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IBIT vs. GBTC
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between IBIT and GBTC is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

IBIT vs. GBTC

Last updated May 29, 2025

Compare and contrast key facts about iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (BTC) (GBTC).

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.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: IBIT or GBTC.

Performance

IBIT vs. GBTC - Performance Comparison

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

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Key characteristics

Sharpe Ratio

IBIT:

1.06

GBTC:

1.06

Sortino Ratio

IBIT:

1.75

GBTC:

1.74

Omega Ratio

IBIT:

1.21

GBTC:

1.21

Calmar Ratio

IBIT:

2.09

GBTC:

2.05

Martin Ratio

IBIT:

4.56

GBTC:

4.55

Ulcer Index

IBIT:

12.90%

GBTC:

12.83%

Daily Std Dev

IBIT:

53.03%

GBTC:

52.86%

Max Drawdown

IBIT:

-28.22%

GBTC:

-89.91%

Current Drawdown

IBIT:

-3.86%

GBTC:

-3.89%

Returns By Period

The year-to-date returns for both stocks are quite close, with IBIT having a 14.59% return and GBTC slightly lower at 13.90%.

IBIT

YTD

14.59%

1M

12.82%

6M

10.47%

1Y

55.95%

3Y*

N/A

5Y*

N/A

10Y*

N/A

GBTC

YTD

13.90%

1M

12.70%

6M

9.75%

1Y

55.55%

3Y*

70.84%

5Y*

54.07%

10Y*

74.48%

*Annualized

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iShares Bitcoin Trust

Grayscale Bitcoin Trust (BTC)

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

IBIT vs. GBTC — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IBIT
The Risk-Adjusted Performance Rank of IBIT is 8585
Overall Rank
The Sharpe Ratio Rank of IBIT is 8282
Sharpe Ratio Rank
The Sortino Ratio Rank of IBIT is 8585
Sortino Ratio Rank
The Omega Ratio Rank of IBIT is 8181
Omega Ratio Rank
The Calmar Ratio Rank of IBIT is 9393
Calmar Ratio Rank
The Martin Ratio Rank of IBIT is 8282
Martin Ratio Rank
GBTC
The Risk-Adjusted Performance Rank of GBTC is 8484
Overall Rank
The Sharpe Ratio Rank of GBTC is 8484
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 8181
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7777
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 9393
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 8585
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

IBIT vs. GBTC - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (BTC) (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.

The current IBIT Sharpe Ratio is 1.06, which is comparable to the GBTC Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of IBIT and GBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

IBIT vs. GBTC - Dividend Comparison

Neither IBIT nor GBTC has paid dividends to shareholders.

TTM20242023202220212020201920182017
IBIT
iShares Bitcoin Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GBTC
Grayscale Bitcoin Trust (BTC)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.26%

Drawdowns

IBIT vs. GBTC - Drawdown Comparison

The maximum IBIT drawdown since its inception was -28.22%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for IBIT and GBTC.

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Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

IBIT vs. GBTC - Volatility Comparison

iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (BTC) (GBTC) have volatilities of 9.30% and 9.28%, 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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