GBTC vs. BTRN
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 -40.35% vs -17.28% for BTRN. A 0.79 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
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than BTRN's -9.20% 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%
BTRN
- 1D
- 0.10%
- 1M
- -13.54%
- YTD
- -9.20%
- 6M
- -9.80%
- 1Y
- -17.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. BTRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 27.38% |
BTRN Global X Bitcoin Trend Strategy ETF | -9.20% | 4.89% | 5.22% |
Correlation
The correlation between GBTC and BTRN is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2024 | 0.79 |
The correlation between GBTC and BTRN has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
GBTC vs. BTRN — Risk / Return Rank
GBTC
BTRN
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.
| GBTC | BTRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.69 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.17 | -0.23 |
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 | BTRN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.88 | -0.05 |
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 | 0.00 | +0.65 |
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.
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Drawdown Indicators
| GBTC | BTRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -36.97% | -52.94% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -25.29% | -24.58% |
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% | -25.22% | -24.65% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -14.43% | -29.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 14.76% | +14.05% |
Volatility
GBTC vs. BTRN - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.07% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 6.93%. 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.
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Volatility by Period
| GBTC | BTRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 6.93% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 10.35% | +23.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 19.84% | +23.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 30.94% | +31.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 30.94% | +51.26% |
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 30.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BTRN Global X Bitcoin Trend Strategy ETF | 30.57% | 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
GBTC and BTRN have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.07%) compared to BTRN (6.93%). In terms of maximum drawdown, GBTC dropped -89.91% vs BTRN's -36.97%.
On 1-year performance, BTRN leads with -17.28% vs -40.35% for GBTC. On fees, BTRN is cheaper at 0.95% per year. On volatility, BTRN has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTRN has performed better with a -17.28% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTRN is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
BTRN has the higher dividend yield at 30.57%, compared with 0.00% for GBTC.
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.
BTRN currently has the higher Sharpe Ratio (-0.88 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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