GBTC vs. ETCG
GBTC (Grayscale Bitcoin Trust ETF) and ETCG (Grayscale Ethereum Classic Trust (ETC)) are both Cryptocurrency funds from Grayscale - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while ETCG tracks the Ethereum Classic (ETC). Both are passively managed. Over the past 5 years, GBTC returned 13.95%/yr vs -32.50%/yr for ETCG. A 0.61 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 2.50%/yr for ETCG.
Performance
GBTC vs. ETCG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -26.36% return, which is significantly higher than ETCG's -38.98% return.
GBTC
- 1D
- 0.62%
- 1M
- -2.54%
- 6M
- -34.03%
- YTD
- -26.36%
- 1Y
- -45.06%
- 3Y*
- 36.60%
- 5Y*
- 13.95%
- 10Y*
- 45.83%
ETCG
- 1D
- 0.00%
- 1M
- -3.70%
- 6M
- -45.78%
- YTD
- -38.98%
- 1Y
- -59.15%
- 3Y*
- -19.19%
- 5Y*
- -32.50%
- 10Y*
- —
GBTC vs. ETCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -26.36% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -73.51% |
ETCG Grayscale Ethereum Classic Trust (ETC) | -38.98% | -39.78% | -9.57% | 289.22% | -80.45% | 145.11% | -10.70% | 7.52% | -74.91% |
Correlation
The correlation between GBTC and ETCG is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 10, 2018 | 0.61 |
The correlation between GBTC and ETCG has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. ETCG — Risk / Return Rank
GBTC
ETCG
GBTC vs. ETCG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Ethereum Classic Trust (ETC) (ETCG). 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 | ETCG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.82 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.86 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.21 | -0.15 |
Loading charts...
Drawdowns
GBTC vs. ETCG - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum ETCG drawdown of -96.59%. Use the drawdown chart below to compare losses from any high point for GBTC and ETCG.
Loading charts...
Drawdown Indicators
| GBTC | ETCG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -96.59% | +6.68% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -69.23% | +15.48% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -79.93% | +26.18% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -92.70% | +7.28% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -48.86% | -95.59% | +46.73% |
Average DrawdownAverage peak-to-trough decline | -43.49% | -82.80% | +39.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.24% | 48.94% | -15.70% |
Volatility
GBTC vs. ETCG - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Ethereum Classic Trust (ETC) (ETCG) have volatilities of 11.69% and 11.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBTC | ETCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.69% | 11.22% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 34.91% | 36.23% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.36% | 61.68% | -17.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.84% | 91.85% | -30.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 114.62% | -33.18% |
GBTC vs. ETCG - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is lower than ETCG's 2.50% expense ratio.
Dividends
GBTC vs. ETCG - Dividend Comparison
Neither GBTC nor ETCG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETCG Grayscale Ethereum Classic Trust (ETC) | 0.00% | 0.00% | 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 ETCG have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.69%) compared to ETCG (11.22%). In terms of maximum drawdown, GBTC dropped -89.91% vs ETCG's -96.59%.
On 5-year performance, GBTC leads with 13.95% vs -32.50% for ETCG. On fees, GBTC is cheaper at 1.50% per year. On volatility, ETCG has been the lower-risk option at 11.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 13.95% return vs -32.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for ETCG.
GBTC and ETCG have nearly identical dividend yields, around 0.00%.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while ETCG tracks Ethereum Classic (ETC). Their fees differ too: 1.50% for GBTC and 2.50% for ETCG.
ETCG currently has the higher Sharpe Ratio (-0.96 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.
Find the right allocation for GBTC and ETCG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer