GBTC vs. TQQQ
GBTC (Grayscale Bitcoin Trust ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, GBTC returned 49.90%/yr vs 40.86%/yr for TQQQ. Their 0.26 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.95%/yr for TQQQ.
Performance
GBTC vs. TQQQ - 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 TQQQ's 42.48% return. Over the past 10 years, GBTC has outperformed TQQQ with an annualized return of 49.90%, while TQQQ has yielded a comparatively lower 40.86% 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%
TQQQ
- 1D
- 10.09%
- 1M
- 2.00%
- 6M
- 43.02%
- YTD
- 42.48%
- 1Y
- 72.20%
- 3Y*
- 55.55%
- 5Y*
- 17.84%
- 10Y*
- 40.86%
- ALL TIME*
- 43.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.84M | $75.78M | $100.19M | |
| $4.74B | $4.51B | $5.37B |
GBTC vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 42.48% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between GBTC and TQQQ is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.26 |
Over the past year, GBTC and TQQQ have become more correlated (0.49) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
GBTC vs. TQQQ — Risk / Return Rank
GBTC
TQQQ
GBTC vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.22 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 1.96 | -2.80 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.43 | -6.71 |
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Drawdowns
GBTC vs. TQQQ - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for GBTC and TQQQ.
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Drawdown Indicators
| GBTC | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -81.66% | -8.25% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -36.97% | -16.78% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -58.04% | +4.29% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -81.66% | -3.76% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -81.66% | -8.25% |
Current DrawdownCurrent decline from peak | -49.48% | -14.02% | -35.46% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -18.49% | -25.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 13.34% | +21.86% |
Volatility
GBTC vs. TQQQ - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 22.54%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 22.54% | -14.44% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 48.77% | -15.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 58.29% | -13.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 68.25% | -7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 66.68% | +14.47% |
GBTC vs. TQQQ - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than TQQQ's 0.95% expense ratio.
Dividends
GBTC vs. TQQQ - Dividend Comparison
GBTC has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.50%.
| 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% |
TQQQ ProShares UltraPro QQQ | 0.50% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
GBTC and TQQQ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.54%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs TQQQ's -81.66%.
On 10-year performance, GBTC leads with 49.90% vs 40.86% for TQQQ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 8.10%. 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 40.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
TQQQ has the higher dividend yield at 0.50%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while TQQQ is Leveraged Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.95% for TQQQ.
TQQQ currently has the higher Sharpe Ratio (1.25 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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