GBTC vs. GFOF

Last updated Jun 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and GFOF (Grayscale Future of Finance ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while GFOF is a Blockchain fund tracking the Bloomberg Grayscale Future of Finance Index. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.70%/yr for GFOF.

Performance

GBTC vs. GFOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Future of Finance ETF (GFOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. GFOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	113.81%	317.61%	-67.55%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	60.08%	145.49%	-68.58%

Correlation

The correlation between GBTC and GFOF is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.59

The correlation between GBTC and GFOF shifts across timeframes, from 0.47 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GBTC vs. GFOF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GBTC vs. GFOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Future of Finance ETF (GFOF). 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	GFOF	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	—	—
Sortino ratio: Return per unit of downside risk	-1.31	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.81	—	—
Martin ratio: Return 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.

Sharpe Ratios by Period

	GBTC	GFOF	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	—	—

Drawdowns

Drawdown Indicators

	GBTC	GFOF	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	—	—
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 Drawdown Current decline from peak	-49.87%	—	—
Average Drawdown Average peak-to-trough decline	-43.43%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	28.81%	—	—

Volatility

Volatility by Period

	GBTC	GFOF	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%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.44%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.20%	—	—

GBTC vs. GFOF - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than GFOF's 0.70% expense ratio.

Dividends

GBTC vs. GFOF - Dividend Comparison

Neither GBTC nor GFOF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and GFOF in my portfolio?

GBTC and GFOF have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBTC or GFOF?

On fees, GFOF is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBTC or GFOF?

GFOF is cheaper with a 0.70% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, GBTC or GFOF?

GBTC and GFOF have nearly identical dividend yields, around 0.00%.

What is the main difference between GBTC and GFOF?

GBTC is categorized as Cryptocurrency, while GFOF is Blockchain. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while GFOF tracks Bloomberg Grayscale Future of Finance Index. Their fees differ too: 1.50% for GBTC and 0.70% for GFOF.