PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GBTC vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBTC vs. UPRO

Last updated Jun 9, 2026

GBTC (Grayscale Bitcoin Trust ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, GBTC returned 49.25%/yr vs 29.32%/yr for UPRO. At a 0.25 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.89%/yr for UPRO.

Performance

GBTC vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than UPRO's 19.97% return. Over the past 10 years, GBTC has outperformed UPRO with an annualized return of 49.25%, while UPRO has yielded a comparatively lower 29.32% annualized return.

GBTC

1D
5.06%
1M
-21.09%
YTD
-28.07%
6M
-30.74%
1Y
-40.20%
3Y*
53.71%
5Y*
10.31%
10Y*
49.25%

UPRO

1D
0.76%
1M
-0.47%
YTD
19.97%
6M
19.09%
1Y
67.51%
3Y*
48.82%
5Y*
21.71%
10Y*
29.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GBTC
Grayscale Bitcoin Trust ETF		-28.07%-7.65%113.81%317.61%-75.80%7.03%290.72%106.56%-82.10%1,787.72%
UPRO
ProShares UltraPro S&P 500		19.97%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between GBTC and UPRO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.36

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

0.42

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

0.27

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

0.25

Over the past year, GBTC and UPRO have become more correlated (0.47) than their long-term average of 0.25, 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 S&P 500

Often compared with GBTC:
GBTC vs. IBITGBTC vs. BTC-USDGBTC vs. MSTRGBTC vs. BITOGBTC vs. TSLAGBTC vs. FBTCGBTC vs. SPY
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

GBTC vs. UPRO — 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: 33
Calmar Ratio Rank
GBTC Martin Ratio Rank: 22
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 5858
Overall Rank
UPRO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5353
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5555
Omega Ratio Rank
UPRO Calmar Ratio Rank: 5656
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6464
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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and ProShares UltraPro S&P 500 (UPRO). 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.

GBTCUPRODifference
Sharpe ratioReturn per unit of total volatility
-0.91
1.88

-2.79

Sortino ratioReturn per unit of downside risk
-1.28
2.33

-3.61

Omega ratioGain probability vs. loss probability

0.86

1.31

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.77

2.53

-3.30

Martin ratioReturn relative to average drawdown

-1.38

10.62

-12.00

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. UPRO - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.91, which is lower than the UPRO Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of GBTC and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

GBTCUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.91

1.88

-2.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.17

0.43

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.55

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.64

+0.01

Drawdowns

GBTC vs. UPRO - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for GBTC and UPRO.

Loading charts...

Drawdown Indicators

GBTCUPRODifference

Max Drawdown

Largest peak-to-trough decline

-89.91%

-76.82%

-13.09%

Max Drawdown (1Y)

Largest decline over 1 year

-52.45%

-26.78%

-25.67%

Max Drawdown (3Y)

Largest decline over 3 years

-52.45%

-48.87%

-3.58%

Max Drawdown (5Y)

Largest decline over 5 years

-85.42%

-63.94%

-21.48%

Max Drawdown (10Y)

Largest decline over 10 years

-89.91%

-76.82%

-13.09%

Current Drawdown

Current decline from peak

-50.05%

-8.15%

-41.90%

Average Drawdown

Average peak-to-trough decline

-43.44%

-14.41%

-29.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.16%

6.38%

+22.78%

Volatility

GBTC vs. UPRO - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 11.75% and 11.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GBTCUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.75%

11.40%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

34.55%

27.91%

+6.64%

Volatility (1Y)

Calculated over the trailing 1-year period

44.19%

36.18%

+8.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.40%

50.44%

+11.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

82.22%

53.81%

+28.41%

GBTC vs. UPRO - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

GBTC vs. UPRO - Dividend Comparison

GBTC has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.73%.

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%
UPRO
ProShares UltraPro S&P 500		0.73%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

GBTC and UPRO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GBTC has higher volatility (11.75%) compared to UPRO (11.40%). In terms of maximum drawdown, GBTC dropped -89.91% vs UPRO's -76.82%.

On 10-year performance, GBTC leads with 49.25% vs 29.32% for UPRO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.40%. 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 49.25% return vs 29.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 1.50% for GBTC.

UPRO has the higher dividend yield at 0.73%, compared with 0.00% for GBTC.

GBTC is categorized as Cryptocurrency, while UPRO is Leveraged Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while UPRO tracks S&P 500. They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.89% for UPRO.

UPRO currently has the higher Sharpe Ratio (1.88 vs -0.91), 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

Find the right allocation for GBTC and UPRO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer