GBTC vs. OOSP

Last updated Jun 26, 2026

GBTC (Grayscale Bitcoin Trust ETF) and OOSP (Obra Opportunistic Structured Products ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while OOSP is a Multisector Bonds fund actively managed by Obra. GBTC is passively managed, while OOSP is actively managed. Over the past year, GBTC returned -45.93% vs 6.50% for OOSP. At a correlation of -0.07, they often move in opposite directions. GBTC charges 1.50%/yr vs 0.90%/yr for OOSP.

Performance

GBTC vs. OOSP - Performance Comparison

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

Returns By Period

In the year-to-date period, GBTC achieves a -32.86% return, which is significantly lower than OOSP's 2.92% return.

GBTC

• 1D: -1.10%
• 1M: -22.12%
• YTD: -32.86%
• 6M: -32.70%
• 1Y: -45.93%
• 3Y*: 36.17%
• 5Y*: 10.64%
• 10Y*: 44.37%

OOSP

• 1D: -0.20%
• 1M: 0.56%
• YTD: 2.92%
• 6M: 3.07%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. OOSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTC Grayscale Bitcoin Trust ETF	-32.86%	-7.65%	20.46%
OOSP Obra Opportunistic Structured Products ETF	2.92%	7.41%	6.27%

Correlation

The correlation between GBTC and OOSP is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	-0.07

Return for Risk

GBTC vs. OOSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBTC

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

OOSP

OOSP Risk / Return Rank: 76
OOSP Sharpe Ratio Rank: 62
OOSP Sortino Ratio Rank: 65
OOSP Omega Ratio Rank: 73
OOSP Calmar Ratio Rank: 91
OOSP Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GBTC vs. OOSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Obra Opportunistic Structured Products ETF (OOSP). 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	OOSP	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.78	-2.82
Sortino ratio: Return per unit of downside risk	-1.57	2.59	-4.16
Omega ratio: Gain probability vs. loss probability	0.83	1.37	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.86	4.97	-5.84
Martin ratio: Return relative to average drawdown	-1.48	18.40	-19.88

GBTC vs. OOSP - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.04, which is lower than the OOSP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of GBTC and OOSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBTC vs. OOSP - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than OOSP's maximum drawdown of -1.31%. Use the drawdown chart below to compare losses from any high point for GBTC and OOSP.

Drawdown Indicators

	GBTC	OOSP	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-1.31%	-88.60%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-1.31%	-52.06%
Max Drawdown (3Y) Largest decline over 3 years	-53.37%	—	—
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	-53.37%	-0.20%	-53.17%
Average Drawdown Average peak-to-trough decline	-43.45%	-0.20%	-43.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.15%	0.35%	+30.80%

Volatility

GBTC vs. OOSP - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 13.27% compared to Obra Opportunistic Structured Products ETF (OOSP) at 0.62%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than OOSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	OOSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	0.62%	+12.65%
Volatility (6M) Calculated over the trailing 6-month period	34.52%	2.20%	+32.32%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	3.67%	+40.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	3.33%	+58.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	3.33%	+78.11%

GBTC vs. OOSP - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than OOSP's 0.90% expense ratio.

Dividends

GBTC vs. OOSP - Dividend Comparison

GBTC has not paid dividends to shareholders, while OOSP's dividend yield for the trailing twelve months is around 6.44%.

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%
OOSP Obra Opportunistic Structured Products ETF	6.44%	6.71%	5.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and OOSP in my portfolio?

GBTC and OOSP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or OOSP?

GBTC has higher volatility (13.27%) compared to OOSP (0.62%). In terms of maximum drawdown, GBTC dropped -89.91% vs OOSP's -1.31%.

Which ETF is better, GBTC or OOSP?

On 1-year performance, OOSP leads with 6.50% vs -45.93% for GBTC. On fees, OOSP is cheaper at 0.90% per year. On volatility, OOSP has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or OOSP?

Over the 1-year period, OOSP has performed better with a 6.50% return vs -45.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or OOSP?

OOSP is cheaper with a 0.90% expense ratio, compared with 1.50% for GBTC.

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

OOSP has the higher dividend yield at 6.44%, compared with 0.00% for GBTC.

What is the main difference between GBTC and OOSP?

GBTC is categorized as Cryptocurrency, while OOSP is Multisector Bonds. They also come from different issuers: Grayscale and Obra. Their fees differ too: 1.50% for GBTC and 0.90% for OOSP.

Which has better risk-adjusted returns?

OOSP currently has the higher Sharpe Ratio (1.78 vs -1.04), 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.