GDOG vs. BITS

Last updated Jun 4, 2026

GDOG (Grayscale Dogecoin Trust ETF) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both Cryptocurrency funds - GDOG tracks the CoinDesk Dogecoin Blended Reference Rate Index while BITS tracks the NONE. Both are passively managed. A 0.70 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 0.65%/yr for BITS.

Performance

GDOG vs. BITS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) and Global X Blockchain & Bitcoin Strategy ETF (BITS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDOG achieves a -21.87% return, which is significantly lower than BITS's 4.17% return.

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITS

• 1D: -2.94%
• 1M: -1.76%
• YTD: 4.17%
• 6M: -6.53%
• 1Y: 19.33%
• 3Y*: 49.59%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDOG vs. BITS - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%
BITS Global X Blockchain & Bitcoin Strategy ETF	4.17%	-5.78%

Correlation

The correlation between GDOG and BITS is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.70

Return for Risk

GDOG vs. BITS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITS

BITS Risk / Return Rank: 15
BITS Sharpe Ratio Rank: 14
BITS Sortino Ratio Rank: 17
BITS Omega Ratio Rank: 16
BITS Calmar Ratio Rank: 14
BITS Martin Ratio Rank: 12

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.

GDOG vs. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GDOG	BITS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.02	-0.88

Drawdowns

GDOG vs. BITS - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, smaller than the maximum BITS drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for GDOG and BITS.

Drawdown Indicators

	GDOG	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-83.11%	+40.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.38%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-48.38%	—
Current Drawdown Current decline from peak	-41.16%	-31.42%	-9.74%
Average Drawdown Average peak-to-trough decline	-28.48%	-42.76%	+14.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.68%	—

Volatility

Volatility by Period

	GDOG	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.98%	52.55%	+21.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	60.91%	+13.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	60.91%	+13.07%

GDOG vs. BITS - Expense Ratio Comparison

GDOG has a 0.35% expense ratio, which is lower than BITS's 0.65% expense ratio.

Dividends

GDOG vs. BITS - Dividend Comparison

GDOG has not paid dividends to shareholders, while BITS's dividend yield for the trailing twelve months is around 21.88%.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	21.88%	22.80%	29.49%	13.69%	0.48%	1.90%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDOG and BITS in my portfolio?

GDOG and BITS have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDOG or BITS?

On fees, GDOG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDOG or BITS?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.65% for BITS.

Which ETF pays a higher dividend yield, GDOG or BITS?

BITS has the higher dividend yield at 21.88%, compared with 0.00% for GDOG.

What is the main difference between GDOG and BITS?

GDOG tracks CoinDesk Dogecoin Blended Reference Rate Index, while BITS tracks NONE. They also come from different issuers: Grayscale and Global X. Their fees differ too: 0.35% for GDOG and 0.65% for BITS.