GBTC vs. XEQT.TO
GBTC (Grayscale Bitcoin Trust ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while XEQT.TO is a Global Equities fund actively managed by iShares. GBTC is passively managed, while XEQT.TO is actively managed. Over the past 5 years, GBTC returned 10.30%/yr vs 10.45%/yr for XEQT.TO. At a 0.28 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.20%/yr for XEQT.TO.
Performance
GBTC vs. XEQT.TO - Performance Comparison
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Different Trading Currencies
GBTC is traded in USD, while XEQT.TO is traded in CAD. To make them comparable, the XEQT.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 XEQT.TO's 9.17% 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%
XEQT.TO
- 1D
- -1.08%
- 1M
- -0.62%
- YTD
- 9.17%
- 6M
- 9.01%
- 1Y
- 26.31%
- 3Y*
- 19.98%
- 5Y*
- 10.45%
- 10Y*
- —
GBTC vs. XEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -39.42% |
XEQT.TO iShares Core Equity ETF Portfolio | 9.22% | 26.34% | 14.67% | 20.13% | -16.29% | 19.04% | 14.57% | 9.82% |
Correlation
The correlation between GBTC and XEQT.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2019 | 0.28 |
The correlation between GBTC and XEQT.TO shifts across timeframes, from 0.28 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. XEQT.TO — Risk / Return Rank
GBTC
XEQT.TO
GBTC vs. XEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and iShares Core Equity ETF Portfolio (XEQT.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 | XEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.93 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.37 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.89 | -3.66 |
| Martin ratioReturn relative to average drawdown | -1.32 | 12.43 | -13.74 |
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Drawdowns
GBTC vs. XEQT.TO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than XEQT.TO's maximum drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for GBTC and XEQT.TO.
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Drawdown Indicators
| GBTC | XEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -35.81% | -54.10% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -9.15% | -43.30% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -15.08% | -37.37% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -26.23% | -59.19% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -50.88% | -2.30% | -48.58% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -5.75% | -37.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.79% | 2.12% | +28.67% |
Volatility
GBTC vs. XEQT.TO - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 13.05% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 4.59%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than XEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | XEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.05% | 4.59% | +8.46% |
Volatility (6M)Calculated over the trailing 6-month period | 34.57% | 10.53% | +24.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.21% | 13.14% | +31.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.13% | 14.59% | +47.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.46% | 16.79% | +64.67% |
GBTC vs. XEQT.TO - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than XEQT.TO's 0.20% expense ratio.
Dividends
GBTC vs. XEQT.TO - Dividend Comparison
GBTC has not paid dividends to shareholders, while XEQT.TO's dividend yield for the trailing twelve months is around 1.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEQT.TO iShares Core Equity ETF Portfolio | 1.48% | 1.66% | 2.03% | 2.09% | 2.14% | 1.66% | 1.69% | 1.21% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and XEQT.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEQT.TO is cheaper with a 0.20% expense ratio, compared with 1.50% for GBTC.
GBTC is categorized as Cryptocurrency, while XEQT.TO is Global Equities. They also come from different issuers: Grayscale and iShares. Their fees differ too: 1.50% for GBTC and 0.20% for XEQT.TO.
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