GFOF vs. GBTC

Last updated Jun 4, 2026

GFOF (Grayscale Future of Finance ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - GFOF is a Blockchain fund tracking the Bloomberg Grayscale Future of Finance Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. GFOF charges 0.70%/yr vs 1.50%/yr for GBTC.

Performance

GFOF vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Future of Finance ETF (GFOF) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -2.74%
• 1M: -18.48%
• YTD: -25.79%
• 6M: -30.25%
• 1Y: -39.46%
• 3Y*: 52.23%
• 5Y*: 10.42%
• 10Y*: 50.46%

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

GFOF vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	60.08%	145.49%	-68.58%
GBTC Grayscale Bitcoin Trust ETF	-25.79%	-7.65%	113.81%	317.61%	-67.55%

Correlation

The correlation between GFOF and GBTC is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.59

The correlation between GFOF and GBTC shifts across timeframes, from 0.47 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GFOF vs. GBTC — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 8
GBTC Sharpe Ratio Rank: 6
GBTC Sortino Ratio Rank: 8
GBTC Omega Ratio Rank: 10
GBTC Calmar Ratio Rank: 10
GBTC Martin Ratio Rank: 8

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.

GFOF vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Future of Finance ETF (GFOF) 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.

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

Sharpe Ratios by Period

	GFOF	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.91	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.17	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.66	—

Drawdowns

Drawdown Indicators

	GFOF	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	—	-89.91%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-49.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-49.55%	—
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	—	-48.46%	—
Average Drawdown Average peak-to-trough decline	—	-43.43%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.63%	—

Volatility

Volatility by Period

	GFOF	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	43.66%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	62.45%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	82.21%	—

GFOF vs. GBTC - Expense Ratio Comparison

GFOF has a 0.70% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

GFOF vs. GBTC - Dividend Comparison

Neither GFOF 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%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GFOF and GBTC in my portfolio?

GFOF and GBTC have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GFOF or GBTC?

On fees, GFOF is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GFOF or GBTC?

GFOF is cheaper with a 0.70% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GFOF and GBTC?

GFOF is categorized as Blockchain, while GBTC is Cryptocurrency. GFOF tracks Bloomberg Grayscale Future of Finance Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 0.70% for GFOF and 1.50% for GBTC.