GBTC vs. SPY
GBTC (Grayscale Bitcoin Trust ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GBTC returned 50.99%/yr vs 15.07%/yr for SPY. Their 0.25 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.09%/yr for SPY.
Performance
GBTC vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.72% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, GBTC has outperformed SPY with an annualized return of 50.99%, while SPY has yielded a comparatively lower 15.07% annualized return.
GBTC
- 1D
- -2.85%
- 1M
- 2.29%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -45.18%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.53M | $74.63M | $101.29M | |
| $37.27B | $35.99B | $39.23B |
GBTC vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between GBTC and SPY is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.25 |
Over the past year, GBTC and SPY have become more correlated (0.48) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
GBTC vs. SPY — Risk / Return Rank
GBTC
SPY
GBTC vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 2.20 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.34 | 9.40 | -10.74 |
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Drawdowns
GBTC vs. SPY - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GBTC and SPY.
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Drawdown Indicators
| GBTC | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -55.19% | -34.72% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -8.88% | -44.87% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -18.76% | -34.99% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -24.50% | -60.92% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -33.72% | -56.19% |
Current DrawdownCurrent decline from peak | -50.49% | -1.40% | -49.09% |
Average DrawdownAverage peak-to-trough decline | -43.51% | -9.01% | -34.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.92% | 2.08% | +32.84% |
Volatility
GBTC vs. SPY - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.06% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 3.58% | +5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 33.68% | 10.14% | +23.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.36% | 12.89% | +31.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.60% | 17.18% | +43.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.27% | 17.95% | +63.32% |
GBTC vs. SPY - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
GBTC vs. SPY - Dividend Comparison
GBTC has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| 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% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
GBTC and SPY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.06%) compared to SPY (3.58%). In terms of maximum drawdown, GBTC dropped -89.91% vs SPY's -55.19%.
On 10-year performance, GBTC leads with 50.99% vs 15.07% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. 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 50.99% return vs 15.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.50% for GBTC.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while SPY is S&P 500. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SPY tracks S&P 500 Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 1.50% for GBTC and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 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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