GBTC vs. QQQ
GBTC (Grayscale Bitcoin Trust ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, GBTC returned 46.47%/yr vs 21.79%/yr for QQQ. At a 0.26 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.18%/yr for QQQ.
Performance
GBTC vs. QQQ - 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 QQQ's 17.57% return. Over the past 10 years, GBTC has outperformed QQQ with an annualized return of 46.47%, while QQQ has yielded a comparatively lower 21.79% 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%
QQQ
- 1D
- 0.59%
- 1M
- 0.93%
- YTD
- 17.57%
- 6M
- 17.85%
- 1Y
- 35.82%
- 3Y*
- 26.43%
- 5Y*
- 16.85%
- 10Y*
- 21.79%
GBTC vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 17.57% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between GBTC and QQQ is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.26 |
Over the past year, GBTC and QQQ have become more correlated (0.51) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
GBTC vs. QQQ — Risk / Return Rank
GBTC
QQQ
GBTC vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.04 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.37 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 3.01 | -3.80 |
| Martin ratioReturn relative to average drawdown | -1.39 | 11.22 | -12.61 |
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Drawdowns
GBTC vs. QQQ - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for GBTC and QQQ.
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Drawdown Indicators
| GBTC | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -82.97% | -6.94% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -11.96% | -40.49% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -22.77% | -29.68% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -35.12% | -50.30% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -35.12% | -54.79% |
Current DrawdownCurrent decline from peak | -49.87% | -3.33% | -46.54% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -32.75% | -10.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.85% | 3.20% | +26.65% |
Volatility
GBTC vs. QQQ - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.97% compared to Invesco QQQ ETF (QQQ) at 7.56%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.97% | 7.56% | +4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 13.81% | +20.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 17.19% | +26.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.25% | 22.55% | +39.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.84% | 22.38% | +59.46% |
GBTC vs. QQQ - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
GBTC vs. QQQ - Dividend Comparison
GBTC has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.39%.
| 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% |
QQQ Invesco QQQ ETF | 0.39% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
GBTC and QQQ have a correlation of 0.51, 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 QQQ (7.56%). In terms of maximum drawdown, GBTC dropped -89.91% vs QQQ's -82.97%.
On 10-year performance, GBTC leads with 46.47% vs 21.79% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.56%. 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 21.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 1.50% for GBTC.
QQQ has the higher dividend yield at 0.39%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while QQQ is Nasdaq-100. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 1.50% for GBTC and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.09 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.
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