GBTC vs. VGIT
GBTC (Grayscale Bitcoin Trust ETF) and VGIT (Vanguard Intermediate-Term Treasury ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while VGIT is a Government Bonds fund tracking the Bloomberg U.S. Treasury 3-10 Year Index. Both are passively managed. Over the past 10 years, GBTC returned 46.15%/yr vs 1.20%/yr for VGIT. At a correlation of -0.02, they often move in opposite directions. GBTC charges 1.50%/yr vs 0.03%/yr for VGIT.
Performance
GBTC vs. VGIT - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.85% return, which is significantly lower than VGIT's -0.17% return. Over the past 10 years, GBTC has outperformed VGIT with an annualized return of 46.15%, while VGIT has yielded a comparatively lower 1.20% annualized return.
GBTC
- 1D
- 2.71%
- 1M
- -21.45%
- YTD
- -27.85%
- 6M
- -31.30%
- 1Y
- -42.50%
- 3Y*
- 55.49%
- 5Y*
- 9.89%
- 10Y*
- 46.15%
VGIT
- 1D
- 0.51%
- 1M
- 0.19%
- YTD
- -0.17%
- 6M
- 0.02%
- 1Y
- 3.61%
- 3Y*
- 3.55%
- 5Y*
- 0.03%
- 10Y*
- 1.20%
GBTC vs. VGIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.85% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
VGIT Vanguard Intermediate-Term Treasury ETF | -0.17% | 7.34% | 1.39% | 4.28% | -10.53% | -2.64% | 7.71% | 6.19% | 1.35% | 1.70% |
Correlation
The correlation between GBTC and VGIT is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | -0.02 |
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Return for Risk
GBTC vs. VGIT — Risk / Return Rank
GBTC
VGIT
GBTC vs. VGIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Vanguard Intermediate-Term Treasury ETF (VGIT). 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 | VGIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.28 | -2.09 |
| Martin ratioReturn relative to average drawdown | -1.43 | 3.62 | -5.05 |
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Drawdowns
GBTC vs. VGIT - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than VGIT's maximum drawdown of -16.05%. Use the drawdown chart below to compare losses from any high point for GBTC and VGIT.
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Drawdown Indicators
| GBTC | VGIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -16.05% | -73.86% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -2.83% | -49.62% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -4.34% | -48.11% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -15.02% | -70.40% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -16.05% | -73.86% |
Current DrawdownCurrent decline from peak | -49.89% | -2.11% | -47.78% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -3.52% | -39.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 1.00% | +28.68% |
Volatility
GBTC vs. VGIT - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.92% compared to Vanguard Intermediate-Term Treasury ETF (VGIT) at 1.14%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than VGIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | VGIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.92% | 1.14% | +10.78% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 2.41% | +32.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 3.35% | +40.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.27% | 5.38% | +56.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.18% | 4.50% | +77.68% |
GBTC vs. VGIT - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than VGIT's 0.03% expense ratio.
Dividends
GBTC vs. VGIT - Dividend Comparison
GBTC has not paid dividends to shareholders, while VGIT's dividend yield for the trailing twelve months is around 3.86%.
| 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% |
VGIT Vanguard Intermediate-Term Treasury ETF | 3.86% | 3.79% | 3.67% | 2.73% | 1.74% | 1.69% | 2.23% | 2.24% | 2.05% | 1.67% | 1.69% | 1.69% |
Frequently Asked Questions
GBTC and VGIT have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.92%) compared to VGIT (1.14%). In terms of maximum drawdown, GBTC dropped -89.91% vs VGIT's -16.05%.
On 10-year performance, GBTC leads with 46.15% vs 1.20% for VGIT. On fees, VGIT is cheaper at 0.03% per year. On volatility, VGIT has been the lower-risk option at 1.14%. 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 46.15% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGIT is cheaper with a 0.03% expense ratio, compared with 1.50% for GBTC.
VGIT has the higher dividend yield at 3.86%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while VGIT is Government Bonds. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while VGIT tracks Bloomberg U.S. Treasury 3-10 Year Index. They also come from different issuers: Grayscale and Vanguard. Their fees differ too: 1.50% for GBTC and 0.03% for VGIT.
VGIT currently has the higher Sharpe Ratio (1.08 vs -0.97), 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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