GBTC vs. BTC-USD

In the year-to-date period, GBTC achieves a 11.42% return, which is significantly lower than BTC-USD's 12.00% return. Over the past 10 years, GBTC has underperformed BTC-USD with an annualized return of 76.27%, while BTC-USD has yielded a comparatively higher 84.75% annualized return.

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This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust (BTC) (GBTC) and Bitcoin (BTC-USD). 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.

The current GBTC Sharpe Ratio is 0.98, which is comparable to the BTC-USD Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of GBTC and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum BTC-USD drawdown of -93.18%. Use the drawdown chart below to compare losses from any high point for GBTC and BTC-USD.

The current volatility for Grayscale Bitcoin Trust (BTC) (GBTC) is 9.39%, while Bitcoin (BTC-USD) has a volatility of 10.18%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.