GBTC vs. TLT
GBTC (Grayscale Bitcoin Trust ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, GBTC returned 49.21%/yr vs -1.56%/yr for TLT. At a correlation of -0.01, they often move in opposite directions. GBTC charges 1.50%/yr vs 0.15%/yr for TLT.
Performance
GBTC vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than TLT's -0.05% return. Over the past 10 years, GBTC has outperformed TLT with an annualized return of 49.21%, while TLT has yielded a comparatively lower -1.56% annualized 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%
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
GBTC vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between GBTC and TLT is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | -0.01 |
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Return for Risk
GBTC vs. TLT — Risk / Return Rank
GBTC
TLT
GBTC vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.07 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 0.46 | -1.27 |
| Martin ratioReturn relative to average drawdown | -1.40 | 1.14 | -2.55 |
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 | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 0.36 | -1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.40 | +0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | -0.11 | +0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.26 | +0.40 |
Drawdowns
GBTC vs. TLT - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for GBTC and TLT.
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Drawdown Indicators
| GBTC | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -48.35% | -41.56% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -7.58% | -42.29% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -19.18% | -30.69% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -43.70% | -41.72% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -48.35% | -41.56% |
Current DrawdownCurrent decline from peak | -49.87% | -40.31% | -9.56% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -13.82% | -29.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 3.05% | +25.76% |
Volatility
GBTC vs. TLT - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.07% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.71%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 2.71% | +6.36% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 6.50% | +27.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 9.77% | +33.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 15.86% | +46.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 14.90% | +67.30% |
GBTC vs. TLT - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
GBTC vs. TLT - Dividend Comparison
GBTC has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.58%.
| 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
GBTC and TLT have a correlation of 0.06, 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 TLT (2.71%). In terms of maximum drawdown, GBTC dropped -89.91% vs TLT's -48.35%.
On 10-year performance, GBTC leads with 49.21% vs -1.56% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.71%. 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 49.21% return vs -1.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 1.50% for GBTC.
TLT has the higher dividend yield at 4.58%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while TLT is Government Bonds. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.36 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.
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