GBTC vs. CAT

Last updated Jun 14, 2026

GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while CAT (Caterpillar Inc.) is a stock. Over the past 10 years, GBTC returned 46.47%/yr vs 31.33%/yr for CAT. At a 0.15 correlation, their price movements are largely independent.

Performance

GBTC vs. CAT - Performance Comparison

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

Returns By Period

In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than CAT's 59.62% return. Over the past 10 years, GBTC has outperformed CAT with an annualized return of 46.47%, while CAT has yielded a comparatively lower 31.33% annualized return.

GBTC

• 1D: 0.04%
• 1M: -22.02%
• YTD: -27.82%
• 6M: -30.09%
• 1Y: -40.43%
• 3Y*: 55.55%
• 5Y*: 9.90%
• 10Y*: 46.47%

CAT

• 1D: 1.44%
• 1M: -1.05%
• YTD: 59.62%
• 6M: 52.94%
• 1Y: 157.79%
• 3Y*: 57.16%
• 5Y*: 35.17%
• 10Y*: 31.33%

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

GBTC vs. CAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%
CAT Caterpillar Inc.	59.62%	60.30%	24.66%	25.95%	18.60%	15.95%	26.97%	19.51%	-17.56%	75.03%

Correlation

The correlation between GBTC and CAT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.15

Over the past year, GBTC and CAT have become more correlated (0.39) than their long-term average of 0.15, meaning their price movements have been converging.

Fundamentals

Total Revenue (TTM) GBTC : $0.00 CAT : $70.76B
Gross Profit (TTM) GBTC : $0.00 CAT : $23.01B
EBITDA (TTM) GBTC : $4.58B CAT : $15.31B

Return for Risk

GBTC vs. CAT — 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: 3
GBTC Martin Ratio Rank: 2

CAT

CAT Risk / Return Rank: 98
CAT Sharpe Ratio Rank: 98
CAT Sortino Ratio Rank: 98
CAT Omega Ratio Rank: 97
CAT Calmar Ratio Rank: 98
CAT Martin Ratio Rank: 99

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. CAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Caterpillar Inc. (CAT). 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	CAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	4.43	-5.38
Sortino ratio: Return per unit of downside risk	-1.34	5.03	-6.38
Omega ratio: Gain probability vs. loss probability	0.85	1.65	-0.80
Calmar ratio: Return relative to maximum drawdown	-0.79	11.24	-12.03
Martin ratio: Return relative to average drawdown	-1.39	36.80	-38.19

GBTC vs. CAT - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.94, which is lower than the CAT Sharpe Ratio of 4.43. The chart below compares the historical Sharpe Ratios of GBTC and CAT, 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. CAT - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than CAT's maximum drawdown of -73.43%. Use the drawdown chart below to compare losses from any high point for GBTC and CAT.

Drawdown Indicators

	GBTC	CAT	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-73.43%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-13.88%	-38.57%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	-34.05%	-18.40%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	-34.05%	-51.37%
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	-43.36%	-46.55%
Current Drawdown Current decline from peak	-49.87%	-3.18%	-46.69%
Average Drawdown Average peak-to-trough decline	-43.43%	-19.73%	-23.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.85%	4.23%	+25.62%

Volatility

GBTC vs. CAT - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.97%, while Caterpillar Inc. (CAT) has a volatility of 13.16%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than CAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	CAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.97%	13.16%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	34.41%	28.37%	+6.04%
Volatility (1Y) Calculated over the trailing 1-year period	44.01%	35.19%	+8.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.25%	30.79%	+31.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.84%	30.98%	+50.86%

Dividends

GBTC vs. CAT - Dividend Comparison

GBTC has not paid dividends to shareholders, while CAT's dividend yield for the trailing twelve months is around 0.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAT Caterpillar Inc.	0.66%	1.02%	1.49%	1.69%	1.93%	2.07%	2.26%	2.56%	2.58%	1.97%	3.32%	4.33%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and CAT in my portfolio?

GBTC and CAT have a correlation of 0.39, 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 CAT?

CAT has higher volatility (13.16%) compared to GBTC (11.97%). In terms of maximum drawdown, GBTC dropped -89.91% vs CAT's -73.43%.

Which has better risk-adjusted returns?

CAT currently has the higher Sharpe Ratio (4.43 vs -0.94), 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.