GBTC vs. TIP
GBTC (Grayscale Bitcoin Trust ETF) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, GBTC returned 49.25%/yr vs 2.45%/yr for TIP. At a 0.05 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.18%/yr for TIP.
Performance
GBTC vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than TIP's 0.95% return. Over the past 10 years, GBTC has outperformed TIP with an annualized return of 49.25%, while TIP has yielded a comparatively lower 2.45% annualized 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%
TIP
- 1D
- -0.11%
- 1M
- -0.90%
- YTD
- 0.95%
- 6M
- 0.97%
- 1Y
- 4.81%
- 3Y*
- 3.70%
- 5Y*
- 0.88%
- 10Y*
- 2.45%
GBTC vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.07% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
TIP iShares TIPS Bond ETF | 0.95% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between GBTC and TIP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.05 |
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Return for Risk
GBTC vs. TIP — Risk / Return Rank
GBTC
TIP
GBTC vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.26 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.45 | -3.22 |
| Martin ratioReturn relative to average drawdown | -1.38 | 7.37 | -8.75 |
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 | TIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | 1.43 | -2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.14 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.43 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.57 | +0.08 |
Drawdowns
GBTC vs. TIP - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for GBTC and TIP.
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Drawdown Indicators
| GBTC | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -14.57% | -75.34% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -1.98% | -50.47% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -4.54% | -47.91% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -14.51% | -70.91% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -14.51% | -75.40% |
Current DrawdownCurrent decline from peak | -50.05% | -0.90% | -49.15% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -3.43% | -40.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.16% | 0.65% | +28.51% |
Volatility
GBTC vs. TIP - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.75% compared to iShares TIPS Bond ETF (TIP) at 1.01%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 1.01% | +10.74% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 2.33% | +32.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 3.38% | +40.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.40% | 6.21% | +56.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.22% | 5.74% | +76.48% |
GBTC vs. TIP - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
GBTC vs. TIP - Dividend Comparison
GBTC has not paid dividends to shareholders, while TIP's dividend yield for the trailing twelve months is around 3.78%.
| 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% |
TIP iShares TIPS Bond ETF | 3.78% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
GBTC and TIP have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.75%) compared to TIP (1.01%). In terms of maximum drawdown, GBTC dropped -89.91% vs TIP's -14.57%.
On 10-year performance, GBTC leads with 49.25% vs 2.45% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.01%. 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 49.25% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 1.50% for GBTC.
TIP has the higher dividend yield at 3.78%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while TIP is Inflation-Protected Bonds. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (1.43 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.
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