GBTC vs. CEPI
GBTC (Grayscale Bitcoin Trust ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while CEPI is a Derivative Income fund actively managed by REX. GBTC is passively managed, while CEPI is actively managed. Over the past year, GBTC returned -44.89% vs 21.57% for CEPI. Their 0.67 correlation means they have sometimes moved together and sometimes differently. GBTC charges 1.50%/yr vs 0.85%/yr for CEPI.
Performance
GBTC vs. CEPI - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.25% return, which is significantly lower than CEPI's 18.92% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
CEPI
- 1D
- 1.25%
- 1M
- 2.09%
- 6M
- 17.67%
- YTD
- 18.92%
- 1Y
- 21.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.26M | $1.60M | |
| $77.84M | $75.78M | $100.19M |
GBTC vs. CEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -7.65% | -2.54% |
CEPI REX Crypto Equity Premium Income ETF | 18.92% | 10.75% | -7.02% |
Correlation
The correlation between GBTC and CEPI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024 | 0.67 |
The correlation between GBTC and CEPI has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
GBTC vs. CEPI — Risk / Return Rank
GBTC
CEPI
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.
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 | CEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.15 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.96 | -1.80 |
| Martin ratioReturn relative to average drawdown | -1.28 | 2.24 | -3.52 |
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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.
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Drawdown Indicators
| GBTC | CEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -29.48% | -60.43% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -22.47% | -31.28% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | — | — |
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 | -49.48% | -4.56% | -44.92% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -8.22% | -35.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 9.65% | +25.55% |
Volatility
GBTC vs. CEPI - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 11.17%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | CEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 11.17% | -3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 23.73% | +9.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 29.34% | +14.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 31.88% | +28.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 31.88% | +49.27% |
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 44.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEPI REX Crypto Equity Premium Income ETF | 44.15% | 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
GBTC and CEPI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEPI has higher volatility (11.17%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs CEPI's -29.48%.
On 1-year performance, CEPI leads with 21.57% vs -44.89% for GBTC. On fees, CEPI is cheaper at 0.85% per year. On volatility, GBTC has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CEPI has performed better with a 21.57% return vs -44.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEPI is cheaper with a 0.85% expense ratio, compared with 1.50% for GBTC.
CEPI has the higher dividend yield at 44.15%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Grayscale and REX. Their fees differ too: 1.50% for GBTC and 0.85% for CEPI.
CEPI currently has the higher Sharpe Ratio (0.74 vs -1.02), 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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