAL's -18.69% return. Over the past 10 years, GBTC has outperformed BTAL with an annualized return of 49.25%, while BTAL has yielded a comparatively lower -4.76% 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%
BTAL
- 1D
- -2.26%
- 1M
- -2.66%
- YTD
- -18.69%
- 6M
- -16.94%
- 1Y
- -35.41%
- 3Y*
- -12.18%
- 5Y*
- -4.53%
- 10Y*
- -4.76%
GBTC vs. BTAL - 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% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -18.69% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between GBTC and BTAL is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | -0.21 |
Over the past year, the inverse relationship between GBTC and BTAL has strengthened: their correlation has moved from -0.21 to -0.45, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. BTAL — Risk / Return Rank
GBTC
BTAL
GBTC vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). 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 | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.74 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.95 | +0.18 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.62 | +0.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBTC | BTAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | -1.61 | +0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | -0.24 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | -0.28 | +0.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | -0.24 | +0.89 |
Drawdowns
GBTC vs. BTAL - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for GBTC and BTAL.
Loading charts...
Drawdown Indicators
| GBTC | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -50.28% | -39.63% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -37.50% | -14.95% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -45.16% | -7.29% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -45.16% | -40.26% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -50.28% | -39.63% |
Current DrawdownCurrent decline from peak | -50.05% | -49.32% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -21.98% | -21.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.16% | 21.90% | +7.26% |
Volatility
GBTC vs. BTAL - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.75% compared to AGFiQ US Market Neutral Anti-Beta Fund (BTAL) at 7.68%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBTC | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 7.68% | +4.07% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 15.98% | +18.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 22.07% | +22.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.40% | 18.86% | +43.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.22% | 17.29% | +64.93% |
GBTC vs. BTAL - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
GBTC vs. BTAL - Dividend Comparison
GBTC has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 3.06% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 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 BTAL have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.75%) compared to BTAL (7.68%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTAL's -50.28%.
On 10-year performance, GBTC leads with 49.25% vs -4.76% for BTAL. On fees, GBTC is cheaper at 1.50% per year. On volatility, BTAL has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 49.25% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.11% for BTAL.
BTAL has the higher dividend yield at 3.06%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while BTAL is Long-Short. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: Grayscale and AGF. Their fees differ too: 1.50% for GBTC and 2.11% for BTAL.
GBTC currently has the higher Sharpe Ratio (-0.91 vs -1.61), 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.
Find the right allocation for GBTC and BTAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer