GBTC vs. SLYV
GBTC (Grayscale Bitcoin Trust ETF) and SLYV (SPDR S&P 600 Small Cap Value ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, GBTC returned 47.67%/yr vs 10.08%/yr for SLYV. Their 0.21 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.15%/yr for SLYV.
Performance
GBTC vs. SLYV - 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 SLYV's 20.28% return. Over the past 10 years, GBTC has outperformed SLYV with an annualized return of 47.67%, while SLYV has yielded a comparatively lower 10.08% annualized 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%
SLYV
- 1D
- 0.18%
- 1M
- 0.18%
- 6M
- 12.38%
- YTD
- 20.28%
- 1Y
- 32.51%
- 3Y*
- 12.94%
- 5Y*
- 8.27%
- 10Y*
- 10.08%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.61M | $77.66M | $102.03M | |
| $13.68M | $20.85M | $23.13M |
GBTC vs. SLYV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
SLYV SPDR S&P 600 Small Cap Value ETF | 20.28% | 6.54% | 7.28% | 14.82% | -11.08% | 30.57% | 2.68% | 24.26% | -12.77% | 11.74% |
Correlation
The correlation between GBTC and SLYV is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.36 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.21 |
The correlation between GBTC and SLYV shifts across timeframes, from 0.21 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. SLYV — Risk / Return Rank
GBTC
SLYV
GBTC vs. SLYV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and SPDR S&P 600 Small Cap Value ETF (SLYV). 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 | SLYV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.40 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.33 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.57 | -4.45 |
| Martin ratioReturn relative to average drawdown | -1.37 | 12.10 | -13.47 |
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Drawdowns
GBTC vs. SLYV - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SLYV's maximum drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for GBTC and SLYV.
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Drawdown Indicators
| GBTC | SLYV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -61.15% | -28.76% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -9.36% | -44.39% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -28.68% | -25.07% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -28.68% | -56.74% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -47.73% | -42.18% |
Current DrawdownCurrent decline from peak | -49.49% | -1.61% | -47.88% |
Average DrawdownAverage peak-to-trough decline | -43.50% | -8.90% | -34.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.22% | 2.76% | +31.46% |
Volatility
GBTC vs. SLYV - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 8.89% compared to SPDR S&P 600 Small Cap Value ETF (SLYV) at 3.61%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than SLYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SLYV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 3.61% | +5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 11.21% | +22.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.24% | 17.81% | +26.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.63% | 21.70% | +39.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.34% | 23.89% | +57.45% |
GBTC vs. SLYV - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SLYV's 0.15% expense ratio.
Dividends
GBTC vs. SLYV - Dividend Comparison
GBTC has not paid dividends to shareholders, while SLYV's dividend yield for the trailing twelve months is around 1.82%.
| 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% |
SLYV SPDR S&P 600 Small Cap Value ETF | 1.82% | 2.02% | 2.30% | 2.11% | 1.47% | 1.94% | 1.40% | 1.67% | 2.14% | 5.53% | 2.18% | 6.55% |
Frequently Asked Questions
GBTC and SLYV have a correlation of 0.32, 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 SLYV (3.61%). In terms of maximum drawdown, GBTC dropped -89.91% vs SLYV's -61.15%.
On 10-year performance, GBTC leads with 47.67% vs 10.08% for SLYV. On fees, SLYV is cheaper at 0.15% per year. On volatility, SLYV has been the lower-risk option at 3.61%. 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 47.67% return vs 10.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLYV is cheaper with a 0.15% expense ratio, compared with 1.50% for GBTC.
SLYV has the higher dividend yield at 1.82%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while SLYV is Small Cap Value Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SLYV tracks S&P SmallCap 600 Value Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 1.50% for GBTC and 0.15% for SLYV.
SLYV currently has the higher Sharpe Ratio (1.89 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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