GBTC vs. BTCO

Last updated Jun 12, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BTCO (Invesco Galaxy Bitcoin ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while BTCO tracks the Lukka Prime Reference Bitcoin Rate. Both are passively managed. Over the past year, GBTC returned -42.50% vs -41.78% for BTCO. With a 1.00 correlation, they move nearly in lockstep. GBTC charges 1.50%/yr vs 0.39%/yr for BTCO.

Performance

GBTC vs. BTCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Invesco Galaxy Bitcoin ETF (BTCO). 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 -27.85% return and BTCO slightly higher at -27.44%.

GBTC

• 1D: 2.71%
• 1M: -21.45%
• YTD: -27.85%
• 6M: -31.30%
• 1Y: -42.50%
• 3Y*: 55.49%
• 5Y*: 9.89%
• 10Y*: 46.15%

BTCO

• 1D: 2.68%
• 1M: -21.33%
• YTD: -27.44%
• 6M: -30.90%
• 1Y: -41.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. BTCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-27.85%	-7.65%	82.78%
BTCO Invesco Galaxy Bitcoin ETF	-27.44%	-6.58%	93.87%

Correlation

The correlation between GBTC and BTCO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

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

Return for Risk

GBTC vs. BTCO — Risk / Return Rank

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

GBTC

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

BTCO

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

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. BTCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Invesco Galaxy Bitcoin ETF (BTCO). 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	BTCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.95	-0.01
Sortino ratio: Return per unit of downside risk	-1.40	-1.37	-0.03
Omega ratio: Gain probability vs. loss probability	0.84	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.81	-0.01
Martin ratio: Return relative to average drawdown	-1.43	-1.42	-0.01

GBTC vs. BTCO - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.97, which is comparable to the BTCO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of GBTC and BTCO, 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. BTCO - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BTCO's maximum drawdown of -52.05%. Use the drawdown chart below to compare losses from any high point for GBTC and BTCO.

Drawdown Indicators

	GBTC	BTCO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-52.05%	-37.86%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-52.05%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	—	—
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	-49.89%	-49.46%	-0.43%
Average Drawdown Average peak-to-trough decline	-43.43%	-16.37%	-27.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.68%	29.45%	+0.23%

Volatility

GBTC vs. BTCO - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and Invesco Galaxy Bitcoin ETF (BTCO) have volatilities of 11.92% and 11.90%, 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	BTCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	11.90%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	34.41%	34.38%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	44.01%	43.92%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.27%	49.83%	+12.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.18%	49.83%	+32.35%

GBTC vs. BTCO - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than BTCO's 0.39% expense ratio.

Dividends

GBTC vs. BTCO - Dividend Comparison

Neither GBTC nor BTCO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCO Invesco Galaxy Bitcoin 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 BTCO in my portfolio?

With a correlation of 1.00, GBTC and BTCO 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 BTCO?

GBTC has higher volatility (11.92%) compared to BTCO (11.90%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTCO's -52.05%.

Which ETF is better, GBTC or BTCO?

On 1-year performance, BTCO leads with -41.78% vs -42.50% for GBTC. On fees, BTCO is cheaper at 0.39% 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 BTCO?

Over the 1-year period, BTCO has performed better with a -41.78% return vs -42.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or BTCO?

BTCO is cheaper with a 0.39% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and BTCO?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BTCO tracks Lukka Prime Reference Bitcoin Rate. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 1.50% for GBTC and 0.39% for BTCO.

Which has better risk-adjusted returns?

BTCO currently has the higher Sharpe Ratio (-0.95 vs -0.97), 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.