GBTC vs. BTCW

Last updated Jun 12, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BTCW (Wisdom Tree Bitcoin Fund) are both Cryptocurrency funds. Over the past year, GBTC returned -42.50% vs -41.75% for BTCW. With a 1.00 correlation, they move nearly in lockstep. GBTC charges 1.50%/yr vs 0.30%/yr for BTCW.

Performance

GBTC vs. BTCW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Wisdom Tree Bitcoin Fund (BTCW). 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 BTCW slightly higher at -27.50%.

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%

BTCW

• 1D: 2.64%
• 1M: -21.41%
• YTD: -27.50%
• 6M: -30.91%
• 1Y: -41.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. BTCW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-27.85%	-7.65%	82.78%
BTCW Wisdom Tree Bitcoin Fund	-27.50%	-6.05%	92.79%

Correlation

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

Return for Risk

GBTC vs. BTCW — 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

BTCW

BTCW Risk / Return Rank: 2
BTCW Sharpe Ratio Rank: 2
BTCW Sortino Ratio Rank: 2
BTCW Omega Ratio Rank: 2
BTCW Calmar Ratio Rank: 2
BTCW 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. BTCW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Wisdom Tree Bitcoin Fund (BTCW). 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	BTCW	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	-0.80	-0.01
Martin ratio: Return relative to average drawdown	-1.43	-1.42	-0.01

GBTC vs. BTCW - Sharpe Ratio Comparison

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

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BTCW's maximum drawdown of -52.10%. Use the drawdown chart below to compare losses from any high point for GBTC and BTCW.

Drawdown Indicators

	GBTC	BTCW	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-52.10%	-37.81%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-52.10%	-0.35%
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%	-49.47%	-0.42%
Average Drawdown Average peak-to-trough decline	-43.43%	-16.42%	-27.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.68%	29.44%	+0.24%

Volatility

GBTC vs. BTCW - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and Wisdom Tree Bitcoin Fund (BTCW) have volatilities of 11.92% and 12.02%, 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	BTCW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	12.02%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	34.41%	34.29%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	44.01%	43.91%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.27%	50.18%	+12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.18%	50.18%	+32.00%

GBTC vs. BTCW - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than BTCW's 0.30% expense ratio.

Dividends

GBTC vs. BTCW - Dividend Comparison

Neither GBTC nor BTCW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCW Wisdom Tree Bitcoin Fund	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 BTCW in my portfolio?

With a correlation of 1.00, GBTC and BTCW 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 BTCW?

BTCW has higher volatility (12.02%) compared to GBTC (11.92%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTCW's -52.10%.

Which ETF is better, GBTC or BTCW?

On 1-year performance, BTCW leads with -41.75% vs -42.50% for GBTC. On fees, BTCW is cheaper at 0.30% per year. On volatility, GBTC has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or BTCW?

Over the 1-year period, BTCW has performed better with a -41.75% 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 BTCW?

BTCW is cheaper with a 0.30% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and BTCW?

They also come from different issuers: Grayscale and WisdomTree. Their fees differ too: 1.50% for GBTC and 0.30% for BTCW.

Which has better risk-adjusted returns?

BTCW 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.