GBTC vs. GLNK
GBTC (Grayscale Bitcoin Trust ETF) and GLNK (Grayscale Chainlink Trust ETF) are both Cryptocurrency funds from Grayscale - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while GLNK tracks the Chainlink (LINK). Both are passively managed. Over the past 3 years, GBTC returned 53.36%/yr vs -14.49%/yr for GLNK. At a 0.31 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 2.50%/yr for GLNK.
Performance
GBTC vs. GLNK - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly higher than GLNK's -34.28% return.
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%
GLNK
- 1D
- -1.51%
- 1M
- -17.03%
- YTD
- -34.28%
- 6M
- -43.95%
- 1Y
- -60.98%
- 3Y*
- -14.49%
- 5Y*
- —
- 10Y*
- —
GBTC vs. GLNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -57.55% |
GLNK Grayscale Chainlink Trust ETF | -34.28% | -87.10% | 38.45% | 840.06% | -17.85% |
Correlation
The correlation between GBTC and GLNK is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 20, 2022 | 0.31 |
Over the past year, GBTC and GLNK have become more correlated (0.66) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
GBTC vs. GLNK — Risk / Return Rank
GBTC
GLNK
GBTC vs. GLNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Chainlink Trust ETF (GLNK). 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 | GLNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.95 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.69 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.40 | -0.91 | -0.49 |
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 | GLNK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.56 | -0.37 |
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 | -0.01 | +0.67 |
Drawdowns
GBTC vs. GLNK - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum GLNK drawdown of -95.82%. Use the drawdown chart below to compare losses from any high point for GBTC and GLNK.
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Drawdown Indicators
| GBTC | GLNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -95.82% | +5.91% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -88.29% | +38.42% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -95.82% | +45.95% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -95.78% | +45.91% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -55.74% | +12.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 66.91% | -38.10% |
Volatility
GBTC vs. GLNK - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while Grayscale Chainlink Trust ETF (GLNK) has a volatility of 14.84%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than GLNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | GLNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 14.84% | -5.77% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 46.80% | -12.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 109.05% | -65.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 164.79% | -102.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 164.79% | -82.59% |
GBTC vs. GLNK - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is lower than GLNK's 2.50% expense ratio.
Dividends
GBTC vs. GLNK - Dividend Comparison
Neither GBTC nor GLNK 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% |
GLNK Grayscale Chainlink Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and GLNK have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLNK has higher volatility (14.84%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs GLNK's -95.82%.
On 3-year performance, GBTC leads with 53.36% vs -14.49% for GLNK. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 53.36% return vs -14.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for GLNK.
GBTC and GLNK have nearly identical dividend yields, around 0.00%.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while GLNK tracks Chainlink (LINK). Their fees differ too: 1.50% for GBTC and 2.50% for GLNK.
GLNK currently has the higher Sharpe Ratio (-0.56 vs -0.93), 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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