GBTC vs. MOAT
GBTC (Grayscale Bitcoin Trust ETF) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, GBTC returned 46.15%/yr vs 13.35%/yr for MOAT. At a 0.24 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.47%/yr for MOAT.
Performance
GBTC vs. MOAT - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.85% return, which is significantly lower than MOAT's -1.06% return. Over the past 10 years, GBTC has outperformed MOAT with an annualized return of 46.15%, while MOAT has yielded a comparatively lower 13.35% annualized return.
GBTC
- 1D
- 2.71%
- 1M
- -21.45%
- YTD
- -27.85%
- 6M
- -31.30%
- 1Y
- -42.50%
- 3Y*
- 55.49%
- 5Y*
- 9.89%
- 10Y*
- 46.15%
MOAT
- 1D
- 1.16%
- 1M
- 2.54%
- YTD
- -1.06%
- 6M
- -2.38%
- 1Y
- 12.21%
- 3Y*
- 10.67%
- 5Y*
- 7.69%
- 10Y*
- 13.35%
GBTC vs. MOAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.85% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
MOAT VanEck Morningstar Wide Moat ETF | -1.06% | 13.20% | 10.73% | 31.89% | -13.66% | 24.12% | 14.84% | 34.79% | -1.28% | 23.18% |
Correlation
The correlation between GBTC and MOAT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.24 |
The correlation between GBTC and MOAT shifts across timeframes, from 0.24 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. MOAT — Risk / Return Rank
GBTC
MOAT
GBTC vs. MOAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and VanEck Morningstar Wide Moat ETF (MOAT). 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 | MOAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.15 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 0.99 | -1.80 |
| Martin ratioReturn relative to average drawdown | -1.43 | 3.02 | -4.46 |
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Drawdowns
GBTC vs. MOAT - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for GBTC and MOAT.
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Drawdown Indicators
| GBTC | MOAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -33.31% | -56.60% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -12.43% | -40.02% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -21.44% | -31.01% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -23.96% | -61.46% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -33.31% | -56.60% |
Current DrawdownCurrent decline from peak | -49.89% | -4.84% | -45.05% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -3.83% | -39.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 4.05% | +25.63% |
Volatility
GBTC vs. MOAT - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.92% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 4.16%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | MOAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.92% | 4.16% | +7.76% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 10.04% | +24.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 13.94% | +30.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.27% | 18.21% | +44.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.18% | 18.69% | +63.49% |
GBTC vs. MOAT - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than MOAT's 0.47% expense ratio.
Dividends
GBTC vs. MOAT - Dividend Comparison
GBTC has not paid dividends to shareholders, while MOAT's dividend yield for the trailing twelve months is around 1.37%.
| 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% |
MOAT VanEck Morningstar Wide Moat ETF | 1.37% | 1.36% | 1.37% | 0.86% | 1.25% | 1.08% | 1.46% | 1.31% | 1.79% | 1.07% | 1.17% | 2.13% |
Frequently Asked Questions
GBTC and MOAT 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 (11.92%) compared to MOAT (4.16%). In terms of maximum drawdown, GBTC dropped -89.91% vs MOAT's -33.31%.
On 10-year performance, GBTC leads with 46.15% vs 13.35% for MOAT. On fees, MOAT is cheaper at 0.47% per year. On volatility, MOAT has been the lower-risk option at 4.16%. 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 46.15% return vs 13.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MOAT is cheaper with a 0.47% expense ratio, compared with 1.50% for GBTC.
MOAT has the higher dividend yield at 1.37%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while MOAT is Large Cap Blend Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while MOAT tracks Morningstar Wide Moat Focus Index. They also come from different issuers: Grayscale and VanEck. Their fees differ too: 1.50% for GBTC and 0.47% for MOAT.
MOAT currently has the higher Sharpe Ratio (0.88 vs -0.97), 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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