GBTC vs. CEPI

Last updated Jun 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. GBTC is passively managed, while CEPI is actively managed. Over the past year, GBTC returned -40.35% vs 33.92% for CEPI. A 0.67 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.85%/yr for CEPI.

Performance

GBTC vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and REX Crypto Equity Premium Income ETF (CEPI). 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 CEPI's 21.47% 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%

CEPI

• 1D: 0.63%
• 1M: 6.57%
• YTD: 21.47%
• 6M: 18.93%
• 1Y: 33.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	-5.93%
CEPI REX Crypto Equity Premium Income ETF	21.47%	10.75%	-9.02%

Correlation

The correlation between GBTC and CEPI 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 Dec 5, 2024	0.67

The correlation between GBTC and CEPI has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

GBTC vs. CEPI — 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: 2
GBTC Martin Ratio Rank: 2

CEPI

CEPI Risk / Return Rank: 33
CEPI Sharpe Ratio Rank: 36
CEPI Sortino Ratio Rank: 34
CEPI Omega Ratio Rank: 37
CEPI Calmar Ratio Rank: 32
CEPI Martin Ratio Rank: 27

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. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.28	-2.20
Sortino ratio: Return per unit of downside risk	-1.31	1.77	-3.08
Omega ratio: Gain probability vs. loss probability	0.85	1.24	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.81	1.52	-2.33
Martin ratio: Return relative to average drawdown	-1.40	3.61	-5.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. CEPI - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.93, which is lower than the CEPI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of GBTC and CEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GBTC	CEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	1.28	-2.20
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	0.46	+0.19

Drawdowns

GBTC vs. CEPI - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for GBTC and CEPI.

Drawdown Indicators

	GBTC	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-29.48%	-60.43%
Max Drawdown (1Y) Largest decline over 1 year	-49.87%	-22.47%	-27.40%
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 Drawdown Current decline from peak	-49.87%	-1.47%	-48.40%
Average Drawdown Average peak-to-trough decline	-43.43%	-8.63%	-34.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.81%	9.43%	+19.38%

Volatility

GBTC vs. CEPI - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.07% compared to REX Crypto Equity Premium Income ETF (CEPI) at 5.86%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	5.86%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	33.86%	20.89%	+12.97%
Volatility (1Y) Calculated over the trailing 1-year period	43.69%	26.71%	+16.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.44%	31.53%	+30.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.20%	31.53%	+50.67%

GBTC vs. CEPI - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

GBTC vs. CEPI - Dividend Comparison

GBTC has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 42.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEPI REX Crypto Equity Premium Income ETF	42.44%	50.78%	0.00%	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 CEPI in my portfolio?

GBTC and CEPI 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 CEPI?

GBTC has higher volatility (9.07%) compared to CEPI (5.86%). In terms of maximum drawdown, GBTC dropped -89.91% vs CEPI's -29.48%.

Which ETF is better, GBTC or CEPI?

On 1-year performance, CEPI leads with 33.92% vs -40.35% for GBTC. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or CEPI?

Over the 1-year period, CEPI has performed better with a 33.92% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 1.50% for GBTC.

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

CEPI has the higher dividend yield at 42.44%, compared with 0.00% for GBTC.

What is the main difference between GBTC and CEPI?

They also come from different issuers: Grayscale and REX. Their fees differ too: 1.50% for GBTC and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (1.28 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.