GBTC vs. QTUM
GBTC (Grayscale Bitcoin Trust ETF) and QTUM (Defiance Quantum ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while QTUM is a Technology Equities fund tracking the BlueStar Machine Learning and Quantum Computing Index. Both are passively managed. Over the past 5 years, GBTC returned 9.63%/yr vs 27.09%/yr for QTUM. At a 0.37 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.40%/yr for QTUM.
Performance
GBTC vs. QTUM - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -29.58% return, which is significantly lower than QTUM's 41.40% return.
GBTC
- 1D
- -2.09%
- 1M
- -22.74%
- YTD
- -29.58%
- 6M
- -33.89%
- 1Y
- -43.81%
- 3Y*
- 52.63%
- 5Y*
- 9.63%
- 10Y*
- 48.94%
QTUM
- 1D
- -1.90%
- 1M
- 6.79%
- YTD
- 41.40%
- 6M
- 36.09%
- 1Y
- 75.60%
- 3Y*
- 47.54%
- 5Y*
- 27.09%
- 10Y*
- —
GBTC vs. QTUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -29.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -58.26% |
QTUM Defiance Quantum ETF | 41.40% | 36.65% | 50.54% | 39.86% | -28.80% | 35.18% | 42.05% | 47.99% | -19.44% |
Correlation
The correlation between GBTC and QTUM is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018 | 0.37 |
The correlation between GBTC and QTUM shifts across timeframes, from 0.37 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. QTUM — Risk / Return Rank
GBTC
QTUM
GBTC vs. QTUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Defiance Quantum ETF (QTUM). 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.
| GBTC | QTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.74 | ||
| Sortino ratioReturn per unit of downside risk | -4.72 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.44 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 4.98 | -5.82 |
| Martin ratioReturn relative to average drawdown | -1.49 | 18.34 | -19.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | QTUM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 2.74 | -3.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 1.01 | -0.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 1.01 | -0.35 |
Drawdowns
GBTC vs. QTUM - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than QTUM's maximum drawdown of -38.45%. Use the drawdown chart below to compare losses from any high point for GBTC and QTUM.
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Drawdown Indicators
| GBTC | QTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -38.45% | -51.46% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -15.26% | -37.19% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -25.39% | -27.06% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -38.45% | -46.97% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -51.09% | -8.30% | -42.79% |
Average DrawdownAverage peak-to-trough decline | -43.42% | -8.25% | -35.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.34% | 4.14% | +25.20% |
Volatility
GBTC vs. QTUM - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.72%, while Defiance Quantum ETF (QTUM) has a volatility of 13.43%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than QTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | QTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.72% | 13.43% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 22.42% | +12.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.14% | 27.76% | +16.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.26% | 26.87% | +35.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.21% | 27.33% | +54.88% |
GBTC vs. QTUM - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than QTUM's 0.40% expense ratio.
Dividends
GBTC vs. QTUM - Dividend Comparison
GBTC has not paid dividends to shareholders, while QTUM's dividend yield for the trailing twelve months is around 0.76%.
| 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% |
QTUM Defiance Quantum ETF | 0.76% | 1.01% | 0.61% | 0.81% | 1.46% | 0.48% | 0.42% | 0.61% | 0.21% | 0.00% |
Frequently Asked Questions
GBTC and QTUM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QTUM has higher volatility (13.43%) compared to GBTC (11.72%). In terms of maximum drawdown, GBTC dropped -89.91% vs QTUM's -38.45%.
On 5-year performance, QTUM leads with 27.09% vs 9.63% for GBTC. On fees, QTUM is cheaper at 0.40% per year. On volatility, GBTC has been the lower-risk option at 11.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTUM has performed better with a 27.09% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTUM is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.
QTUM has the higher dividend yield at 0.76%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while QTUM is Technology Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while QTUM tracks BlueStar Machine Learning and Quantum Computing Index. They also come from different issuers: Grayscale and Defiance. Their fees differ too: 1.50% for GBTC and 0.40% for QTUM.
QTUM currently has the higher Sharpe Ratio (2.74 vs -1.00), 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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