GBTC vs. XLY
GBTC (Grayscale Bitcoin Trust ETF) and XLY (Consumer Discretionary Select Sector SPDR Fund) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while XLY is a Consumer Discretionary Equities fund tracking the Consumer Discretionary Select Sector Index. Both are passively managed. Over the past 10 years, GBTC returned 46.15%/yr vs 12.72%/yr for XLY. At a 0.25 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.13%/yr for XLY.
Performance
GBTC vs. XLY - 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 XLY's -2.41% return. Over the past 10 years, GBTC has outperformed XLY with an annualized return of 46.15%, while XLY has yielded a comparatively lower 12.72% 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%
XLY
- 1D
- 2.48%
- 1M
- -1.68%
- YTD
- -2.41%
- 6M
- -2.84%
- 1Y
- 9.18%
- 3Y*
- 13.28%
- 5Y*
- 6.94%
- 10Y*
- 12.72%
GBTC vs. XLY - 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% |
XLY Consumer Discretionary Select Sector SPDR Fund | -2.41% | 7.37% | 26.51% | 39.64% | -36.27% | 27.93% | 29.63% | 28.39% | 1.58% | 22.82% |
Correlation
The correlation between GBTC and XLY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
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 4, 2015 | 0.25 |
The correlation between GBTC and XLY shifts across timeframes, from 0.25 (all time) to 0.41 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. XLY — Risk / Return Rank
GBTC
XLY
GBTC vs. XLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Consumer Discretionary Select Sector SPDR Fund (XLY). 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 | XLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.10 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 0.62 | -1.43 |
| Martin ratioReturn relative to average drawdown | -1.43 | 1.89 | -3.33 |
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Drawdowns
GBTC vs. XLY - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than XLY's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for GBTC and XLY.
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Drawdown Indicators
| GBTC | XLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -59.05% | -30.86% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -14.98% | -37.47% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -26.01% | -26.44% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -39.67% | -45.75% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -39.67% | -50.24% |
Current DrawdownCurrent decline from peak | -49.89% | -6.41% | -43.48% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -9.55% | -33.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 4.86% | +24.82% |
Volatility
GBTC vs. XLY - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) has a higher volatility of 11.92% compared to Consumer Discretionary Select Sector SPDR Fund (XLY) at 6.20%. This indicates that GBTC's price experiences larger fluctuations and is considered to be riskier than XLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | XLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.92% | 6.20% | +5.72% |
Volatility (6M)Calculated over the trailing 6-month period | 34.41% | 13.52% | +20.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.01% | 18.29% | +25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.27% | 23.84% | +38.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.18% | 22.08% | +60.10% |
GBTC vs. XLY - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than XLY's 0.13% expense ratio.
Dividends
GBTC vs. XLY - Dividend Comparison
GBTC has not paid dividends to shareholders, while XLY's dividend yield for the trailing twelve months is around 0.77%.
| 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% |
XLY Consumer Discretionary Select Sector SPDR Fund | 0.77% | 0.79% | 0.72% | 0.78% | 1.00% | 0.53% | 0.82% | 1.28% | 1.34% | 1.20% | 1.71% | 1.43% |
Frequently Asked Questions
GBTC and XLY have a correlation of 0.39, 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 XLY (6.20%). In terms of maximum drawdown, GBTC dropped -89.91% vs XLY's -59.05%.
On 10-year performance, GBTC leads with 46.15% vs 12.72% for XLY. On fees, XLY is cheaper at 0.13% per year. On volatility, XLY has been the lower-risk option at 6.20%. 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 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLY is cheaper with a 0.13% expense ratio, compared with 1.50% for GBTC.
XLY has the higher dividend yield at 0.77%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while XLY is Consumer Discretionary Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while XLY tracks Consumer Discretionary Select Sector Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 1.50% for GBTC and 0.13% for XLY.
XLY currently has the higher Sharpe Ratio (0.50 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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