GBTC vs. FXF
GBTC (Grayscale Bitcoin Trust ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, GBTC returned 49.25%/yr vs 1.04%/yr for FXF. At a 0.06 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.40%/yr for FXF.
Performance
GBTC vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than FXF's -0.97% return. Over the past 10 years, GBTC has outperformed FXF with an annualized return of 49.25%, while FXF has yielded a comparatively lower 1.04% annualized return.
GBTC
- 1D
- 5.06%
- 1M
- -21.09%
- YTD
- -28.07%
- 6M
- -30.74%
- 1Y
- -40.20%
- 3Y*
- 53.71%
- 5Y*
- 10.31%
- 10Y*
- 49.25%
FXF
- 1D
- -0.26%
- 1M
- -2.70%
- YTD
- -0.97%
- 6M
- 0.83%
- 1Y
- 2.42%
- 3Y*
- 3.92%
- 5Y*
- 1.79%
- 10Y*
- 1.04%
GBTC vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.07% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.97% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between GBTC and FXF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.06 |
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Return for Risk
GBTC vs. FXF — Risk / Return Rank
GBTC
FXF
GBTC vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.83 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.06 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.50 | -1.27 |
| Martin ratioReturn relative to average drawdown | -1.38 | 1.10 | -2.48 |
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 | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | 0.33 | -1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.22 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.14 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.17 | +0.48 |
Drawdowns
GBTC vs. FXF - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for GBTC and FXF.
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Drawdown Indicators
| GBTC | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -35.58% | -54.33% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -4.82% | -47.63% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -8.52% | -43.93% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -13.03% | -72.39% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -15.04% | -74.87% |
Current DrawdownCurrent decline from peak | -50.05% | -19.16% | -30.89% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -20.84% | -22.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.16% | 2.20% | +26.96% |
Volatility
GBTC vs. FXF - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.75% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.78%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 1.78% | +9.97% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 5.59% | +28.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 7.49% | +36.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.40% | 8.33% | +54.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.22% | 7.57% | +74.65% |
GBTC vs. FXF - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
GBTC vs. FXF - Dividend Comparison
Neither GBTC nor FXF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 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 FXF have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.75%) compared to FXF (1.78%). In terms of maximum drawdown, GBTC dropped -89.91% vs FXF's -35.58%.
On 10-year performance, GBTC leads with 49.25% vs 1.04% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.78%. 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 49.25% return vs 1.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.
GBTC and FXF have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while FXF is Currency. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while FXF tracks Swiss Franc. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 1.50% for GBTC and 0.40% for FXF.
FXF currently has the higher Sharpe Ratio (0.33 vs -0.91), 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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