GBTC vs. SOEZ
GBTC (Grayscale Bitcoin Trust ETF) and SOEZ (Franklin Solana ETF) are both Cryptocurrency funds. GBTC is passively managed, while SOEZ is actively managed. Their correlation of 0.90 suggests significant overlap in exposure. GBTC charges 1.50%/yr vs 0.19%/yr for SOEZ.
Performance
GBTC vs. SOEZ - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly higher than SOEZ's -43.12% 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%
SOEZ
- 1D
- -3.99%
- 1M
- -20.02%
- YTD
- -43.12%
- 6M
- -49.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. SOEZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -6.01% |
SOEZ Franklin Solana ETF | -43.12% | -11.97% |
Correlation
The correlation between GBTC and SOEZ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025 | 0.90 |
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Return for Risk
GBTC vs. SOEZ — Risk / Return Rank
GBTC
SOEZ
GBTC vs. SOEZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Franklin Solana ETF (SOEZ). 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 | SOEZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.40 | — | — |
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 | SOEZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -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 | -1.10 | +1.75 |
Drawdowns
GBTC vs. SOEZ - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SOEZ's maximum drawdown of -52.20%. Use the drawdown chart below to compare losses from any high point for GBTC and SOEZ.
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Drawdown Indicators
| GBTC | SOEZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -52.20% | -37.71% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | — | — |
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% | -52.20% | +2.33% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -30.97% | -12.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | — | — |
Volatility
GBTC vs. SOEZ - Volatility Comparison
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Volatility by Period
| GBTC | SOEZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 68.82% | -25.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 68.82% | -6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 68.82% | +13.38% |
GBTC vs. SOEZ - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SOEZ's 0.19% expense ratio.
Dividends
GBTC vs. SOEZ - Dividend Comparison
GBTC has not paid dividends to shareholders, while SOEZ's dividend yield for the trailing twelve months is around 0.59%.
| 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% |
SOEZ Franklin Solana ETF | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and SOEZ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SOEZ is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SOEZ is cheaper with a 0.19% expense ratio, compared with 1.50% for GBTC.
SOEZ has the higher dividend yield at 0.59%, compared with 0.00% for GBTC.
They also come from different issuers: Grayscale and Franklin. Their fees differ too: 1.50% for GBTC and 0.19% for SOEZ.
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