HUT.TO vs. GBTC

Last updated Jun 5, 2026

HUT.TO (Hut 8 Mining Corp.) is a stock, while GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 5 years, HUT.TO returned 8.28%/yr vs 11.83%/yr for GBTC. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

HUT.TO vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hut 8 Mining Corp. (HUT.TO) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HUT.TO is traded in CAD, while GBTC is traded in USD. To make them comparable, the GBTC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HUT.TO achieves a 181.21% return, which is significantly higher than GBTC's -30.46% return.

HUT.TO

• 1D: -3.07%
• 1M: 19.44%
• YTD: 181.21%
• 6M: 202.49%
• 1Y: 695.61%
• 3Y*: 37.19%
• 5Y*: 8.28%
• 10Y*: —

GBTC

• 1D: -4.95%
• 1M: -24.42%
• YTD: -30.46%
• 6M: -32.45%
• 1Y: -40.56%
• 3Y*: 49.83%
• 5Y*: 11.83%
• 10Y*: 49.69%

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

HUT.TO vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HUT.TO Hut 8 Mining Corp.	181.21%	114.40%	66.52%	-39.03%	-88.32%	184.53%	226.17%	-23.57%	-65.00%
GBTC Grayscale Bitcoin Trust ETF	-30.46%	-11.88%	132.17%	308.41%	-74.07%	6.06%	284.12%	96.40%	-75.51%

Correlation

The correlation between HUT.TO and GBTC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 7, 2018	0.52

The correlation between HUT.TO and GBTC shifts across timeframes, from 0.46 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Total Revenue (TTM) HUT.TO : CA$284.52M GBTC : $0.00
Gross Profit (TTM) HUT.TO : CA$91.56M GBTC : $0.00
EBITDA (TTM) HUT.TO : CA$270.09M GBTC : $4.58B

Return for Risk

HUT.TO vs. GBTC — Risk / Return Rank

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

HUT.TO

HUT.TO Risk / Return Rank: 97
HUT.TO Sharpe Ratio Rank: 99
HUT.TO Sortino Ratio Rank: 95
HUT.TO Omega Ratio Rank: 94
HUT.TO Calmar Ratio Rank: 99
HUT.TO Martin Ratio Rank: 99

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
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.

HUT.TO vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hut 8 Mining Corp. (HUT.TO) 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.

	HUT.TO	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	6.58	-0.94	+7.52
Sortino ratio: Return per unit of downside risk	4.21	-1.34	+5.55
Omega ratio: Gain probability vs. loss probability	1.54	0.85	+0.69
Calmar ratio: Return relative to maximum drawdown	17.36	-0.78	+18.14
Martin ratio: Return relative to average drawdown	47.74	-1.37	+49.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HUT.TO vs. GBTC - Sharpe Ratio Comparison

The current HUT.TO Sharpe Ratio is 6.58, which is higher than the GBTC Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of HUT.TO and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HUT.TO	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.58	-0.94	+7.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.20	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.67	-0.61

Drawdowns

HUT.TO vs. GBTC - Drawdown Comparison

The maximum HUT.TO drawdown since its inception was -98.28%, which is greater than GBTC's maximum drawdown of -89.63%. Use the drawdown chart below to compare losses from any high point for HUT.TO and GBTC.

Drawdown Indicators

	HUT.TO	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-98.28%	-89.63%	-8.65%
Max Drawdown (1Y) Largest decline over 1 year	-38.49%	-52.47%	+13.98%
Max Drawdown (3Y) Largest decline over 3 years	-94.16%	-52.47%	-41.69%
Max Drawdown (5Y) Largest decline over 5 years	-98.28%	-84.10%	-14.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.63%	—
Current Drawdown Current decline from peak	-64.14%	-52.47%	-11.67%
Average Drawdown Average peak-to-trough decline	-70.82%	-42.85%	-27.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.97%	29.53%	-15.56%

Volatility

HUT.TO vs. GBTC - Volatility Comparison

Hut 8 Mining Corp. (HUT.TO) has a higher volatility of 36.33% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.78%. This indicates that HUT.TO's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HUT.TO	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.33%	9.78%	+26.55%
Volatility (6M) Calculated over the trailing 6-month period	74.23%	33.89%	+40.34%
Volatility (1Y) Calculated over the trailing 1-year period	101.73%	43.27%	+58.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.37%	60.80%	+50.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.47%	81.36%	+37.11%

Dividends

HUT.TO vs. GBTC - Dividend Comparison

Neither HUT.TO 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%
HUT.TO Hut 8 Mining Corp.	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 HUT.TO and GBTC in my portfolio?

HUT.TO and GBTC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.