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 48.34%/yr vs 59.97%/yr for ETH-USD. At a 0.43 correlation, their price movements are largely independent.
Performance
GBTC vs. ETH-USD - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -31.54% return, which is significantly higher than ETH-USD's -46.29% return. Over the past 10 years, GBTC has underperformed ETH-USD with an annualized return of 48.34%, while ETH-USD has yielded a comparatively higher 59.97% annualized return.
GBTC
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
ETH-USD
- 1D
- -9.90%
- 1M
- -32.21%
- YTD
- -46.29%
- 6M
- -47.28%
- 1Y
- -34.03%
- 3Y*
- -5.45%
- 5Y*
- -10.08%
- 10Y*
- 59.97%
GBTC vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
ETH-USD Ethereum | -46.29% | -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 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
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 8, 2015 | 0.43 |
Over the past year, GBTC and ETH-USD have become more correlated (0.63) than their long-term average of 0.43, meaning their price movements have been converging.
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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.
| GBTC | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.96 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.51 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.44 | -0.89 | -0.55 |
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 | ETH-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.50 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | -0.14 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.64 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.74 | -0.10 |
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.
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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 | -52.45% | -67.02% | +14.57% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -67.02% | +14.57% |
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 | -52.45% | -67.02% | +14.57% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -50.88% | +7.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.99% | 44.01% | -15.02% |
Volatility
GBTC vs. ETH-USD - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.88%, while Ethereum (ETH-USD) has a volatility of 14.30%. 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.
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Volatility by Period
| GBTC | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.88% | 14.30% | -4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 46.06% | -11.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.96% | 56.49% | -12.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.45% | 59.61% | +2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 78.01% | +4.19% |
Frequently Asked Questions
GBTC and ETH-USD have a correlation of 0.63, 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 (14.30%) compared to GBTC (9.88%). In terms of maximum drawdown, GBTC dropped -89.91% vs ETH-USD's -94.01%.
ETH-USD currently has the higher Sharpe Ratio (-0.50 vs -0.95), 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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