GBTC vs. IBLC
GBTC (Grayscale Bitcoin Trust ETF) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while IBLC tracks the ICE FactSet Global Blockchain Technologies Index. Both are passively managed. Over the past 3 years, GBTC returned 53.36%/yr vs 50.11%/yr for IBLC. A 0.71 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.47%/yr for IBLC.
Performance
GBTC vs. IBLC - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than IBLC's 31.00% 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%
IBLC
- 1D
- -1.01%
- 1M
- 8.35%
- YTD
- 31.00%
- 6M
- 11.45%
- 1Y
- 64.83%
- 3Y*
- 50.11%
- 5Y*
- —
- 10Y*
- —
GBTC vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -69.14% |
IBLC iShares Blockchain and Tech ETF | 31.00% | 27.05% | 18.58% | 201.47% | -57.76% |
Correlation
The correlation between GBTC and IBLC is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022 | 0.71 |
The correlation between GBTC and IBLC has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.
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Return for Risk
GBTC vs. IBLC — Risk / Return Rank
GBTC
IBLC
GBTC vs. IBLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares Blockchain and Tech ETF (IBLC). 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 | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.21 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.45 | -2.26 |
| Martin ratioReturn relative to average drawdown | -1.40 | 2.88 | -4.28 |
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 | IBLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 1.19 | -2.12 |
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 | 0.39 | +0.26 |
Drawdowns
GBTC vs. IBLC - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than IBLC's maximum drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for GBTC and IBLC.
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Drawdown Indicators
| GBTC | IBLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -62.54% | -27.37% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -44.94% | -4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -51.68% | +1.81% |
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% | -13.87% | -36.00% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -25.88% | -17.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 22.58% | +6.23% |
Volatility
GBTC vs. IBLC - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 14.39%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than IBLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | IBLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 14.39% | -5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 40.72% | -6.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 54.80% | -11.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 64.46% | -2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 64.46% | +17.74% |
GBTC vs. IBLC - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than IBLC's 0.47% expense ratio.
Dividends
GBTC vs. IBLC - Dividend Comparison
GBTC has not paid dividends to shareholders, while IBLC's dividend yield for the trailing twelve months is around 4.82%.
| 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% |
IBLC iShares Blockchain and Tech ETF | 4.82% | 6.31% | 1.60% | 1.79% | 0.84% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and IBLC 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.
IBLC has higher volatility (14.39%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs IBLC's -62.54%.
On 3-year performance, GBTC leads with 53.36% vs 50.11% for IBLC. On fees, IBLC is cheaper at 0.47% 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 50.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBLC is cheaper with a 0.47% expense ratio, compared with 1.50% for GBTC.
IBLC has the higher dividend yield at 4.82%, compared with 0.00% for GBTC.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while IBLC tracks ICE FactSet Global Blockchain Technologies Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.47% for IBLC.
IBLC currently has the higher Sharpe Ratio (1.19 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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