IBIT vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Bitcoin Trust ETF (IBIT) and Bitcoin (BTC-USD).

IBIT is a passively managed fund by iShares that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 5, 2024.

Performance

IBIT vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

IBIT vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-22.18%	-6.41%	99.21%
BTC-USD Bitcoin	-21.63%	-6.27%	101.44%

Returns By Period

The year-to-date returns for both investments are quite close, with IBIT having a -22.18% return and BTC-USD slightly higher at -21.63%.

IBIT

• 1D: 0.57%
• 1M: -1.42%
• YTD: -22.18%
• 6M: -42.10%
• 1Y: -20.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

IBIT vs. BTC-USD — Risk / Return Rank

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

IBIT

IBIT Risk / Return Rank: 6
IBIT Sharpe Ratio Rank: 5
IBIT Sortino Ratio Rank: 5
IBIT Omega Ratio Rank: 6
IBIT Calmar Ratio Rank: 6
IBIT Martin Ratio Rank: 6

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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.

IBIT vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and Bitcoin (BTC-USD). 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-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.44	-0.44	0.00
Sortino ratio Return per unit of downside risk	-0.37	-0.38	+0.01
Omega ratio Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio Return relative to maximum drawdown	-0.35	-1.11	+0.75
Martin ratio Return relative to average drawdown	-0.75	-1.99	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBIT vs. BTC-USD - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -0.44, which is comparable to the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of IBIT and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBIT	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	-0.44	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	1.19	-0.83

Correlation

The correlation between IBIT and BTC-USD is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

IBIT vs. BTC-USD - Drawdown Comparison

The maximum IBIT drawdown since its inception was -49.36%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for IBIT and BTC-USD.

Drawdown Indicators

	IBIT	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-85.30%	+35.94%
Max Drawdown (1Y) Largest decline over 1 year	-49.36%	-49.65%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-45.80%	-45.02%	-0.78%
Average Drawdown Average peak-to-trough decline	-14.18%	-41.99%	+27.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.27%	27.60%	-4.33%

Volatility

IBIT vs. BTC-USD - Volatility Comparison

iShares Bitcoin Trust ETF (IBIT) and Bitcoin (BTC-USD) have volatilities of 12.95% and 13.58%, 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.

Volatility by Period

	IBIT	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.95%	13.58%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	36.76%	35.98%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	45.40%	36.76%	+8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.21%	46.90%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.21%	56.70%	-5.49%