IBIT vs. BTC
IBIT (iShares Bitcoin Trust ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. IBIT is passively managed, while BTC is actively managed. Over the past year, IBIT returned -38.74% vs -38.61% for BTC. With a 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 0.15%/yr for BTC.
Performance
IBIT vs. BTC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IBIT having a -25.48% return and BTC slightly higher at -25.36%.
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 42.68% |
BTC Grayscale Bitcoin Mini Trust ETF | -25.36% | -7.50% | 44.64% |
Correlation
The correlation between IBIT and BTC is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024 | 1.00 |
The correlation between IBIT and BTC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
IBIT vs. BTC — Risk / Return Rank
IBIT
BTC
IBIT vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.
| IBIT | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.78 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.36 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBIT | BTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.89 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.00 | +0.30 |
Drawdowns
IBIT vs. BTC - Drawdown Comparison
The maximum IBIT drawdown since its inception was -49.36%, roughly equal to the maximum BTC drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for IBIT and BTC.
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Drawdown Indicators
| IBIT | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.36% | -49.34% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -49.36% | -49.34% | -0.02% |
Current DrawdownCurrent decline from peak | -48.10% | -47.98% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -16.61% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.44% | 28.38% | +0.06% |
Volatility
IBIT vs. BTC - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) and Grayscale Bitcoin Mini Trust ETF (BTC) have volatilities of 9.50% and 9.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 9.40% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 34.44% | 34.45% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 43.69% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.19% | 48.30% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.19% | 48.30% | +1.89% |
IBIT vs. BTC - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is higher than BTC's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBIT vs. BTC - Dividend Comparison
Neither IBIT nor BTC has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, IBIT and BTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IBIT has higher volatility (9.50%) compared to BTC (9.40%). In terms of maximum drawdown, IBIT dropped -49.36% vs BTC's -49.34%.
On 1-year performance, BTC leads with -38.61% vs -38.74% for IBIT. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTC has performed better with a -38.61% return vs -38.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 0.25% for IBIT.
IBIT and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.25% for IBIT and 0.15% for BTC.
BTC currently has the higher Sharpe Ratio (-0.89 vs -0.89), 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.
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