GDOG vs. GBTC

Last updated Jun 25, 2026

GDOG (Grayscale Dogecoin Trust ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds from Grayscale - GDOG tracks the CoinDesk Dogecoin Blended Reference Rate Index while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. GDOG charges 0.35%/yr vs 1.50%/yr for GBTC.

Performance

GDOG vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) and Grayscale Bitcoin Trust ETF (GBTC). 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 GBTC's -32.11% return.

GDOG

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

GBTC

• 1D: -4.01%
• 1M: -21.14%
• YTD: -32.11%
• 6M: -31.95%
• 1Y: -44.25%
• 3Y*: 34.23%
• 5Y*: 10.89%
• 10Y*: 44.29%

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

GDOG vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-37.04%	-19.74%
GBTC Grayscale Bitcoin Trust ETF	-32.11%	3.33%

Correlation

The correlation between GDOG and GBTC is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.81

Return for Risk

GDOG vs. GBTC — 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.

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC 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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) and Grayscale Bitcoin Trust ETF (GBTC). 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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.00	—
Sortino ratio: Return per unit of downside risk	—	-1.48	—
Omega ratio: Gain probability vs. loss probability	—	0.84	—
Calmar ratio: Return relative to maximum drawdown	—	-0.84	—
Martin ratio: Return relative to average drawdown	—	-1.43	—

Drawdowns

GDOG vs. GBTC - Drawdown Comparison

The maximum GDOG drawdown since its inception was -52.59%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for GDOG and GBTC.

Drawdown Indicators

	GDOG	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-52.59%	-89.91%	+37.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-52.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-52.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-52.59%	-52.85%	+0.26%
Average Drawdown Average peak-to-trough decline	-29.97%	-43.45%	+13.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.97%	—

Volatility

Volatility by Period

	GDOG	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.20%	44.38%	+28.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.20%	62.09%	+11.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.20%	81.45%	-8.25%

GDOG vs. GBTC - Expense Ratio Comparison

GDOG has a 0.35% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

GDOG vs. GBTC - Dividend Comparison

Neither GDOG nor GBTC has paid dividends to shareholders.

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%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDOG and GBTC in my portfolio?

GDOG and GBTC have a correlation of 0.81, 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 GBTC?

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 GBTC?

GDOG is cheaper with a 0.35% expense ratio, compared with 1.50% for GBTC.

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

GDOG and GBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between GDOG and GBTC?

GDOG tracks CoinDesk Dogecoin Blended Reference Rate Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 0.35% for GDOG and 1.50% for GBTC.