GBTC vs. BTCZ

Last updated Aug 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. GBTC is passively managed, while BTCZ is actively managed. Over the past year, GBTC returned -44.89% vs 85.43% for BTCZ. Their -1.00 correlation means they have often moved in opposite directions in the past. GBTC charges 1.50%/yr vs 0.95%/yr for BTCZ.

Performance

GBTC vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBTC achieves a -27.25% return, which is significantly lower than BTCZ's 29.69% return.

GBTC

• 1D: 0.61%
• 1M: 4.39%
• 6M: -16.57%
• YTD: -27.25%
• 1Y: -44.89%
• 3Y*: 37.28%
• 5Y*: 8.08%
• 10Y*: 49.90%
• ALL TIME*: 54.71%

BTCZ

• 1D: -0.46%
• 1M: -9.60%
• 6M: 4.60%
• YTD: 29.69%
• 1Y: 85.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -52.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	$89.11M	$106.11M	$120.54M
GBTC Grayscale Bitcoin Trust ETF	$77.84M	$75.78M	$100.19M

GBTC vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-27.25%	-7.65%	44.15%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	29.69%	-29.11%	-76.45%

Correlation

The correlation between GBTC and BTCZ is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-1.00
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-1.00

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

Return for Risk

GBTC vs. BTCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

BTCZ

BTCZ Risk / Return Rank: 39
BTCZ Sharpe Ratio Rank: 34
BTCZ Sortino Ratio Rank: 41
BTCZ Omega Ratio Rank: 38
BTCZ Calmar Ratio Rank: 44
BTCZ Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GBTC vs. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	0.97	-1.98
Sortino ratio: Return per unit of downside risk	-1.51	1.71	-3.22
Omega ratio: Gain probability vs. loss probability	0.83	1.20	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.84	1.75	-2.59
Martin ratio: Return relative to average drawdown	-1.28	3.79	-5.07

GBTC vs. BTCZ - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.02, which is lower than the BTCZ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of GBTC and BTCZ, 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. BTCZ - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for GBTC and BTCZ.

Drawdown Indicators

	GBTC	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-91.06%	+1.15%
Max Drawdown (1Y) Largest decline over 1 year	-53.75%	-49.02%	-4.73%
Max Drawdown (3Y) Largest decline over 3 years	-53.75%	—	—
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	-49.48%	-79.09%	+29.61%
Average Drawdown Average peak-to-trough decline	-43.52%	-73.93%	+30.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.20%	22.62%	+12.58%

Volatility

GBTC vs. BTCZ - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a volatility of 16.26%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than BTCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	16.26%	-8.16%
Volatility (6M) Calculated over the trailing 6-month period	32.98%	66.07%	-33.09%
Volatility (1Y) Calculated over the trailing 1-year period	44.30%	88.94%	-44.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.53%	95.49%	-34.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.15%	95.49%	-14.34%

GBTC vs. BTCZ - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than BTCZ's 0.95% expense ratio.

Dividends

GBTC vs. BTCZ - Dividend Comparison

GBTC has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%	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 BTCZ in my portfolio?

GBTC and BTCZ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or BTCZ?

BTCZ has higher volatility (16.26%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTCZ's -91.06%.

Which ETF is better, GBTC or BTCZ?

On 1-year performance, BTCZ leads with 85.43% vs -44.89% for GBTC. On fees, BTCZ is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or BTCZ?

Over the 1-year period, BTCZ has performed better with a 85.43% return vs -44.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or BTCZ?

BTCZ is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.

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

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for GBTC.

What is the main difference between GBTC and BTCZ?

They also come from different issuers: Grayscale and T-Rex. Their fees differ too: 1.50% for GBTC and 0.95% for BTCZ.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (0.97 vs -1.02), 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.