GBTC vs. ESPO
GBTC (Grayscale Bitcoin Trust ETF) and ESPO (VanEck Video Gaming and eSports ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index. Both are passively managed. Over the past 5 years, GBTC returned 7.01%/yr vs 8.32%/yr for ESPO. Their 0.33 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.55%/yr for ESPO.
Performance
GBTC vs. ESPO - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.72% return, which is significantly lower than ESPO's -9.09% return.
GBTC
- 1D
- -2.85%
- 1M
- 4.80%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -46.91%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
ESPO
- 1D
- -3.16%
- 1M
- 3.18%
- 6M
- -5.98%
- YTD
- -9.09%
- 1Y
- -11.33%
- 3Y*
- 18.46%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 16.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.98M | $1.50M | $1.55M | |
| $75.53M | $74.63M | $101.29M |
GBTC vs. ESPO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -45.54% |
ESPO VanEck Video Gaming and eSports ETF | -9.09% | 25.79% | 47.61% | 33.64% | -34.71% | -2.13% | 83.93% | 42.36% | -12.49% |
Correlation
The correlation between GBTC and ESPO is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.33 |
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Return for Risk
GBTC vs. ESPO — Risk / Return Rank
GBTC
ESPO
GBTC vs. ESPO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and VanEck Video Gaming and eSports ETF (ESPO). 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 | ESPO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.92 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.39 | -0.49 |
| Martin ratioReturn relative to average drawdown | -1.34 | -0.62 | -0.73 |
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Drawdowns
GBTC vs. ESPO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than ESPO's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for GBTC and ESPO.
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Drawdown Indicators
| GBTC | ESPO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -50.99% | -38.92% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -29.43% | -24.32% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -29.43% | -24.32% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -48.33% | -37.09% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -50.49% | -22.03% | -28.46% |
Average DrawdownAverage peak-to-trough decline | -43.51% | -15.23% | -28.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.92% | 18.32% | +16.60% |
Volatility
GBTC vs. ESPO - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.06% compared to VanEck Video Gaming and eSports ETF (ESPO) at 6.66%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than ESPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | ESPO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 6.66% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 33.68% | 16.07% | +17.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.36% | 19.65% | +24.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.60% | 25.12% | +35.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.27% | 25.65% | +55.62% |
GBTC vs. ESPO - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than ESPO's 0.55% expense ratio.
Dividends
GBTC vs. ESPO - Dividend Comparison
GBTC has not paid dividends to shareholders, while ESPO's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | 1.37% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% | 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 ESPO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.06%) compared to ESPO (6.66%). In terms of maximum drawdown, GBTC dropped -89.91% vs ESPO's -50.99%.
On 5-year performance, ESPO leads with 8.32% vs 7.01% for GBTC. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ESPO has performed better with a 8.32% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESPO is cheaper with a 0.55% expense ratio, compared with 1.50% for GBTC.
ESPO has the higher dividend yield at 1.37%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while ESPO is Gaming. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while ESPO tracks MVIS Global Video Gaming and eSports Index. They also come from different issuers: Grayscale and VanEck. Their fees differ too: 1.50% for GBTC and 0.55% for ESPO.
ESPO currently has the higher Sharpe Ratio (-0.58 vs -1.06), 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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