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 49.90%/yr vs -2.25%/yr for TLT. Their -0.01 correlation means they have often moved in opposite directions in the past. 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 -27.25% return, which is significantly lower than TLT's -2.43% return. Over the past 10 years, GBTC has outperformed TLT with an annualized return of 49.90%, while TLT has yielded a comparatively lower -2.25% annualized return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.84M | $75.78M | $100.19M | |
| $2.59B | $2.11B | $2.22B |
GBTC vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -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 | -2.43% | 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 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 4, 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.
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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.98 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.21 | -0.62 |
| Martin ratioReturn relative to average drawdown | -1.28 | -0.45 | -0.82 |
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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 | -53.75% | -7.74% | -46.01% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -14.79% | -38.96% |
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 | -49.48% | -41.73% | -7.75% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -14.00% | -29.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 3.63% | +31.57% |
Volatility
GBTC vs. TLT - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 8.10% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. 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 | 8.10% | 2.67% | +5.43% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 6.88% | +26.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 9.25% | +35.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 15.75% | +44.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 14.83% | +66.32% |
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 4.71%.
| 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 | 4.71% | 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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (8.10%) compared to TLT (2.67%). In terms of maximum drawdown, GBTC dropped -89.91% vs TLT's -48.35%.
On 10-year performance, GBTC leads with 49.90% vs -2.25% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. 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 49.90% return vs -2.25%. 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 4.71%, 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 (-0.18 vs -1.02), 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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