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 45.83%/yr vs 42.62%/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
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Returns By Period
In the year-to-date period, GBTC achieves a -26.36% return, which is significantly lower than TQQQ's 41.76% return. Over the past 10 years, GBTC has outperformed TQQQ with an annualized return of 45.83%, while TQQQ has yielded a comparatively lower 42.62% annualized return.
GBTC
- 1D
- 0.62%
- 1M
- -2.54%
- 6M
- -34.03%
- YTD
- -26.36%
- 1Y
- -45.06%
- 3Y*
- 36.60%
- 5Y*
- 13.95%
- 10Y*
- 45.83%
TQQQ
- 1D
- -0.77%
- 1M
- -11.80%
- 6M
- 38.83%
- YTD
- 41.76%
- 1Y
- 76.64%
- 3Y*
- 51.82%
- 5Y*
- 20.01%
- 10Y*
- 42.62%
GBTC vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -26.36% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
TQQQ ProShares UltraPro QQQ | 41.76% | 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 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 (0.48) 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 | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.08 | -2.92 |
| Martin ratioReturn relative to average drawdown | -1.36 | 6.36 | -7.72 |
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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 | -48.86% | -14.46% | -34.40% |
Average DrawdownAverage peak-to-trough decline | -43.49% | -18.48% | -25.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.24% | 12.08% | +21.16% |
Volatility
GBTC vs. TQQQ - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.69%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 23.75%. 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 | 11.69% | 23.75% | -12.06% |
Volatility (6M)Calculated over the trailing 6-month period | 34.91% | 45.83% | -10.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.36% | 55.29% | -10.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.84% | 67.75% | -5.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 66.40% | +15.04% |
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 0.51%.
| 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 | 0.51% | 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 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (23.75%) compared to GBTC (11.69%). In terms of maximum drawdown, GBTC dropped -89.91% vs TQQQ's -81.66%.
On 10-year performance, GBTC leads with 45.83% vs 42.62% for TQQQ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 11.69%. 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 45.83% return vs 42.62%. 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 0.51%, 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 (1.39 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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