GBTC vs. FAS
GBTC (Grayscale Bitcoin Trust ETF) and FAS (Direxion Daily Financial Bull 3X Shares) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, GBTC returned 46.47%/yr vs 21.20%/yr for FAS. At a 0.19 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 1.00%/yr for FAS.
Performance
GBTC vs. FAS - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than FAS's -13.50% return. Over the past 10 years, GBTC has outperformed FAS with an annualized return of 46.47%, while FAS has yielded a comparatively lower 21.20% annualized return.
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
FAS
- 1D
- 4.15%
- 1M
- 12.77%
- YTD
- -13.50%
- 6M
- -13.89%
- 1Y
- 1.34%
- 3Y*
- 38.21%
- 5Y*
- 7.30%
- 10Y*
- 21.20%
GBTC vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
FAS Direxion Daily Financial Bull 3X Shares | -13.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
Correlation
The correlation between GBTC and FAS is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.19 |
The correlation between GBTC and FAS shifts across timeframes, from 0.19 (all time) to 0.32 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. FAS — Risk / Return Rank
GBTC
FAS
GBTC vs. FAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Direxion Daily Financial Bull 3X Shares (FAS). 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 | FAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.04 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 0.03 | -0.82 |
| Martin ratioReturn relative to average drawdown | -1.39 | 0.08 | -1.46 |
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Drawdowns
GBTC vs. FAS - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for GBTC and FAS.
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Drawdown Indicators
| GBTC | FAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -91.61% | +1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -40.88% | -11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -43.10% | -9.35% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -66.88% | -18.54% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -85.99% | -3.92% |
Current DrawdownCurrent decline from peak | -49.87% | -20.63% | -29.24% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -31.12% | -12.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.85% | 17.97% | +11.88% |
Volatility
GBTC vs. FAS - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and Direxion Daily Financial Bull 3X Shares (FAS) have volatilities of 11.97% and 12.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | FAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.97% | 12.45% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 33.46% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 43.61% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.25% | 55.59% | +6.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.84% | 61.33% | +20.51% |
GBTC vs. FAS - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than FAS's 1.00% expense ratio.
Dividends
GBTC vs. FAS - Dividend Comparison
GBTC has not paid dividends to shareholders, while FAS's dividend yield for the trailing twelve months is around 9.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 9.64% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
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 FAS have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (12.45%) compared to GBTC (11.97%). In terms of maximum drawdown, GBTC dropped -89.91% vs FAS's -91.61%.
On 10-year performance, GBTC leads with 46.47% vs 21.20% for FAS. On fees, FAS is cheaper at 1.00% per year. On volatility, GBTC has been the lower-risk option at 11.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 46.47% return vs 21.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 1.00% expense ratio, compared with 1.50% for GBTC.
FAS has the higher dividend yield at 9.64%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while FAS is Leveraged Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while FAS tracks Russell 1000 Financial Services Index (300%). They also come from different issuers: Grayscale and Direxion. Their fees differ too: 1.50% for GBTC and 1.00% for FAS.
FAS currently has the higher Sharpe Ratio (0.03 vs -0.94), 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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