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 10.64%/yr vs -31.93%/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
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Returns By Period
In the year-to-date period, GBTC achieves a -32.86% return, which is significantly higher than ETCG's -40.33% return.
GBTC
- 1D
- -1.10%
- 1M
- -22.12%
- YTD
- -32.86%
- 6M
- -32.70%
- 1Y
- -45.93%
- 3Y*
- 36.17%
- 5Y*
- 10.64%
- 10Y*
- 44.37%
ETCG
- 1D
- -1.28%
- 1M
- -9.37%
- YTD
- -40.33%
- 6M
- -43.59%
- 1Y
- -52.52%
- 3Y*
- -16.51%
- 5Y*
- -31.93%
- 10Y*
- —
GBTC vs. ETCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.86% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -73.51% |
ETCG Grayscale Ethereum Classic Trust (ETC) | -40.33% | -39.78% | -9.57% | 289.22% | -80.45% | 145.11% | -10.70% | 7.52% | -74.91% |
Correlation
The correlation between GBTC and ETCG is 0.67, 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 | 0.67 |
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 0.67 - a consistent structural relationship.
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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 | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.85 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.77 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.14 | -0.34 |
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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.
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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 | -53.37% | -68.71% | +15.34% |
Max Drawdown (3Y)Largest decline over 3 years | -53.37% | -79.59% | +26.22% |
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 | -53.37% | -95.68% | +42.31% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -82.71% | +39.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.15% | 46.22% | -15.07% |
Volatility
GBTC vs. ETCG - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 13.27% compared to Grayscale Ethereum Classic Trust (ETC) (ETCG) at 11.50%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than ETCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | ETCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 11.50% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 36.33% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 61.94% | -17.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.02% | 93.36% | -31.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 114.97% | -33.53% |
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 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (13.27%) compared to ETCG (11.50%). In terms of maximum drawdown, GBTC dropped -89.91% vs ETCG's -96.59%.
On 5-year performance, GBTC leads with 10.64% vs -31.93% for ETCG. On fees, GBTC is cheaper at 1.50% per year. On volatility, ETCG has been the lower-risk option at 11.50%. 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 10.64% return vs -31.93%. 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 (-0.85 vs -1.04), 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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