GBTC vs. SGOV
GBTC (Grayscale Bitcoin Trust ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, GBTC returned 12.83%/yr vs 3.64%/yr for SGOV. Their -0.01 correlation means they have often moved in opposite directions in the past. GBTC charges 1.50%/yr vs 0.09%/yr for SGOV.
Performance
GBTC vs. SGOV - 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 SGOV's 2.04% 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%
SGOV
- 1D
- 0.03%
- 1M
- 0.30%
- 6M
- 1.80%
- YTD
- 2.04%
- 1Y
- 3.85%
- 3Y*
- 4.65%
- 5Y*
- 3.64%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.61M | $77.66M | $102.03M | |
| $1.66B | $1.89B | $2.03B |
GBTC vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 203.61% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.04% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between GBTC and SGOV is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.01 |
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Return for Risk
GBTC vs. SGOV — Risk / Return Rank
GBTC
SGOV
GBTC vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -21.78 | ||
| Sortino ratioReturn per unit of downside risk | -384.44 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 383.06 | -382.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 390.94 | -391.82 |
| Martin ratioReturn relative to average drawdown | -1.37 | 6,193.70 | -6,195.07 |
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Drawdowns
GBTC vs. SGOV - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for GBTC and SGOV.
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Drawdown Indicators
| GBTC | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -0.03% | -89.88% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -0.01% | -53.74% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -0.01% | -53.74% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -0.03% | -85.39% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.49% | 0.00% | -49.49% |
Average DrawdownAverage peak-to-trough decline | -43.50% | 0.00% | -43.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.22% | 0.00% | +34.22% |
Volatility
GBTC vs. SGOV - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 8.89% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 0.05% | +8.84% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 0.13% | +33.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.24% | 0.19% | +44.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.63% | 0.24% | +61.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.34% | 0.24% | +81.10% |
GBTC vs. SGOV - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
GBTC vs. SGOV - Dividend Comparison
GBTC has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.80%.
| 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.80% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and SGOV have a correlation of 0.00, 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 SGOV (0.05%). In terms of maximum drawdown, GBTC dropped -89.91% vs SGOV's -0.03%.
On 5-year performance, GBTC leads with 12.83% vs 3.64% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 12.83% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 1.50% for GBTC.
SGOV has the higher dividend yield at 3.80%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while SGOV is Ultrashort Bond. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.72 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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