GBTC vs. IOO
GBTC (Grayscale Bitcoin Trust ETF) and IOO (iShares Global 100 ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while IOO is a Global Equities fund tracking the S&P Global 100 Index (Net). Both are passively managed. Over the past 10 years, GBTC returned 46.47%/yr vs 16.66%/yr for IOO. At a 0.24 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.40%/yr for IOO.
Performance
GBTC vs. IOO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than IOO's 9.16% return. Over the past 10 years, GBTC has outperformed IOO with an annualized return of 46.47%, while IOO has yielded a comparatively lower 16.66% annualized return.
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
IOO
- 1D
- 0.11%
- 1M
- -2.09%
- YTD
- 9.16%
- 6M
- 10.36%
- 1Y
- 31.99%
- 3Y*
- 23.85%
- 5Y*
- 15.85%
- 10Y*
- 16.66%
GBTC vs. IOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
IOO iShares Global 100 ETF | 9.16% | 27.02% | 26.54% | 27.71% | -16.34% | 26.03% | 18.61% | 30.01% | -6.22% | 23.56% |
Correlation
The correlation between GBTC and IOO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.24 |
Over the past year, GBTC and IOO have become more correlated (0.45) than their long-term average of 0.24, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. IOO — Risk / Return Rank
GBTC
IOO
GBTC vs. IOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares Global 100 ETF (IOO). 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 | IOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.23 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.41 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 3.23 | -4.03 |
| Martin ratioReturn relative to average drawdown | -1.39 | 14.35 | -15.74 |
Loading charts...
Drawdowns
GBTC vs. IOO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than IOO's maximum drawdown of -55.85%. Use the drawdown chart below to compare losses from any high point for GBTC and IOO.
Loading charts...
Drawdown Indicators
| GBTC | IOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -55.85% | -34.06% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -9.94% | -42.51% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -19.19% | -33.26% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -23.52% | -61.90% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -31.43% | -58.48% |
Current DrawdownCurrent decline from peak | -49.87% | -4.05% | -45.82% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -11.26% | -32.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.85% | 2.24% | +27.61% |
Volatility
GBTC vs. IOO - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.97% compared to iShares Global 100 ETF (IOO) at 4.82%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than IOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBTC | IOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.97% | 4.82% | +7.15% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 11.31% | +23.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 14.07% | +29.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.25% | 17.12% | +45.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.84% | 17.80% | +64.04% |
GBTC vs. IOO - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than IOO's 0.40% expense ratio.
Dividends
GBTC vs. IOO - Dividend Comparison
GBTC has not paid dividends to shareholders, while IOO's dividend yield for the trailing twelve months is around 0.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
IOO iShares Global 100 ETF | 0.84% | 0.92% | 1.08% | 1.49% | 2.00% | 1.53% | 1.49% | 2.02% | 2.54% | 2.23% | 2.75% | 2.89% |
Frequently Asked Questions
GBTC and IOO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.97%) compared to IOO (4.82%). In terms of maximum drawdown, GBTC dropped -89.91% vs IOO's -55.85%.
On 10-year performance, GBTC leads with 46.47% vs 16.66% for IOO. On fees, IOO is cheaper at 0.40% per year. On volatility, IOO has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 46.47% return vs 16.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IOO is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.
IOO has the higher dividend yield at 0.84%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while IOO is Global Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while IOO tracks S&P Global 100 Index (Net). They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.40% for IOO.
IOO currently has the higher Sharpe Ratio (2.28 vs -0.94), 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.
Find the right allocation for GBTC and IOO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer