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 48.34%/yr vs 59.37%/yr for BTC-USD. A 0.58 correlation means they provide meaningful diversification when combined.
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 -31.54% return and BTC-USD slightly higher at -29.97%. Over the past 10 years, GBTC has underperformed BTC-USD with an annualized return of 48.34%, while BTC-USD has yielded a comparatively higher 59.37% annualized return.
GBTC
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
BTC-USD
- 1D
- -3.97%
- 1M
- -24.76%
- YTD
- -29.97%
- 6M
- -31.42%
- 1Y
- -39.67%
- 3Y*
- 31.02%
- 5Y*
- 11.35%
- 10Y*
- 59.37%
GBTC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
BTC-USD Bitcoin | -29.97% | -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 share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 5, 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.
| GBTC | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.87 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.78 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.39 | -0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.93 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.21 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.87 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 1.13 | -0.48 |
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 | -52.45% | -50.87% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -50.87% | -1.58% |
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 | -52.45% | -50.87% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -42.29% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.99% | 34.02% | -5.03% |
Volatility
GBTC vs. BTC-USD - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.88%, while Bitcoin (BTC-USD) has a volatility of 10.54%. 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.
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Volatility by Period
| GBTC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.88% | 10.54% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 34.26% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.96% | 35.65% | +8.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.45% | 44.98% | +17.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 56.70% | +25.50% |
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 (10.54%) compared to GBTC (9.88%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTC-USD's -85.30%.
BTC-USD currently has the higher Sharpe Ratio (-0.93 vs -0.95), 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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