GBTC vs. BTC-USD
GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, GBTC returned 50.04%/yr vs 59.79%/yr for BTC-USD. Their 0.58 correlation means they have sometimes moved together and sometimes differently.
Performance
GBTC vs. BTC-USD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GBTC having a -26.58% return and BTC-USD slightly higher at -26.20%. Over the past 10 years, GBTC has underperformed BTC-USD with an annualized return of 50.04%, while BTC-USD has yielded a comparatively higher 59.79% annualized return.
GBTC
- 1D
- 0.92%
- 1M
- 1.60%
- 6M
- -12.29%
- YTD
- -26.58%
- 1Y
- -43.85%
- 3Y*
- 37.71%
- 5Y*
- 6.87%
- 10Y*
- 50.04%
- ALL TIME*
- 54.82%
BTC-USD
- 1D
- 0.81%
- 1M
- 0.89%
- 6M
- -11.55%
- YTD
- -26.20%
- 1Y
- -43.42%
- 3Y*
- 30.52%
- 5Y*
- 8.54%
- 10Y*
- 59.79%
- ALL TIME*
- 87.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1484.15T | $1599.32T | $2032.52T |
| $79.03M | $74.72M | $99.77M |
GBTC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -26.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
BTC-USD Bitcoin | -26.20% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between GBTC and BTC-USD is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.58 |
The correlation between GBTC and BTC-USD shifts across timeframes, from 0.58 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. BTC-USD — Risk / Return Rank
GBTC
BTC-USD
GBTC vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (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.
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-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.82 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.25 | 0.00 |
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Drawdowns
GBTC vs. BTC-USD - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for GBTC and BTC-USD.
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Drawdown Indicators
| GBTC | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -85.30% | -4.61% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -53.08% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -53.08% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -76.67% | -8.75% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -83.80% | -6.11% |
Current DrawdownCurrent decline from peak | -49.01% | -48.23% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -42.76% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.33% | 25.21% | +10.12% |
Volatility
GBTC vs. BTC-USD - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and Bitcoin (BTC-USD) have volatilities of 8.15% and 8.48%, 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.
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Volatility by Period
| GBTC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 8.48% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 32.95% | 33.28% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.28% | 35.86% | +8.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 43.60% | +16.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.13% | 56.22% | +24.91% |
Frequently Asked Questions
GBTC and BTC-USD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (8.48%) compared to GBTC (8.15%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTC-USD's -85.30%.
GBTC currently has the higher Sharpe Ratio (-0.99 vs -1.01), 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.
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