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IOO vs. GBTC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IOO vs. GBTC

Last updated Jun 9, 2026

IOO (iShares Global 100 ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - IOO is a Global Equities fund tracking the S&P Global 100 Index (Net), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, IOO returned 16.53%/yr vs 49.25%/yr for GBTC. At a 0.24 correlation, their price movements are largely independent. IOO charges 0.40%/yr vs 1.50%/yr for GBTC.

Performance

IOO vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global 100 ETF (IOO) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IOO achieves a 9.70% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, IOO has underperformed GBTC with an annualized return of 16.53%, while GBTC has yielded a comparatively higher 49.25% annualized return.

IOO

1D
0.27%
1M
-0.80%
YTD
9.70%
6M
9.96%
1Y
33.76%
3Y*
24.64%
5Y*
16.11%
10Y*
16.53%

GBTC

1D
5.06%
1M
-21.09%
YTD
-28.07%
6M
-30.74%
1Y
-40.20%
3Y*
53.71%
5Y*
10.31%
10Y*
49.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IOO vs. GBTC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IOO
iShares Global 100 ETF		9.70%27.02%26.54%27.71%-16.34%26.03%18.61%30.01%-6.22%23.56%
GBTC
Grayscale Bitcoin Trust ETF		-28.07%-7.65%113.81%317.61%-75.80%7.03%290.72%106.56%-82.10%1,787.72%

Correlation

The correlation between IOO and GBTC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.26

Correlation (All Time)
Calculated using the full available price history since May 4, 2015

0.24

Over the past year, IOO and GBTC have become more correlated (0.44) than their long-term average of 0.24, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global 100 ETF

Grayscale Bitcoin Trust ETF

Often compared with IOO:
IOO vs. IVVIOO vs. SPYIOO vs. NDQ.AXIOO vs. OEFIOO vs. NDAQIOO vs. VGTIOO vs. MOAT
Often compared with GBTC:
GBTC vs. IBITGBTC vs. BTC-USDGBTC vs. MSTRGBTC vs. BITOGBTC vs. TSLAGBTC vs. FBTCGBTC vs. SPY

Return for Risk

IOO vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IOO
IOO Risk / Return Rank: 8181
Overall Rank
IOO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IOO Sortino Ratio Rank: 8282
Sortino Ratio Rank
IOO Omega Ratio Rank: 8181
Omega Ratio Rank
IOO Calmar Ratio Rank: 7474
Calmar Ratio Rank
IOO Martin Ratio Rank: 8484
Martin Ratio Rank
GBTC
GBTC Risk / Return Rank: 22
Overall Rank
GBTC Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GBTC Sortino Ratio Rank: 22
Sortino Ratio Rank
GBTC Omega Ratio Rank: 22
Omega Ratio Rank
GBTC Calmar Ratio Rank: 33
Calmar Ratio Rank
GBTC Martin Ratio Rank: 22
Martin Ratio Rank
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.

IOO vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global 100 ETF (IOO) 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.

IOOGBTCDifference
Sharpe ratioReturn per unit of total volatility
2.45
-0.91

+3.36

Sortino ratioReturn per unit of downside risk
3.29
-1.28

+4.57

Omega ratioGain probability vs. loss probability

1.44

0.86

+0.58

Calmar ratioReturn relative to maximum drawdown

3.41

-0.77

+4.18

Martin ratioReturn relative to average drawdown

15.65

-1.38

+17.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IOO vs. GBTC - Sharpe Ratio Comparison

The current IOO Sharpe Ratio is 2.45, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of IOO and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IOOGBTCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.45

-0.91

+3.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.95

0.17

+0.78

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.93

0.60

+0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.65

-0.26

Drawdowns

IOO vs. GBTC - Drawdown Comparison

The maximum IOO drawdown since its inception was -55.85%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for IOO and GBTC.

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Drawdown Indicators

IOOGBTCDifference

Max Drawdown

Largest peak-to-trough decline

-55.85%

-89.91%

+34.06%

Max Drawdown (1Y)

Largest decline over 1 year

-9.94%

-52.45%

+42.51%

Max Drawdown (3Y)

Largest decline over 3 years

-19.19%

-52.45%

+33.26%

Max Drawdown (5Y)

Largest decline over 5 years

-23.52%

-85.42%

+61.90%

Max Drawdown (10Y)

Largest decline over 10 years

-31.43%

-89.91%

+58.48%

Current Drawdown

Current decline from peak

-3.57%

-50.05%

+46.48%

Average Drawdown

Average peak-to-trough decline

-11.27%

-43.44%

+32.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

29.16%

-27.00%

Volatility

IOO vs. GBTC - Volatility Comparison

The current volatility for iShares Global 100 ETF (IOO) is 4.47%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that IOO 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

IOOGBTCDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.47%

11.75%

-7.28%

Volatility (6M)

Calculated over the trailing 6-month period

11.04%

34.55%

-23.51%

Volatility (1Y)

Calculated over the trailing 1-year period

13.88%

44.19%

-30.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.09%

62.40%

-45.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.80%

82.22%

-64.42%

IOO vs. GBTC - Expense Ratio Comparison

IOO has a 0.40% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

IOO vs. GBTC - Dividend Comparison

IOO's dividend yield for the trailing twelve months is around 0.84%, while GBTC has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
IOO
iShares Global 100 ETF		0.84%0.92%1.08%1.49%2.00%1.53%1.49%2.02%2.54%2.23%2.75%2.89%

Frequently Asked Questions

IOO and GBTC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GBTC has higher volatility (11.75%) compared to IOO (4.47%). In terms of maximum drawdown, IOO dropped -55.85% vs GBTC's -89.91%.

On 10-year performance, GBTC leads with 49.25% vs 16.53% for IOO. On fees, IOO is cheaper at 0.40% per year. On volatility, IOO has been the lower-risk option at 4.47%. 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 49.25% return vs 16.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IOO is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.

IOO has the higher dividend yield at 0.84%, compared with 0.00% for GBTC.

IOO is categorized as Global Equities, while GBTC is Cryptocurrency. IOO tracks S&P Global 100 Index (Net), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.40% for IOO and 1.50% for GBTC.

IOO currently has the higher Sharpe Ratio (2.45 vs -0.91), 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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