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 37.28%/yr vs -18.60%/yr for GLNK. Their 0.33 correlation means their historical movements had little consistent relationship. 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 -27.25% return, which is significantly higher than GLNK's -33.18% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
GLNK
- 1D
- -0.07%
- 1M
- 5.81%
- 6M
- -16.23%
- YTD
- -33.18%
- 1Y
- -73.86%
- 3Y*
- -18.60%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.84M | $75.78M | $100.19M | |
| $2.54M | $1.91M | $1.95M |
GBTC vs. GLNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -7.65% | 113.81% | 317.61% | -55.31% |
GLNK Grayscale Chainlink Trust ETF | -33.18% | -87.10% | 38.45% | 840.06% | -18.87% |
Correlation
The correlation between GBTC and GLNK is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 19, 2022 | 0.33 |
Over the past year, GBTC and GLNK have become more correlated (0.72) than their long-term average of 0.33, 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.
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 | GLNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.86 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.83 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.28 | -0.98 | -0.30 |
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Drawdowns
GBTC vs. GLNK - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum GLNK drawdown of -96.25%. 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% | -96.25% | +6.34% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -89.50% | +35.75% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -96.25% | +42.50% |
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 | -49.48% | -95.70% | +46.22% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -57.27% | +13.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 75.49% | -40.29% |
Volatility
GBTC vs. GLNK - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while Grayscale Chainlink Trust ETF (GLNK) has a volatility of 11.62%. 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 | 8.10% | 11.62% | -3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 44.57% | -11.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 99.44% | -55.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 161.82% | -101.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 161.82% | -80.67% |
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 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLNK has higher volatility (11.62%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs GLNK's -96.25%.
On 3-year performance, GBTC leads with 37.28% vs -18.60% for GLNK. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 8.10%. 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 37.28% return vs -18.60%. 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 (-0.74 vs -1.02), 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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