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 8.08%/yr vs -37.77%/yr for ETCG. Their 0.61 correlation means they have sometimes moved together and sometimes differently. 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 -27.25% return, which is significantly higher than ETCG's -47.46% 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%
ETCG
- 1D
- 1.43%
- 1M
- -13.06%
- 6M
- -34.35%
- YTD
- -47.46%
- 1Y
- -66.78%
- 3Y*
- -20.02%
- 5Y*
- -37.77%
- 10Y*
- —
- ALL TIME*
- -22.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $62.63K | $57.03K | $104.25K | |
| $77.84M | $75.78M | $100.19M |
GBTC vs. ETCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -73.51% |
ETCG Grayscale Ethereum Classic Trust (ETC) | -47.46% | -39.78% | -9.57% | 289.22% | -80.45% | 145.11% | -10.70% | 7.52% | -74.91% |
Correlation
The correlation between GBTC and ETCG is 0.69, 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. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer 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 0.69 - 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 | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.76 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.92 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.30 | +0.02 |
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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 | -53.75% | -72.70% | +18.95% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -82.25% | +28.50% |
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 | -49.48% | -96.20% | +46.72% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -82.89% | +39.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 51.47% | -16.27% |
Volatility
GBTC vs. ETCG - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while Grayscale Ethereum Classic Trust (ETC) (ETCG) has a volatility of 9.74%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky 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 | 8.10% | 9.74% | -1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 33.37% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 57.25% | -12.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 90.69% | -30.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 114.27% | -33.12% |
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 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETCG has higher volatility (9.74%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs ETCG's -96.59%.
On 5-year performance, GBTC leads with 8.08% vs -37.77% for ETCG. On fees, GBTC is cheaper at 1.50% 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 5-year period, GBTC has performed better with a 8.08% return vs -37.77%. 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.
GBTC currently has the higher Sharpe Ratio (-1.02 vs -1.17), 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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