GBTC vs. BTCZ
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 -40.35% vs 60.52% for BTCZ. At a correlation of -1.00, they often move in opposite directions. GBTC charges 1.50%/yr vs 0.95%/yr for BTCZ.
Performance
GBTC vs. BTCZ - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than BTCZ's 39.90% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
BTCZ
- 1D
- 5.56%
- 1M
- 60.49%
- YTD
- 39.90%
- 6M
- 53.41%
- 1Y
- 60.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. BTCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 45.37% |
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF | 39.90% | -29.11% | -76.58% |
Correlation
The correlation between GBTC and BTCZ is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 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.
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Return for Risk
GBTC vs. BTCZ — Risk / Return Rank
GBTC
BTCZ
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.
| GBTC | BTCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.76 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.24 | -2.05 |
| Martin ratioReturn relative to average drawdown | -1.40 | 2.36 | -3.76 |
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 | BTCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 0.69 | -1.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | -0.55 | +1.21 |
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.
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Drawdown Indicators
| GBTC | BTCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -91.06% | +1.15% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -49.02% | -0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -77.44% | +27.57% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -73.73% | +30.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 25.76% | +3.05% |
Volatility
GBTC vs. BTCZ - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a volatility of 17.24%. 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.
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Volatility by Period
| GBTC | BTCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 17.24% | -8.17% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 67.20% | -33.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 87.54% | -43.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 97.10% | -34.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 97.10% | -14.90% |
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
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.
BTCZ has higher volatility (17.24%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTCZ's -91.06%.
On 1-year performance, BTCZ leads with 60.52% vs -40.35% for GBTC. On fees, BTCZ is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTCZ has performed better with a 60.52% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTCZ is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for GBTC.
They also come from different issuers: Grayscale and T-Rex. Their fees differ too: 1.50% for GBTC and 0.95% for BTCZ.
BTCZ currently has the higher Sharpe Ratio (0.69 vs -0.93), 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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