IWF vs. GBTC
IWF (iShares Russell 1000 Growth ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - IWF is a Large Cap Growth Equities fund tracking the Russell 1000 Growth Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, IWF returned 18.15%/yr vs 46.15%/yr for GBTC. At a 0.26 correlation, their price movements are largely independent. IWF charges 0.18%/yr vs 1.50%/yr for GBTC.
Performance
IWF vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, IWF achieves a 2.83% return, which is significantly higher than GBTC's -27.85% return. Over the past 10 years, IWF has underperformed GBTC with an annualized return of 18.15%, while GBTC has yielded a comparatively higher 46.15% annualized return.
IWF
- 1D
- 1.57%
- 1M
- -1.44%
- YTD
- 2.83%
- 6M
- 1.71%
- 1Y
- 19.30%
- 3Y*
- 22.57%
- 5Y*
- 13.90%
- 10Y*
- 18.15%
GBTC
- 1D
- 2.71%
- 1M
- -21.45%
- YTD
- -27.85%
- 6M
- -31.30%
- 1Y
- -42.50%
- 3Y*
- 55.49%
- 5Y*
- 9.89%
- 10Y*
- 46.15%
IWF vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWF iShares Russell 1000 Growth ETF | 2.83% | 18.33% | 33.12% | 42.59% | -29.31% | 27.43% | 38.25% | 35.86% | -1.67% | 29.95% |
GBTC Grayscale Bitcoin Trust ETF | -27.85% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between IWF and GBTC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.26 |
Over the past year, IWF and GBTC have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
IWF vs. GBTC — Risk / Return Rank
IWF
GBTC
IWF vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Growth ETF (IWF) 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.
| IWF | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +3.10 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.84 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | -0.81 | +2.00 |
| Martin ratioReturn relative to average drawdown | 3.93 | -1.43 | +5.36 |
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Drawdowns
IWF vs. GBTC - Drawdown Comparison
The maximum IWF drawdown since its inception was -64.25%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for IWF and GBTC.
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Drawdown Indicators
| IWF | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.25% | -89.91% | +25.66% |
Max Drawdown (1Y)Largest decline over 1 year | -16.27% | -52.45% | +36.18% |
Max Drawdown (3Y)Largest decline over 3 years | -23.36% | -52.45% | +29.09% |
Max Drawdown (5Y)Largest decline over 5 years | -32.72% | -85.42% | +52.70% |
Max Drawdown (10Y)Largest decline over 10 years | -32.72% | -89.91% | +57.19% |
Current DrawdownCurrent decline from peak | -5.59% | -49.89% | +44.30% |
Average DrawdownAverage peak-to-trough decline | -22.06% | -43.43% | +21.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.92% | 29.68% | -24.76% |
Volatility
IWF vs. GBTC - Volatility Comparison
The current volatility for iShares Russell 1000 Growth ETF (IWF) is 5.43%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.92%. This indicates that IWF 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
| IWF | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.43% | 11.92% | -6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 34.41% | -22.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.96% | 44.01% | -28.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 62.27% | -40.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.01% | 82.18% | -61.17% |
IWF vs. GBTC - Expense Ratio Comparison
IWF has a 0.18% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
IWF vs. GBTC - Dividend Comparison
IWF's dividend yield for the trailing twelve months is around 0.35%, 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% |
IWF iShares Russell 1000 Growth ETF | 0.35% | 0.36% | 0.46% | 0.67% | 0.91% | 0.49% | 0.66% | 0.99% | 1.27% | 1.10% | 1.43% | 1.37% |
Frequently Asked Questions
IWF and GBTC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.92%) compared to IWF (5.43%). In terms of maximum drawdown, IWF dropped -64.25% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.15% vs 18.15% for IWF. On fees, IWF is cheaper at 0.18% per year. On volatility, IWF has been the lower-risk option at 5.43%. 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 46.15% return vs 18.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWF is cheaper with a 0.18% expense ratio, compared with 1.50% for GBTC.
IWF has the higher dividend yield at 0.35%, compared with 0.00% for GBTC.
IWF is categorized as Large Cap Growth Equities, while GBTC is Cryptocurrency. IWF tracks Russell 1000 Growth Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.18% for IWF and 1.50% for GBTC.
IWF currently has the higher Sharpe Ratio (1.21 vs -0.97), 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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