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GBTC vs. XLK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBTC vs. XLK

Last updated Jun 6, 2026

GBTC (Grayscale Bitcoin Trust ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 10 years, GBTC returned 48.34%/yr vs 24.71%/yr for XLK. At a 0.25 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.08%/yr for XLK.

Performance

GBTC vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBTC achieves a -31.54% return, which is significantly lower than XLK's 25.39% return. Over the past 10 years, GBTC has outperformed XLK with an annualized return of 48.34%, while XLK has yielded a comparatively lower 24.71% 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%

XLK

1D
-6.66%
1M
6.04%
YTD
25.39%
6M
23.33%
1Y
53.58%
3Y*
30.43%
5Y*
21.75%
10Y*
24.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBTC vs. XLK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XLK
State Street Technology Select Sector SPDR ETF		25.39%24.61%21.63%56.02%-27.73%34.74%43.62%49.86%-1.68%34.26%

Correlation

The correlation between GBTC and XLK is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

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 XLK have become more correlated (0.46) than their long-term average of 0.25, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Grayscale Bitcoin Trust ETF

State Street Technology Select Sector SPDR ETF

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Often compared with XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. IYWXLK vs. XLE

Return for Risk

GBTC vs. XLK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBTC
GBTC Risk / Return Rank: 22
Overall Rank
GBTC Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GBTC Sortino Ratio Rank: 22
Sortino Ratio Rank
GBTC Omega Ratio Rank: 22
Omega Ratio Rank
GBTC Calmar Ratio Rank: 22
Calmar Ratio Rank
GBTC Martin Ratio Rank: 11
Martin Ratio Rank
XLK
XLK Risk / Return Rank: 6969
Overall Rank
XLK Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 6666
Sortino Ratio Rank
XLK Omega Ratio Rank: 7070
Omega Ratio Rank
XLK Calmar Ratio Rank: 6969
Calmar Ratio Rank
XLK Martin Ratio Rank: 6363
Martin Ratio Rank
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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and State Street Technology Select Sector SPDR ETF (XLK). 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.

GBTCXLKDifference
Sharpe ratioReturn per unit of total volatility
-0.95
2.45

-3.41

Sortino ratioReturn per unit of downside risk
-1.36
2.98

-4.34

Omega ratioGain probability vs. loss probability

0.85

1.41

-0.56

Calmar ratioReturn relative to maximum drawdown

-0.80

3.38

-4.18

Martin ratioReturn relative to average drawdown

-1.44

11.25

-12.69

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. XLK - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.95, which is lower than the XLK Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of GBTC and XLK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GBTCXLKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.95

2.45

-3.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.14

0.87

-0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

1.01

-0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.40

+0.24

Drawdowns

GBTC vs. XLK - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than XLK's maximum drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for GBTC and XLK.

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Drawdown Indicators

GBTCXLKDifference

Max Drawdown

Largest peak-to-trough decline

-89.91%

-82.05%

-7.86%

Max Drawdown (1Y)

Largest decline over 1 year

-52.45%

-15.92%

-36.53%

Max Drawdown (3Y)

Largest decline over 3 years

-52.45%

-25.66%

-26.79%

Max Drawdown (5Y)

Largest decline over 5 years

-85.42%

-33.56%

-51.86%

Max Drawdown (10Y)

Largest decline over 10 years

-89.91%

-33.56%

-56.35%

Current Drawdown

Current decline from peak

-52.45%

-9.04%

-43.41%

Average Drawdown

Average peak-to-trough decline

-43.44%

-34.95%

-8.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

28.99%

4.78%

+24.21%

Volatility

GBTC vs. XLK - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and State Street Technology Select Sector SPDR ETF (XLK) have volatilities of 9.88% and 10.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GBTCXLKDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.88%

10.28%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

34.14%

18.21%

+15.93%

Volatility (1Y)

Calculated over the trailing 1-year period

43.96%

21.96%

+22.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.45%

25.07%

+37.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

82.20%

24.59%

+57.61%

GBTC vs. XLK - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

GBTC vs. XLK - Dividend Comparison

GBTC has not paid dividends to shareholders, while XLK's dividend yield for the trailing twelve months is around 0.42%.

PositionTTM20252024202320222021202020192018201720162015
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%
XLK
State Street Technology Select Sector SPDR ETF		0.42%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%

Frequently Asked Questions

GBTC and XLK have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLK has higher volatility (10.28%) compared to GBTC (9.88%). In terms of maximum drawdown, GBTC dropped -89.91% vs XLK's -82.05%.

On 10-year performance, GBTC leads with 48.34% vs 24.71% for XLK. On fees, XLK is cheaper at 0.08% per year. On volatility, GBTC has been the lower-risk option at 9.88%. 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 24.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLK is cheaper with a 0.08% expense ratio, compared with 1.50% for GBTC.

XLK has the higher dividend yield at 0.42%, compared with 0.00% for GBTC.

GBTC is categorized as Cryptocurrency, while XLK is Technology Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 1.50% for GBTC and 0.08% for XLK.

XLK currently has the higher Sharpe Ratio (2.45 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.

Portfolio Optimizer

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