GBTC vs. VOO
GBTC (Grayscale Bitcoin Trust ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GBTC returned 48.34%/yr vs 15.23%/yr for VOO. At a 0.25 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.03%/yr for VOO.
Performance
GBTC vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -31.54% return, which is significantly lower than VOO's 8.45% return. Over the past 10 years, GBTC has outperformed VOO with an annualized return of 48.34%, while VOO has yielded a comparatively lower 15.23% annualized return.
GBTC
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
VOO
- 1D
- -2.59%
- 1M
- 0.50%
- YTD
- 8.45%
- 6M
- 8.18%
- 1Y
- 25.87%
- 3Y*
- 21.52%
- 5Y*
- 13.39%
- 10Y*
- 15.23%
GBTC vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
VOO Vanguard S&P 500 ETF | 8.45% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between GBTC and VOO 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 | 0.36 |
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 VOO have become more correlated (0.48) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
GBTC vs. VOO — Risk / Return Rank
GBTC
VOO
GBTC vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.39 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.92 | -3.72 |
| Martin ratioReturn relative to average drawdown | -1.44 | 13.53 | -14.97 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | 2.15 | -3.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.80 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.85 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.88 | -0.23 |
Drawdowns
GBTC vs. VOO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GBTC and VOO.
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Drawdown Indicators
| GBTC | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -33.99% | -55.92% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -8.90% | -43.55% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -18.69% | -33.76% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -24.52% | -60.90% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -33.99% | -55.92% |
Current DrawdownCurrent decline from peak | -52.45% | -2.90% | -49.55% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -3.69% | -39.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.99% | 1.92% | +27.07% |
Volatility
GBTC vs. VOO - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 9.88% compared to Vanguard S&P 500 ETF (VOO) at 3.74%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.88% | 3.74% | +6.14% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 9.30% | +24.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.96% | 12.10% | +31.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.45% | 16.84% | +45.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 18.02% | +64.18% |
GBTC vs. VOO - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
GBTC vs. VOO - Dividend Comparison
GBTC has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
GBTC and VOO 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.
GBTC has higher volatility (9.88%) compared to VOO (3.74%). In terms of maximum drawdown, GBTC dropped -89.91% vs VOO's -33.99%.
On 10-year performance, GBTC leads with 48.34% vs 15.23% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.74%. 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 48.34% return vs 15.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.50% for GBTC.
VOO has the higher dividend yield at 1.05%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while VOO is S&P 500. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while VOO tracks S&P 500 Index. They also come from different issuers: Grayscale and Vanguard. Their fees differ too: 1.50% for GBTC and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.15 vs -0.95), 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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