GBTC vs. BTRN

Last updated Jun 26, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while BTRN tracks the CoinDesk Bitcoin Trend Indicator Futures Index. Both are passively managed. Over the past year, GBTC returned -45.93% vs -17.76% for BTRN. A 0.78 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.95%/yr for BTRN.

Performance

GBTC vs. BTRN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Global X Bitcoin Trend Strategy ETF (BTRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBTC achieves a -32.86% return, which is significantly lower than BTRN's -10.70% return.

GBTC

• 1D: -1.10%
• 1M: -22.12%
• YTD: -32.86%
• 6M: -32.70%
• 1Y: -45.93%
• 3Y*: 36.17%
• 5Y*: 10.64%
• 10Y*: 44.37%

BTRN

• 1D: -1.00%
• 1M: -8.78%
• YTD: -10.70%
• 6M: -10.71%
• 1Y: -17.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. BTRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-32.86%	-7.65%	25.99%
BTRN Global X Bitcoin Trend Strategy ETF	-10.70%	4.89%	3.25%

Correlation

The correlation between GBTC and BTRN is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.78

The correlation between GBTC and BTRN has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

GBTC vs. BTRN — Risk / Return Rank

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

GBTC

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

BTRN

BTRN Risk / Return Rank: 3
BTRN Sharpe Ratio Rank: 2
BTRN Sortino Ratio Rank: 3
BTRN Omega Ratio Rank: 2
BTRN Calmar Ratio Rank: 4
BTRN Martin Ratio Rank: 4

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. BTRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Global X Bitcoin Trend Strategy ETF (BTRN). 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	BTRN	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.96	-0.08
Sortino ratio: Return per unit of downside risk	-1.57	-1.27	-0.30
Omega ratio: Gain probability vs. loss probability	0.83	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.67	-0.19
Martin ratio: Return relative to average drawdown	-1.48	-1.12	-0.35

GBTC vs. BTRN - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.04, which is comparable to the BTRN Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of GBTC and BTRN, 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. BTRN - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for GBTC and BTRN.

Drawdown Indicators

	GBTC	BTRN	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-36.97%	-52.94%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-26.45%	-26.92%
Max Drawdown (3Y) Largest decline over 3 years	-53.37%	—	—
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	-53.37%	-26.45%	-26.92%
Average Drawdown Average peak-to-trough decline	-43.45%	-14.66%	-28.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.15%	15.82%	+15.33%

Volatility

GBTC vs. BTRN - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 13.27% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 3.71%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	BTRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	3.71%	+9.56%
Volatility (6M) Calculated over the trailing 6-month period	34.52%	10.21%	+24.31%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	18.61%	+25.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	30.59%	+31.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	30.59%	+50.85%

GBTC vs. BTRN - Expense Ratio Comparison

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

Dividends

GBTC vs. BTRN - Dividend Comparison

GBTC has not paid dividends to shareholders, while BTRN's dividend yield for the trailing twelve months is around 31.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTRN Global X Bitcoin Trend Strategy ETF	31.08%	27.76%	2.56%	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 BTRN in my portfolio?

GBTC and BTRN have a correlation of 0.69, 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 BTRN?

GBTC has higher volatility (13.27%) compared to BTRN (3.71%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTRN's -36.97%.

Which ETF is better, GBTC or BTRN?

On 1-year performance, BTRN leads with -17.76% vs -45.93% for GBTC. On fees, BTRN is cheaper at 0.95% per year. On volatility, BTRN has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or BTRN?

Over the 1-year period, BTRN has performed better with a -17.76% return vs -45.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or BTRN?

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

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

BTRN has the higher dividend yield at 31.08%, compared with 0.00% for GBTC.

What is the main difference between GBTC and BTRN?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BTRN tracks CoinDesk Bitcoin Trend Indicator Futures Index. They also come from different issuers: Grayscale and Global X. Their fees differ too: 1.50% for GBTC and 0.95% for BTRN.

Which has better risk-adjusted returns?

BTRN currently has the higher Sharpe Ratio (-0.96 vs -1.04), 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.