GBTC vs. ETCO
GBTC (Grayscale Bitcoin Trust ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. GBTC is passively managed, while ETCO is actively managed. Their correlation of 0.89 suggests significant overlap in exposure. GBTC charges 1.50%/yr vs 0.66%/yr for ETCO.
Performance
GBTC vs. ETCO - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly higher than ETCO's -34.48% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
ETCO
- 1D
- -1.66%
- 1M
- -22.34%
- YTD
- -34.48%
- 6M
- -36.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. ETCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -20.72% |
ETCO Grayscale Ethereum Covered Call ETF | -34.48% | -24.78% |
Correlation
The correlation between GBTC and ETCO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025 | 0.89 |
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Return for Risk
GBTC vs. ETCO — Risk / Return Rank
GBTC
ETCO
GBTC vs. ETCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Ethereum Covered Call ETF (ETCO). 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.
| GBTC | ETCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.40 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | ETCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | -1.17 | +1.83 |
Drawdowns
GBTC vs. ETCO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than ETCO's maximum drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for GBTC and ETCO.
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Drawdown Indicators
| GBTC | ETCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -56.81% | -33.10% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | — | — |
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 | -49.87% | -55.08% | +5.21% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -34.54% | -8.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | — | — |
Volatility
GBTC vs. ETCO - Volatility Comparison
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Volatility by Period
| GBTC | ETCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 52.38% | -8.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 52.38% | +10.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 52.38% | +29.82% |
GBTC vs. ETCO - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than ETCO's 0.66% expense ratio.
Dividends
GBTC vs. ETCO - Dividend Comparison
GBTC has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 129.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | 129.56% | 42.29% | 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 ETCO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETCO is cheaper with a 0.66% expense ratio, compared with 1.50% for GBTC.
ETCO has the higher dividend yield at 129.56%, compared with 0.00% for GBTC.
Their fees differ too: 1.50% for GBTC and 0.66% for ETCO.
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