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 47.81%/yr vs 15.05%/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 -27.28% return, which is significantly lower than VOO's 9.60% return. Over the past 10 years, GBTC has outperformed VOO with an annualized return of 47.81%, while VOO has yielded a comparatively lower 15.05% annualized return.
GBTC
- 1D
- -0.14%
- 1M
- -0.28%
- 6M
- -33.35%
- YTD
- -27.28%
- 1Y
- -46.93%
- 3Y*
- 36.12%
- 5Y*
- 13.67%
- 10Y*
- 47.81%
VOO
- 1D
- -1.01%
- 1M
- 0.55%
- 6M
- 8.05%
- YTD
- 9.60%
- 1Y
- 19.76%
- 3Y*
- 19.41%
- 5Y*
- 13.08%
- 10Y*
- 15.05%
GBTC vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.28% | -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 | 9.60% | 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 0.47, 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 | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.25 |
Over the past year, GBTC and VOO have become more correlated (0.47) 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.
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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -3.82 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 2.23 | -3.11 |
| Martin ratioReturn relative to average drawdown | -1.40 | 9.71 | -11.11 |
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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 | -53.75% | -8.90% | -44.85% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -18.69% | -35.06% |
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 | -49.50% | -1.88% | -47.62% |
Average DrawdownAverage peak-to-trough decline | -43.49% | -3.67% | -39.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.53% | 2.04% | +31.49% |
Volatility
GBTC vs. VOO - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 10.67% compared to Vanguard S&P 500 ETF (VOO) at 3.58%. 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 | 10.67% | 3.58% | +7.09% |
Volatility (6M)Calculated over the trailing 6-month period | 34.54% | 10.02% | +24.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.21% | 12.56% | +31.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.81% | 16.92% | +44.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.43% | 17.99% | +63.44% |
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 1.08%.
| 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 | 1.08% | 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 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (10.67%) compared to VOO (3.58%). In terms of maximum drawdown, GBTC dropped -89.91% vs VOO's -33.99%.
On 10-year performance, GBTC leads with 47.81% vs 15.05% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.58%. 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 47.81% return vs 15.05%. 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 1.08%, 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 (1.58 vs -1.06), 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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