GBTC vs. SPAXX

Last updated Jun 9, 2026

GBTC (Grayscale Bitcoin Trust ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SPAXX is a Money Market fund actively managed by Fidelity. GBTC is passively managed, while SPAXX is actively managed. Over the past 5 years, GBTC returned 10.31%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.02, they often move in opposite directions. GBTC charges 1.50%/yr vs 0.42%/yr for SPAXX.

Performance

GBTC vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than SPAXX's 1.37% 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%

SPAXX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.37%
• 6M: 1.67%
• 1Y: 3.66%
• 3Y*: 2.42%
• 5Y*: 1.45%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	113.81%	317.61%	-75.80%	3.43%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between GBTC and SPAXX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 25, 2021	-0.02

Return for Risk

GBTC vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 3
GBTC Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GBTC vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Fidelity Government Money Market Fund (SPAXX). 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	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	3.65	-4.56
Sortino ratio: Return per unit of downside risk	-1.28	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.77	—	—
Martin ratio: Return relative to average drawdown	-1.38	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. SPAXX - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.91, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of GBTC and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GBTC	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	3.65	-4.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	2.13	-1.96
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	2.12	-1.47

Drawdowns

GBTC vs. SPAXX - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for GBTC and SPAXX.

Drawdown Indicators

	GBTC	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	0.00%	-89.91%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	0.00%	-52.45%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	0.00%	-52.45%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	0.00%	-85.42%
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-50.05%	0.00%	-50.05%
Average Drawdown Average peak-to-trough decline	-43.44%	0.00%	-43.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.16%	0.00%	+29.16%

Volatility

GBTC vs. SPAXX - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.75% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.75%	0.28%	+11.47%
Volatility (6M) Calculated over the trailing 6-month period	34.55%	0.72%	+33.83%
Volatility (1Y) Calculated over the trailing 1-year period	44.19%	1.03%	+43.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.40%	0.69%	+61.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.22%	0.69%	+81.53%

GBTC vs. SPAXX - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

GBTC vs. SPAXX - Dividend Comparison

GBTC has not paid dividends to shareholders, while SPAXX's dividend yield for the trailing twelve months is around 3.59%.

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%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and SPAXX in my portfolio?

GBTC and SPAXX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or SPAXX?

GBTC has higher volatility (11.75%) compared to SPAXX (0.28%). In terms of maximum drawdown, GBTC dropped -89.91% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 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.