GBTC vs. BTC

Last updated Aug 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. GBTC is passively managed, while BTC is actively managed. Over the past year, GBTC returned -44.89% vs -44.13% for BTC. Their 1.00 correlation means they have historically moved very closely together. GBTC charges 1.50%/yr vs 0.15%/yr for BTC.

Performance

GBTC vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Bitcoin Mini Trust ETF (BTC). 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 -27.25% return and BTC slightly higher at -26.67%.

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%

BTC

• 1D: 0.60%
• 1M: 4.49%
• 6M: -15.95%
• YTD: -26.67%
• 1Y: -44.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTC Grayscale Bitcoin Mini Trust ETF	$39.83M	$40.30M	$54.51M
GBTC Grayscale Bitcoin Trust ETF	$77.84M	$75.78M	$100.19M

GBTC vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-27.25%	-7.65%	40.72%
BTC Grayscale Bitcoin Mini Trust ETF	-26.67%	-7.50%	41.93%

Correlation

The correlation between GBTC and BTC is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	1.00

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

Return for Risk

GBTC vs. BTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

BTC

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GBTC vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Bitcoin Mini Trust ETF (BTC). 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	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	-1.00	-0.02
Sortino ratio: Return per unit of downside risk	-1.51	-1.47	-0.04
Omega ratio: Gain probability vs. loss probability	0.83	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.83	-0.01
Martin ratio: Return relative to average drawdown	-1.28	-1.27	-0.01

GBTC vs. BTC - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.02, which is comparable to the BTC Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of GBTC and BTC, 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. BTC - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BTC's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for GBTC and BTC.

Drawdown Indicators

	GBTC	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-53.30%	-36.61%
Max Drawdown (1Y) Largest decline over 1 year	-53.75%	-53.30%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-53.75%	—	—
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	-49.48%	-48.89%	-0.59%
Average Drawdown Average peak-to-trough decline	-43.52%	-19.50%	-24.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.20%	34.87%	+0.33%

Volatility

GBTC vs. BTC - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Bitcoin Mini Trust ETF (BTC) have volatilities of 8.10% and 8.13%, 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	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	8.13%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	32.98%	33.02%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	44.30%	44.32%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.53%	47.45%	+13.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.15%	47.45%	+33.70%

GBTC vs. BTC - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

GBTC vs. BTC - Dividend Comparison

Neither GBTC nor BTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTC Grayscale Bitcoin Mini Trust 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 BTC in my portfolio?

With a correlation of 1.00, GBTC and BTC 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 BTC?

BTC has higher volatility (8.13%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTC's -53.30%.

Which ETF is better, GBTC or BTC?

On 1-year performance, BTC leads with -44.13% vs -44.89% for GBTC. On fees, BTC is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or BTC?

Over the 1-year period, BTC has performed better with a -44.13% return vs -44.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and BTC?

Their fees differ too: 1.50% for GBTC and 0.15% for BTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-1.00 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.