GBTC vs. GSUI

Last updated Aug 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and GSUI (Grayscale Sui Staking ETF) are both Cryptocurrency funds from Grayscale - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while GSUI tracks the CoinDesk SUI Reference Rate. Both are passively managed. Their 0.63 correlation means they have sometimes moved together and sometimes differently. GBTC charges 1.50%/yr vs 0.00%/yr for GSUI.

Performance

GBTC vs. GSUI - Performance Comparison

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

Returns By Period

In the year-to-date period, GBTC achieves a -27.25% return, which is significantly higher than GSUI's -48.30% 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%

GSUI

• 1D: 0.72%
• 1M: -4.78%
• 6M: -36.64%
• YTD: -48.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GBTC Grayscale Bitcoin Trust ETF	$77.84M	$75.78M	$100.19M
GSUI Grayscale Sui Staking ETF	$287.61K	$328.55K	$727.98K

GBTC vs. GSUI - Yearly Performance Comparison

	2026 (YTD)	2025
GBTC Grayscale Bitcoin Trust ETF	-27.25%	3.33%
GSUI Grayscale Sui Staking ETF	-48.30%	-42.99%

Correlation

The correlation between GBTC and GSUI is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.63

Return for Risk

GBTC vs. GSUI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

GSUI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GBTC vs. GSUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Sui Staking ETF (GSUI). 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	GSUI	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	—	—
Sortino ratio: Return per unit of downside risk	-1.51	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.28	—	—

Drawdowns

GBTC vs. GSUI - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than GSUI's maximum drawdown of -71.63%. Use the drawdown chart below to compare losses from any high point for GBTC and GSUI.

Drawdown Indicators

	GBTC	GSUI	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-71.63%	-18.28%
Max Drawdown (1Y) Largest decline over 1 year	-53.75%	—	—
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 Drawdown Current decline from peak	-49.48%	-70.53%	+21.05%
Average Drawdown Average peak-to-trough decline	-43.52%	-55.21%	+11.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.20%	—	—

Volatility

Volatility by Period

	GBTC	GSUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	32.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.30%	98.84%	-54.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.53%	98.84%	-38.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.15%	98.84%	-17.69%

GBTC vs. GSUI - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than GSUI's 0.00% expense ratio.

Dividends

GBTC vs. GSUI - Dividend Comparison

Neither GBTC nor GSUI 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%
GSUI Grayscale Sui Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and GSUI in my portfolio?

GBTC and GSUI have a correlation of 0.63, 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 GSUI?

On fees, GSUI is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBTC or GSUI?

GSUI is cheaper with a 0.00% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and GSUI?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while GSUI tracks CoinDesk SUI Reference Rate. Their fees differ too: 1.50% for GBTC and 0.00% for GSUI.