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GBTC vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBTC vs. TQQQ

Last updated Jun 5, 2026

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 49.21%/yr vs 44.95%/yr for TQQQ. At a 0.26 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.95%/yr for TQQQ.

Performance

GBTC vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, GBTC has outperformed TQQQ with an annualized return of 49.21%, while TQQQ has yielded a comparatively lower 44.95% 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%

TQQQ

1D
-1.55%
1M
26.46%
YTD
61.91%
6M
54.01%
1Y
132.34%
3Y*
68.49%
5Y*
27.97%
10Y*
44.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TQQQ
ProShares UltraPro QQQ		61.91%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 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.28

Correlation (All Time)
Calculated using the full available price history since May 5, 2015

0.26

Over the past year, GBTC and TQQQ have become more correlated (0.50) than their long-term average of 0.26, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Grayscale Bitcoin Trust ETF

ProShares UltraPro QQQ

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Return for Risk

GBTC vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBTC
GBTC Risk / Return Rank: 22
Overall Rank
GBTC Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GBTC Sortino Ratio Rank: 22
Sortino Ratio Rank
GBTC Omega Ratio Rank: 22
Omega Ratio Rank
GBTC Calmar Ratio Rank: 22
Calmar Ratio Rank
GBTC Martin Ratio Rank: 22
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 7171
Overall Rank
TQQQ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6767
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6666
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7373
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 6666
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

GBTCTQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.93
2.80

-3.72

Sortino ratioReturn per unit of downside risk
-1.31
3.01

-4.32

Omega ratioGain probability vs. loss probability

0.85

1.39

-0.54

Calmar ratioReturn relative to maximum drawdown

-0.81

3.60

-4.41

Martin ratioReturn relative to average drawdown

-1.40

11.77

-13.18

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. TQQQ - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.93, which is lower than the TQQQ Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of GBTC and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GBTCTQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.93

2.80

-3.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.42

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.68

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.74

-0.08

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

GBTCTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-89.91%

-81.66%

-8.25%

Max Drawdown (1Y)

Largest decline over 1 year

-49.87%

-36.97%

-12.90%

Max Drawdown (3Y)

Largest decline over 3 years

-49.87%

-58.04%

+8.17%

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 Drawdown

Current decline from peak

-49.87%

-2.29%

-47.58%

Average Drawdown

Average peak-to-trough decline

-43.43%

-18.52%

-24.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

28.81%

11.28%

+17.53%

Volatility

GBTC vs. TQQQ - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. 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

GBTCTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.07%

13.35%

-4.28%

Volatility (6M)

Calculated over the trailing 6-month period

33.86%

36.04%

-2.18%

Volatility (1Y)

Calculated over the trailing 1-year period

43.69%

47.60%

-3.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.44%

66.50%

-4.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

82.20%

65.95%

+16.25%

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 0.37%.

PositionTTM20252024202320222021202020192018201720162015
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		0.37%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 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (13.35%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs TQQQ's -81.66%.

On 10-year performance, GBTC leads with 49.21% vs 44.95% for TQQQ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 9.07%. 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 44.95%. 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 0.37%, 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 (2.80 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.

Portfolio Optimizer

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