GLNK vs. BITB

Last updated Aug 4, 2026

GLNK (Grayscale Chainlink Trust ETF) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds - GLNK tracks the Chainlink (LINK) while BITB tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GLNK returned -73.43% vs -43.67% for BITB. Their 0.45 correlation means their historical movements had little consistent relationship. GLNK charges 2.50%/yr vs 0.20%/yr for BITB.

Performance

GLNK vs. BITB - Performance Comparison

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

Returns By Period

In the year-to-date period, GLNK achieves a -33.13% return, which is significantly lower than BITB's -27.14% return.

GLNK

• 1D: 0.76%
• 1M: 5.89%
• 6M: -15.88%
• YTD: -33.13%
• 1Y: -73.43%
• 3Y*: -18.59%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.20%

BITB

• 1D: 1.52%
• 1M: 3.90%
• 6M: -18.16%
• YTD: -27.14%
• 1Y: -43.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITB Bitwise Bitcoin ETF	$37.64M	$38.20M	$55.77M
GLNK Grayscale Chainlink Trust ETF	$2.64M	$1.96M	$1.98M

GLNK vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLNK Grayscale Chainlink Trust ETF	-33.13%	-87.10%	5.60%
BITB Bitwise Bitcoin ETF	-27.14%	-6.47%	89.74%

Correlation

The correlation between GLNK and BITB is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.45

Over the past year, GLNK and BITB have become more correlated (0.72) than their long-term average of 0.45, meaning their price movements have been converging.

Return for Risk

GLNK vs. BITB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GLNK

GLNK Risk / Return Rank: 3
GLNK Sharpe Ratio Rank: 3
GLNK Sortino Ratio Rank: 3
GLNK Omega Ratio Rank: 3
GLNK Calmar Ratio Rank: 3
GLNK Martin Ratio Rank: 5

BITB

BITB Risk / Return Rank: 2
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 2
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 3
BITB Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GLNK vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Chainlink Trust ETF (GLNK) and Bitwise Bitcoin ETF (BITB). 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.

	GLNK	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	-0.99	+0.25
Sortino ratio: Return per unit of downside risk	-1.18	-1.45	+0.26
Omega ratio: Gain probability vs. loss probability	0.86	0.84	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.82	0.00
Martin ratio: Return relative to average drawdown	-0.98	-1.26	+0.28

GLNK vs. BITB - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.74, which is comparable to the BITB Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of GLNK and BITB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLNK vs. BITB - Drawdown Comparison

The maximum GLNK drawdown since its inception was -96.25%, which is greater than BITB's maximum drawdown of -53.33%. Use the drawdown chart below to compare losses from any high point for GLNK and BITB.

Drawdown Indicators

	GLNK	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-53.33%	-42.92%
Max Drawdown (1Y) Largest decline over 1 year	-89.50%	-53.33%	-36.17%
Max Drawdown (3Y) Largest decline over 3 years	-96.25%	—	—
Current Drawdown Current decline from peak	-95.70%	-49.25%	-46.45%
Average Drawdown Average peak-to-trough decline	-57.23%	-18.29%	-38.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.29%	34.78%	+40.51%

Volatility

GLNK vs. BITB - Volatility Comparison

Grayscale Chainlink Trust ETF (GLNK) has a higher volatility of 12.05% compared to Bitwise Bitcoin ETF (BITB) at 8.85%. This indicates that GLNK's price experiences larger fluctuations and is considered to be riskier than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLNK	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	8.85%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	33.75%	+11.85%
Volatility (1Y) Calculated over the trailing 1-year period	99.63%	44.39%	+55.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	161.90%	49.35%	+112.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	161.90%	49.35%	+112.55%

GLNK vs. BITB - Expense Ratio Comparison

GLNK has a 2.50% expense ratio, which is higher than BITB's 0.20% expense ratio.

Dividends

GLNK vs. BITB - Dividend Comparison

Neither GLNK nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLNK and BITB in my portfolio?

GLNK and BITB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or BITB?

GLNK has higher volatility (12.05%) compared to BITB (8.85%). In terms of maximum drawdown, GLNK dropped -96.25% vs BITB's -53.33%.

Which ETF is better, GLNK or BITB?

On 1-year performance, BITB leads with -43.67% vs -73.43% for GLNK. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 8.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLNK or BITB?

Over the 1-year period, BITB has performed better with a -43.67% return vs -73.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 2.50% for GLNK.

Which ETF pays a higher dividend yield, GLNK or BITB?

GLNK and BITB have nearly identical dividend yields, around 0.00%.

What is the main difference between GLNK and BITB?

GLNK tracks Chainlink (LINK), while BITB tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for GLNK and 0.20% for BITB.

Which has better risk-adjusted returns?

GLNK currently has the higher Sharpe Ratio (-0.74 vs -0.99), 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.