GBTC vs. GSIB
GBTC (Grayscale Bitcoin Trust ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while GSIB is a Financials Equities fund actively managed by Themes. GBTC is passively managed, while GSIB is actively managed. Over the past year, GBTC returned -46.91% vs 46.76% for GSIB. Their 0.30 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.35%/yr for GSIB.
Performance
GBTC vs. GSIB - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.72% return, which is significantly lower than GSIB's 22.66% return.
GBTC
- 1D
- -2.85%
- 1M
- 4.80%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -46.91%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
GSIB
- 1D
- -0.11%
- 1M
- 7.17%
- 6M
- 18.14%
- YTD
- 22.66%
- 1Y
- 46.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 45.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.53M | $74.63M | $101.29M | |
| $2.37M | $1.31M | $753.15K |
GBTC vs. GSIB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | -0.80% |
GSIB Themes Global Systemically Important Banks ETF | 22.66% | 61.67% | 32.86% | 1.75% |
Correlation
The correlation between GBTC and GSIB is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023 | 0.30 |
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Return for Risk
GBTC vs. GSIB — Risk / Return Rank
GBTC
GSIB
GBTC vs. GSIB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Themes Global Systemically Important Banks ETF (GSIB). 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 | GSIB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.69 | ||
| Sortino ratioReturn per unit of downside risk | -5.27 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.43 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.38 | -4.26 |
| Martin ratioReturn relative to average drawdown | -1.34 | 11.87 | -13.22 |
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Drawdowns
GBTC vs. GSIB - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for GBTC and GSIB.
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Drawdown Indicators
| GBTC | GSIB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -17.71% | -72.20% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -13.90% | -39.85% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | — | — |
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 | -50.49% | -0.11% | -50.38% |
Average DrawdownAverage peak-to-trough decline | -43.51% | -1.99% | -41.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.92% | 3.95% | +30.97% |
Volatility
GBTC vs. GSIB - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.06% compared to Themes Global Systemically Important Banks ETF (GSIB) at 5.74%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | GSIB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 5.74% | +3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 33.68% | 14.93% | +18.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.36% | 17.90% | +26.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.60% | 18.46% | +42.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.27% | 18.46% | +62.81% |
GBTC vs. GSIB - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than GSIB's 0.35% expense ratio.
Dividends
GBTC vs. GSIB - Dividend Comparison
GBTC has not paid dividends to shareholders, while GSIB's dividend yield for the trailing twelve months is around 1.55%.
| 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% |
GSIB Themes Global Systemically Important Banks ETF | 1.55% | 1.91% | 1.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and GSIB have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.06%) compared to GSIB (5.74%). In terms of maximum drawdown, GBTC dropped -89.91% vs GSIB's -17.71%.
On 1-year performance, GSIB leads with 46.76% vs -46.91% for GBTC. On fees, GSIB is cheaper at 0.35% per year. On volatility, GSIB has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSIB has performed better with a 46.76% return vs -46.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSIB is cheaper with a 0.35% expense ratio, compared with 1.50% for GBTC.
GSIB has the higher dividend yield at 1.55%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while GSIB is Financials Equities. They also come from different issuers: Grayscale and Themes. Their fees differ too: 1.50% for GBTC and 0.35% for GSIB.
GSIB currently has the higher Sharpe Ratio (2.63 vs -1.06), 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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