GBTC vs. TBIL
GBTC (Grayscale Bitcoin Trust ETF) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past 3 years, GBTC returned 53.36%/yr vs 4.63%/yr for TBIL. At a 0.00 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.15%/yr for TBIL.
Performance
GBTC vs. TBIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than TBIL's 1.51% 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%
TBIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.51%
- 6M
- 1.78%
- 1Y
- 3.93%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
GBTC vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -42.23% |
TBIL US Treasury 3 Month Bill ETF | 1.51% | 4.19% | 5.15% | 5.12% | 1.30% |
Correlation
The correlation between GBTC and TBIL is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. TBIL — Risk / Return Rank
GBTC
TBIL
GBTC vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.71 | ||
| Sortino ratioReturn per unit of downside risk | -59.70 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 17.16 | -16.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 196.84 | -197.65 |
| Martin ratioReturn relative to average drawdown | -1.40 | 934.40 | -935.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBTC | TBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 13.78 | -14.71 |
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 | 14.08 | -13.42 |
Drawdowns
GBTC vs. TBIL - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for GBTC and TBIL.
Loading charts...
Drawdown Indicators
| GBTC | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -0.10% | -89.81% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -0.02% | -49.85% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -0.02% | -49.85% |
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% | 0.00% | -49.87% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -0.00% | -43.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 0.00% | +28.81% |
Volatility
GBTC vs. TBIL - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.07% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBTC | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 0.08% | +8.99% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 0.19% | +33.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 0.29% | +43.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 0.32% | +62.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 0.32% | +81.88% |
GBTC vs. TBIL - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
GBTC vs. TBIL - Dividend Comparison
GBTC has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.82%.
| 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% |
TBIL US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and TBIL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.07%) compared to TBIL (0.08%). In terms of maximum drawdown, GBTC dropped -89.91% vs TBIL's -0.10%.
On 3-year performance, GBTC leads with 53.36% vs 4.63% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 53.36% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 1.50% for GBTC.
TBIL has the higher dividend yield at 3.82%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while TBIL is Ultrashort Bond. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index. They also come from different issuers: Grayscale and US Benchmark Series. Their fees differ too: 1.50% for GBTC and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.78 vs -0.93), 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.
Find the right allocation for GBTC and TBIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer