GBTC vs. SETH
GBTC (Grayscale Bitcoin Trust ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. Over the past year, GBTC returned -40.35% vs 0.18% for SETH. At a correlation of -0.81, they often move in opposite directions. GBTC charges 1.50%/yr vs 0.95%/yr for SETH.
Performance
GBTC vs. SETH - 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 SETH's 43.11% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
SETH
- 1D
- 1.55%
- 1M
- 32.48%
- YTD
- 43.11%
- 6M
- 49.04%
- 1Y
- 0.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. SETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 27.43% |
SETH ProShares Short Ether Strategy ETF | 43.11% | -29.41% | -49.59% | -22.80% |
Correlation
The correlation between GBTC and SETH is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023 | -0.81 |
The correlation between GBTC and SETH has been stable across timeframes, ranging from -0.87 to -0.81 - a consistent structural relationship.
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Return for Risk
GBTC vs. SETH — Risk / Return Rank
GBTC
SETH
GBTC vs. SETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and ProShares Short Ether Strategy ETF (SETH). 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 | SETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.06 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 0.00 | -0.81 |
| Martin ratioReturn relative to average drawdown | -1.40 | 0.00 | -1.41 |
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 | SETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 0.00 | -0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | -0.44 | +1.09 |
Drawdowns
GBTC vs. SETH - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SETH's maximum drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for GBTC and SETH.
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Drawdown Indicators
| GBTC | SETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -80.74% | -9.17% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -56.01% | +6.14% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -60.69% | +10.82% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -54.80% | +11.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 35.78% | -6.97% |
Volatility
GBTC vs. SETH - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while ProShares Short Ether Strategy ETF (SETH) has a volatility of 9.63%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 9.63% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 45.27% | -11.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 68.46% | -24.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 69.49% | -7.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 69.49% | +12.71% |
GBTC vs. SETH - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SETH's 0.95% expense ratio.
Dividends
GBTC vs. SETH - Dividend Comparison
GBTC has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 10.75%.
| 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% |
SETH ProShares Short Ether Strategy ETF | 10.75% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and SETH have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (9.63%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs SETH's -80.74%.
On 1-year performance, SETH leads with 0.18% vs -40.35% for GBTC. On fees, SETH is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SETH has performed better with a 0.18% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SETH is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
SETH has the higher dividend yield at 10.75%, compared with 0.00% for GBTC.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SETH tracks Bloomberg Galaxy Ethereum (--100%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.95% for SETH.
SETH currently has the higher Sharpe Ratio (0.00 vs -0.93), 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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