GDOG vs. BTCC

Last updated Jun 25, 2026

GDOG (Grayscale Dogecoin Trust ETF) and BTCC (Grayscale Bitcoin Covered Call ETF) are both Cryptocurrency funds from Grayscale. GDOG is passively managed, while BTCC is actively managed. A 0.78 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 0.66%/yr for BTCC.

Performance

GDOG vs. BTCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) and Grayscale Bitcoin Covered Call ETF (BTCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDOG achieves a -37.04% return, which is significantly lower than BTCC's -25.58% return.

GDOG

• 1D: -5.88%
• 1M: -28.52%
• YTD: -37.04%
• 6M: -42.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCC

• 1D: -3.88%
• 1M: -18.76%
• YTD: -25.58%
• 6M: -25.45%
• 1Y: -38.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDOG vs. BTCC - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-37.04%	-19.74%
BTCC Grayscale Bitcoin Covered Call ETF	-25.58%	6.12%

Correlation

The correlation between GDOG and BTCC is 0.78, 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 24, 2025	0.78

Return for Risk

GDOG vs. BTCC — Risk / Return Rank

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

GDOG

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

BTCC

BTCC Risk / Return Rank: 1
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 1
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 2
BTCC Martin Ratio Rank: 1

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. BTCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) and Grayscale Bitcoin Covered Call ETF (BTCC). 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.

	GDOG	BTCC	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.14	—
Sortino ratio: Return per unit of downside risk	—	-1.57	—
Omega ratio: Gain probability vs. loss probability	—	0.79	—
Calmar ratio: Return relative to maximum drawdown	—	-0.87	—
Martin ratio: Return relative to average drawdown	—	-1.56	—

Drawdowns

GDOG vs. BTCC - Drawdown Comparison

The maximum GDOG drawdown since its inception was -52.59%, which is greater than BTCC's maximum drawdown of -44.40%. Use the drawdown chart below to compare losses from any high point for GDOG and BTCC.

Drawdown Indicators

	GDOG	BTCC	Difference
Max Drawdown Largest peak-to-trough decline	-52.59%	-44.40%	-8.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.40%	—
Current Drawdown Current decline from peak	-52.59%	-43.08%	-9.51%
Average Drawdown Average peak-to-trough decline	-29.97%	-16.67%	-13.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	24.80%	—

Volatility

Volatility by Period

	GDOG	BTCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.20%	34.15%	+39.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.20%	32.21%	+40.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.20%	32.21%	+40.99%

GDOG vs. BTCC - Expense Ratio Comparison

GDOG has a 0.35% expense ratio, which is lower than BTCC's 0.66% expense ratio.

Dividends

GDOG vs. BTCC - Dividend Comparison

GDOG has not paid dividends to shareholders, while BTCC's dividend yield for the trailing twelve months is around 116.36%.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	116.36%	63.86%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDOG and BTCC in my portfolio?

GDOG and BTCC have a correlation of 0.78, 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 BTCC?

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 BTCC?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.66% for BTCC.

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

BTCC has the higher dividend yield at 116.36%, compared with 0.00% for GDOG.

What is the main difference between GDOG and BTCC?

Their fees differ too: 0.35% for GDOG and 0.66% for BTCC.