GBTC vs. VDY.TO

Last updated Jun 24, 2026

GBTC (Grayscale Bitcoin Trust ETF) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index. Both are passively managed. Over the past 10 years, GBTC returned 44.88%/yr vs 13.62%/yr for VDY.TO. At a 0.11 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.22%/yr for VDY.TO.

Performance

GBTC vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GBTC is traded in USD, while VDY.TO is traded in CAD. To make them comparable, the VDY.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GBTC achieves a -29.27% return, which is significantly lower than VDY.TO's 20.85% return. Over the past 10 years, GBTC has outperformed VDY.TO with an annualized return of 44.88%, while VDY.TO has yielded a comparatively lower 13.62% annualized return.

GBTC

• 1D: -3.22%
• 1M: -17.84%
• YTD: -29.27%
• 6M: -29.42%
• 1Y: -40.53%
• 3Y*: 36.07%
• 5Y*: 10.30%
• 10Y*: 44.88%

VDY.TO

• 1D: 0.57%
• 1M: 0.06%
• YTD: 20.85%
• 6M: 20.12%
• 1Y: 46.88%
• 3Y*: 26.12%
• 5Y*: 14.91%
• 10Y*: 13.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. VDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	-29.27%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	20.90%	35.39%	11.96%	11.05%	-6.18%	36.67%	1.03%	26.64%	-17.06%	16.18%

Correlation

The correlation between GBTC and VDY.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.11

The correlation between GBTC and VDY.TO shifts across timeframes, from 0.11 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GBTC vs. VDY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 99
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

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. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). 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	VDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	5.08	-6.00
Sortino ratio: Return per unit of downside risk	-1.29	7.03	-8.32
Omega ratio: Gain probability vs. loss probability	0.86	1.96	-1.11
Calmar ratio: Return relative to maximum drawdown	-0.78	13.11	-13.88
Martin ratio: Return relative to average drawdown	-1.32	45.82	-47.14

GBTC vs. VDY.TO - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.92, which is lower than the VDY.TO Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of GBTC and VDY.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBTC vs. VDY.TO - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than VDY.TO's maximum drawdown of -44.42%. Use the drawdown chart below to compare losses from any high point for GBTC and VDY.TO.

Drawdown Indicators

	GBTC	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-44.42%	-45.49%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-3.59%	-48.86%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	-12.92%	-39.53%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	-23.69%	-61.73%
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	-44.42%	-45.49%
Current Drawdown Current decline from peak	-50.88%	-0.42%	-50.46%
Average Drawdown Average peak-to-trough decline	-43.44%	-8.77%	-34.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.79%	1.03%	+29.76%

Volatility

GBTC vs. VDY.TO - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 13.05% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 2.86%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.05%	2.86%	+10.19%
Volatility (6M) Calculated over the trailing 6-month period	34.57%	7.34%	+27.23%
Volatility (1Y) Calculated over the trailing 1-year period	44.21%	9.29%	+34.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.13%	13.41%	+48.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.46%	17.41%	+64.05%

GBTC vs. VDY.TO - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

Dividends

GBTC vs. VDY.TO - Dividend Comparison

GBTC has not paid dividends to shareholders, while VDY.TO's dividend yield for the trailing twelve months is around 3.05%.

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%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	3.05%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%

Frequently Asked Questions

Can I hold both GBTC and VDY.TO in my portfolio?

GBTC and VDY.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBTC or VDY.TO?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBTC or VDY.TO?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 1.50% for GBTC.

What is the main difference between GBTC and VDY.TO?

GBTC is categorized as Cryptocurrency, while VDY.TO is Dividend. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while VDY.TO tracks FTSE Canada High Dividend Yield Index. They also come from different issuers: Grayscale and Vanguard. Their fees differ too: 1.50% for GBTC and 0.22% for VDY.TO.