GBTC vs. UGA
GBTC (Grayscale Bitcoin Trust ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, GBTC returned 49.21%/yr vs 14.27%/yr for UGA. At a 0.07 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.75%/yr for UGA.
Performance
GBTC vs. UGA - 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 UGA's 70.69% return. Over the past 10 years, GBTC has outperformed UGA with an annualized return of 49.21%, while UGA has yielded a comparatively lower 14.27% 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%
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
GBTC vs. UGA - 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% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between GBTC and UGA is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.07 |
The correlation between GBTC and UGA shifts across timeframes, from -0.08 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. UGA — Risk / Return Rank
GBTC
UGA
GBTC vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.37 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.37 | -6.18 |
| Martin ratioReturn relative to average drawdown | -1.40 | 12.86 | -14.26 |
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 | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.27 | -3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.71 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.38 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.12 | +0.54 |
Drawdowns
GBTC vs. UGA - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GBTC and UGA.
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Drawdown Indicators
| GBTC | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -86.59% | -3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -14.88% | -34.99% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -26.68% | -23.19% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -38.11% | -47.31% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -75.89% | -14.02% |
Current DrawdownCurrent decline from peak | -49.87% | -14.75% | -35.12% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -36.76% | -6.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 6.20% | +22.61% |
Volatility
GBTC vs. UGA - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 11.64% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 30.48% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 35.27% | +8.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 34.40% | +28.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 37.27% | +44.93% |
GBTC vs. UGA - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
GBTC vs. UGA - Dividend Comparison
Neither GBTC nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and UGA 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.
UGA has higher volatility (11.64%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs UGA's -86.59%.
On 10-year performance, GBTC leads with 49.21% vs 14.27% for UGA. On fees, UGA is cheaper at 0.75% 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 14.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.50% for GBTC.
GBTC and UGA have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while UGA is Oil & Gas. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Grayscale and Concierge Technologies. Their fees differ too: 1.50% for GBTC and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 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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