GBTC vs. BTC-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Grayscale Bitcoin Trust (BTC) (GBTC) and Bitcoin (BTC-USD).

Performance

GBTC vs. BTC-USD - Performance Comparison

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

GBTC vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust (BTC)	-23.71%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%
BTC-USD Bitcoin	-23.70%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Returns By Period

The year-to-date returns for both investments are quite close, with GBTC having a -23.71% return and BTC-USD slightly higher at -23.70%. Over the past 10 years, GBTC has underperformed BTC-USD with an annualized return of 57.65%, while BTC-USD has yielded a comparatively higher 66.03% annualized return.

GBTC

• 1D: -1.70%
• 1M: -1.94%
• YTD: -23.71%
• 6M: -45.06%
• 1Y: -24.09%
• 3Y*: 48.11%
• 5Y*: 0.50%
• 10Y*: 57.65%

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

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

Return for Risk

GBTC vs. BTC-USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBTC

GBTC Risk / Return Rank: 20
GBTC Sharpe Ratio Rank: 17
GBTC Sortino Ratio Rank: 18
GBTC Omega Ratio Rank: 19
GBTC Calmar Ratio Rank: 25
GBTC Martin Ratio Rank: 23

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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. BTC-USD - Risk-Adjusted Trends Comparison

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.

	GBTC	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.54	-0.43	-0.10
Sortino ratio Return per unit of downside risk	-0.53	-0.36	-0.17
Omega ratio Gain probability vs. loss probability	0.94	0.96	-0.02
Calmar ratio Return relative to maximum drawdown	-0.45	-1.14	+0.68
Martin ratio Return relative to average drawdown	-0.95	-2.03	+1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. BTC-USD - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.54, which is comparable to the BTC-USD Sharpe Ratio of -0.43. 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.

Sharpe Ratios by Period

	GBTC	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.54	-0.43	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.06	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.97	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.18	-0.51

Correlation

The correlation between GBTC and BTC-USD is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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.

Drawdown Indicators

	GBTC	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-85.30%	-4.61%
Max Drawdown (1Y) Largest decline over 1 year	-49.55%	-49.65%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-85.80%	-76.67%	-9.13%
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	-83.80%	-6.11%
Current Drawdown Current decline from peak	-47.02%	-46.47%	-0.55%
Average Drawdown Average peak-to-trough decline	-43.48%	-42.00%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.57%	27.75%	-4.18%

Volatility

GBTC vs. BTC-USD - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust (BTC) (GBTC) is 10.84%, while Bitcoin (BTC-USD) has a volatility of 13.70%. 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.

Volatility by Period

	GBTC	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	13.70%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	36.69%	35.96%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	45.22%	36.69%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.17%	46.91%	+17.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.54%	56.71%	+25.83%