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 47.67%/yr vs 20.50%/yr for QQQ. Their 0.26 correlation means their historical movements had little consistent relationship. 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 -27.27% return, which is significantly lower than QQQ's 11.64% return. Over the past 10 years, GBTC has outperformed QQQ with an annualized return of 47.67%, while QQQ has yielded a comparatively lower 20.50% annualized return.
GBTC
- 1D
- -0.94%
- 1M
- 8.32%
- 6M
- -28.79%
- YTD
- -27.27%
- 1Y
- -45.88%
- 3Y*
- 37.39%
- 5Y*
- 12.83%
- 10Y*
- 47.67%
- ALL TIME*
- 54.88%
QQQ
- 1D
- -1.12%
- 1M
- -4.49%
- 6M
- 10.14%
- YTD
- 11.64%
- 1Y
- 21.39%
- 3Y*
- 22.49%
- 5Y*
- 13.87%
- 10Y*
- 20.50%
- ALL TIME*
- 10.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.61M | $77.66M | $102.03M | |
| $25.72B | $27.46B | $30.43B |
GBTC vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
QQQ Invesco QQQ ETF | 11.64% | 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 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 (0.50) 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 | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 1.82 | -2.70 |
| Martin ratioReturn relative to average drawdown | -1.37 | 6.19 | -7.56 |
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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 | -53.75% | -11.96% | -41.79% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -22.77% | -30.98% |
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 | -49.49% | -8.20% | -41.29% |
Average DrawdownAverage peak-to-trough decline | -43.50% | -32.64% | -10.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.22% | 3.51% | +30.71% |
Volatility
GBTC vs. QQQ - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 8.89% compared to Invesco QQQ ETF (QQQ) at 6.74%. 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 | 8.89% | 6.74% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 15.61% | +18.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.24% | 18.96% | +25.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.63% | 22.83% | +38.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.34% | 22.46% | +58.88% |
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 0.44%.
| 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 | 0.44% | 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 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (8.89%) compared to QQQ (6.74%). In terms of maximum drawdown, GBTC dropped -89.91% vs QQQ's -82.97%.
On 10-year performance, GBTC leads with 47.67% vs 20.50% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.74%. 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 47.67% return vs 20.50%. 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 0.44%, 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 (1.15 vs -1.06), 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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