GBTC vs. ETH-USD
GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while ETH-USD (Ethereum) is a cryptocurrency. Over the past 10 years, GBTC returned 44.37%/yr vs 60.12%/yr for ETH-USD. At a 0.43 correlation, their price movements are largely independent.
Performance
GBTC vs. ETH-USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -32.86% return, which is significantly higher than ETH-USD's -47.34% return. Over the past 10 years, GBTC has underperformed ETH-USD with an annualized return of 44.37%, while ETH-USD has yielded a comparatively higher 60.12% annualized 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%
ETH-USD
- 1D
- -3.54%
- 1M
- -24.55%
- YTD
- -47.34%
- 6M
- -46.17%
- 1Y
- -35.44%
- 3Y*
- -5.63%
- 5Y*
- -3.10%
- 10Y*
- 60.12%
GBTC vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.86% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
ETH-USD Ethereum | -47.34% | -10.91% | 46.00% | 90.84% | -67.48% | 398.30% | 473.88% | -1.52% | -82.39% | 8,984.19% |
Correlation
The correlation between GBTC and ETH-USD is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2015 | 0.43 |
Over the past year, GBTC and ETH-USD have become more correlated (0.64) than their long-term average of 0.43, meaning their price movements have been converging.
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. ETH-USD — Risk / Return Rank
GBTC
ETH-USD
GBTC vs. ETH-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Ethereum (ETH-USD). 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 | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.95 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.52 | -0.34 |
| Martin ratioReturn relative to average drawdown | -1.48 | -0.87 | -0.61 |
Loading charts...
Drawdowns
GBTC vs. ETH-USD - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum ETH-USD drawdown of -94.01%. Use the drawdown chart below to compare losses from any high point for GBTC and ETH-USD.
Loading charts...
Drawdown Indicators
| GBTC | ETH-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -94.01% | +4.10% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | -67.66% | +14.29% |
Max Drawdown (3Y)Largest decline over 3 years | -53.37% | -67.66% | +14.29% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -79.35% | -6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -94.01% | +4.10% |
Current DrawdownCurrent decline from peak | -53.37% | -67.66% | +14.29% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -50.93% | +7.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.15% | 41.50% | -10.35% |
Volatility
GBTC vs. ETH-USD - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while Ethereum (ETH-USD) has a volatility of 18.39%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than ETH-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBTC | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 18.39% | -5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 46.39% | -11.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 55.72% | -11.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.02% | 59.09% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 77.04% | +4.40% |
Frequently Asked Questions
GBTC and ETH-USD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH-USD has higher volatility (18.39%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs ETH-USD's -94.01%.
ETH-USD currently has the higher Sharpe Ratio (-0.53 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.
Find the right allocation for GBTC and ETH-USD
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