GBTC vs. SMH
GBTC (Grayscale Bitcoin Trust ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, GBTC returned 48.34%/yr vs 36.02%/yr for SMH. At a 0.24 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.35%/yr for SMH.
Performance
GBTC vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -31.54% return, which is significantly lower than SMH's 58.19% return. Over the past 10 years, GBTC has outperformed SMH with an annualized return of 48.34%, while SMH has yielded a comparatively lower 36.02% annualized return.
GBTC
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
SMH
- 1D
- -9.22%
- 1M
- 3.63%
- YTD
- 58.19%
- 6M
- 56.81%
- 1Y
- 127.40%
- 3Y*
- 58.39%
- 5Y*
- 36.10%
- 10Y*
- 36.02%
GBTC vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
SMH VanEck Semiconductor ETF | 58.19% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between GBTC and SMH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.24 |
Over the past year, GBTC and SMH have become more correlated (0.45) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
GBTC vs. SMH — Risk / Return Rank
GBTC
SMH
GBTC vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.95 | ||
| Sortino ratioReturn per unit of downside risk | -5.48 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.59 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 8.58 | -9.38 |
| Martin ratioReturn relative to average drawdown | -1.44 | 32.42 | -33.86 |
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 | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | 4.00 | -4.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 1.03 | -0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 1.11 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.32 | +0.32 |
Drawdowns
GBTC vs. SMH - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for GBTC and SMH.
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Drawdown Indicators
| GBTC | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -84.96% | -4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -14.93% | -37.52% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -35.74% | -16.71% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -45.30% | -40.12% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -45.30% | -44.61% |
Current DrawdownCurrent decline from peak | -52.45% | -10.69% | -41.76% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -41.08% | -2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.99% | 3.94% | +25.05% |
Volatility
GBTC vs. SMH - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.88%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.88%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.88% | 14.88% | -5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 26.35% | +7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.96% | 32.03% | +11.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.45% | 35.24% | +27.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 32.70% | +49.50% |
GBTC vs. SMH - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
GBTC vs. SMH - Dividend Comparison
GBTC has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.19%.
| 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% |
SMH VanEck Semiconductor ETF | 0.19% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
GBTC and SMH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.88%) compared to GBTC (9.88%). In terms of maximum drawdown, GBTC dropped -89.91% vs SMH's -84.96%.
On 10-year performance, GBTC leads with 48.34% vs 36.02% for SMH. On fees, SMH is cheaper at 0.35% per year. On volatility, GBTC has been the lower-risk option at 9.88%. 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 48.34% return vs 36.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 1.50% for GBTC.
SMH has the higher dividend yield at 0.19%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while SMH is Semiconductors. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Grayscale and VanEck. Their fees differ too: 1.50% for GBTC and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (4.00 vs -0.95), 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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