GBTC vs. RLY
GBTC (Grayscale Bitcoin Trust ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while RLY is a Hedge Fund fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. Both are passively managed. Over the past 10 years, GBTC returned 47.82%/yr vs 8.02%/yr for RLY. At a 0.20 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.50%/yr for RLY.
Performance
GBTC vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -26.20% return, which is significantly lower than RLY's 13.94% return. Over the past 10 years, GBTC has outperformed RLY with an annualized return of 47.82%, while RLY has yielded a comparatively lower 8.02% annualized return.
GBTC
- 1D
- 1.49%
- 1M
- 3.38%
- 6M
- -32.35%
- YTD
- -26.20%
- 1Y
- -45.38%
- 3Y*
- 36.41%
- 5Y*
- 14.15%
- 10Y*
- 47.82%
- ALL TIME*
- 55.15%
RLY
- 1D
- -0.31%
- 1M
- 1.21%
- 6M
- 8.76%
- YTD
- 13.94%
- 1Y
- 24.26%
- 3Y*
- 12.31%
- 5Y*
- 10.60%
- 10Y*
- 8.02%
- ALL TIME*
- 4.68%
GBTC vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -26.20% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
RLY State Street Multi-Asset Real Return ETF | 13.94% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
Correlation
The correlation between GBTC and RLY is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.20 |
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Return for Risk
GBTC vs. RLY — Risk / Return Rank
GBTC
RLY
GBTC vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and State Street Multi-Asset Real Return ETF (RLY). 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 | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.34 | ||
| Sortino ratioReturn per unit of downside risk | -4.71 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.42 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 3.23 | -4.08 |
| Martin ratioReturn relative to average drawdown | -1.35 | 11.48 | -12.83 |
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Drawdowns
GBTC vs. RLY - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for GBTC and RLY.
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Drawdown Indicators
| GBTC | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -37.75% | -52.16% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -7.54% | -46.21% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -10.08% | -43.67% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -18.94% | -66.48% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -34.17% | -55.74% |
Current DrawdownCurrent decline from peak | -48.75% | -4.28% | -44.47% |
Average DrawdownAverage peak-to-trough decline | -43.49% | -9.42% | -34.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.67% | 2.12% | +31.55% |
Volatility
GBTC vs. RLY - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 10.57% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.91%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.57% | 2.91% | +7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 34.51% | 8.44% | +26.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 10.56% | +33.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.77% | 13.47% | +48.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.37% | 13.79% | +67.58% |
GBTC vs. RLY - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than RLY's 0.50% expense ratio.
Dividends
GBTC vs. RLY - Dividend Comparison
GBTC has not paid dividends to shareholders, while RLY's dividend yield for the trailing twelve months is around 3.11%.
| 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% |
RLY State Street Multi-Asset Real Return ETF | 3.11% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
Frequently Asked Questions
GBTC and RLY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (10.57%) compared to RLY (2.91%). In terms of maximum drawdown, GBTC dropped -89.91% vs RLY's -37.75%.
On 10-year performance, GBTC leads with 47.82% vs 8.02% for RLY. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 2.91%. 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 47.82% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
RLY has the higher dividend yield at 3.11%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while RLY is Hedge Fund. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 1.50% for GBTC and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.31 vs -1.03), 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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