IEI vs. GBTC
IEI (iShares 3-7 Year Treasury Bond ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, IEI returned 1.24%/yr vs 46.47%/yr for GBTC. At a correlation of -0.01, they often move in opposite directions. IEI charges 0.15%/yr vs 1.50%/yr for GBTC.
Performance
IEI vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, IEI achieves a -0.30% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, IEI has underperformed GBTC with an annualized return of 1.24%, while GBTC has yielded a comparatively higher 46.47% annualized return.
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
IEI vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between IEI and GBTC is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | -0.01 |
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Return for Risk
IEI vs. GBTC — Risk / Return Rank
IEI
GBTC
IEI vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 3-7 Year Treasury Bond ETF (IEI) 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.
| IEI | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.85 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | -0.79 | +1.99 |
| Martin ratioReturn relative to average drawdown | 3.35 | -1.39 | +4.74 |
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Drawdowns
IEI vs. GBTC - Drawdown Comparison
The maximum IEI drawdown since its inception was -14.60%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for IEI and GBTC.
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Drawdown Indicators
| IEI | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.60% | -89.91% | +75.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -52.45% | +49.95% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -52.45% | +48.79% |
Max Drawdown (5Y)Largest decline over 5 years | -13.88% | -85.42% | +71.54% |
Max Drawdown (10Y)Largest decline over 10 years | -14.60% | -89.91% | +75.31% |
Current DrawdownCurrent decline from peak | -1.74% | -49.87% | +48.13% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -43.43% | +40.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 29.85% | -28.96% |
Volatility
IEI vs. GBTC - Volatility Comparison
The current volatility for iShares 3-7 Year Treasury Bond ETF (IEI) is 0.98%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.97%. This indicates that IEI experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEI | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 11.97% | -10.99% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 34.41% | -32.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 44.01% | -41.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.78% | 62.25% | -57.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 81.84% | -77.91% |
IEI vs. GBTC - Expense Ratio Comparison
IEI has a 0.15% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
IEI vs. GBTC - Dividend Comparison
IEI's dividend yield for the trailing twelve months is around 3.64%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
Frequently Asked Questions
IEI and GBTC have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.97%) compared to IEI (0.98%). In terms of maximum drawdown, IEI dropped -14.60% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.47% vs 1.24% for IEI. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 46.47% return vs 1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 1.50% for GBTC.
IEI has the higher dividend yield at 3.64%, compared with 0.00% for GBTC.
IEI is categorized as Government Bonds, while GBTC is Cryptocurrency. IEI tracks ICE U.S. Treasury 3-7 Year Bond Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.15% for IEI and 1.50% for GBTC.
IEI currently has the higher Sharpe Ratio (1.00 vs -0.94), 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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