GBTC vs. SLV
GBTC (Grayscale Bitcoin Trust ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, GBTC returned 49.25%/yr vs 14.08%/yr for SLV. At a 0.16 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.50%/yr for SLV.
Performance
GBTC vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than SLV's -4.41% return. Over the past 10 years, GBTC has outperformed SLV with an annualized return of 49.25%, while SLV has yielded a comparatively lower 14.08% annualized return.
GBTC
- 1D
- 5.06%
- 1M
- -21.09%
- YTD
- -28.07%
- 6M
- -30.74%
- 1Y
- -40.20%
- 3Y*
- 53.71%
- 5Y*
- 10.31%
- 10Y*
- 49.25%
SLV
- 1D
- 0.02%
- 1M
- -15.66%
- YTD
- -4.41%
- 6M
- 16.83%
- 1Y
- 88.38%
- 3Y*
- 40.36%
- 5Y*
- 19.02%
- 10Y*
- 14.08%
GBTC vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.07% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
SLV iShares Silver Trust | -4.41% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between GBTC and SLV is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.16 |
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Return for Risk
GBTC vs. SLV — Risk / Return Rank
GBTC
SLV
GBTC vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.30 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.09 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.38 | 4.40 | -5.78 |
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 | SLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | 1.50 | -2.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.53 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.44 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.23 | +0.42 |
Drawdowns
GBTC vs. SLV - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for GBTC and SLV.
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Drawdown Indicators
| GBTC | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -76.28% | -13.63% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -42.45% | -10.00% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -42.45% | -10.00% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -42.45% | -42.97% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -42.81% | -47.10% |
Current DrawdownCurrent decline from peak | -50.05% | -41.69% | -8.36% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -44.67% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.16% | 20.15% | +9.01% |
Volatility
GBTC vs. SLV - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.75%, while iShares Silver Trust (SLV) has a volatility of 16.89%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 16.89% | -5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 58.88% | -24.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 59.53% | -15.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.40% | 36.33% | +26.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.22% | 31.92% | +50.30% |
GBTC vs. SLV - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
GBTC vs. SLV - Dividend Comparison
Neither GBTC nor SLV has paid dividends to shareholders.
| 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% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and SLV have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.89%) compared to GBTC (11.75%). In terms of maximum drawdown, GBTC dropped -89.91% vs SLV's -76.28%.
On 10-year performance, GBTC leads with 49.25% vs 14.08% for SLV. On fees, SLV is cheaper at 0.50% per year. On volatility, GBTC has been the lower-risk option at 11.75%. 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 49.25% return vs 14.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
GBTC and SLV have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while SLV is Silver. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SLV tracks LBMA Silver Price. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (1.50 vs -0.91), 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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