IBIT vs. GBTC
IBIT (iShares Bitcoin Trust ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds - IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past year, IBIT returned -37.79% vs -38.57% for GBTC. With a 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 1.50%/yr for GBTC.
Performance
IBIT vs. GBTC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IBIT having a -26.49% return and GBTC slightly lower at -26.92%.
IBIT
- 1D
- 2.47%
- 1M
- -15.04%
- YTD
- -26.49%
- 6M
- -27.13%
- 1Y
- -37.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- 2.38%
- 1M
- -15.11%
- YTD
- -26.92%
- 6M
- -27.63%
- 1Y
- -38.57%
- 3Y*
- 37.57%
- 5Y*
- 12.45%
- 10Y*
- 45.36%
IBIT vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -26.49% | -6.41% | 89.87% |
GBTC Grayscale Bitcoin Trust ETF | -26.92% | -7.65% | 82.78% |
Correlation
The correlation between IBIT and GBTC 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 Jan 11, 2024 | 1.00 |
The correlation between IBIT and GBTC 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. GBTC — Risk / Return Rank
IBIT
GBTC
IBIT vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
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.
| IBIT | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.87 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.74 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.26 | +0.02 |
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Drawdowns
IBIT vs. GBTC - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, 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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Drawdown Indicators
| IBIT | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -89.91% | +37.80% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -52.45% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.45% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -48.80% | -49.24% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -16.79% | -43.44% | +26.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.41% | 30.63% | -0.22% |
Volatility
IBIT vs. GBTC - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 13.00% and 12.87%, 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 | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.00% | 12.87% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 34.46% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.29% | 44.19% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.21% | 62.12% | -11.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.21% | 81.60% | -31.39% |
IBIT vs. GBTC - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
IBIT vs. GBTC - Dividend Comparison
Neither IBIT 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% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, IBIT and GBTC 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 (13.00%) compared to GBTC (12.87%). In terms of maximum drawdown, IBIT dropped -52.11% vs GBTC's -89.91%.
On 1-year performance, IBIT leads with -37.79% vs -38.57% for GBTC. On fees, IBIT is cheaper at 0.25% per year. On volatility, GBTC has been the lower-risk option at 12.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -37.79% return vs -38.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 1.50% for GBTC.
IBIT and GBTC have nearly identical dividend yields, around 0.00%.
IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.25% for IBIT and 1.50% for GBTC.
IBIT currently has the higher Sharpe Ratio (-0.86 vs -0.88), 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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