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IYW vs. GBTC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYW vs. GBTC

Last updated Jun 9, 2026

IYW (iShares U.S. Technology ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, IYW returned 25.53%/yr vs 49.25%/yr for GBTC. At a 0.25 correlation, their price movements are largely independent. IYW charges 0.38%/yr vs 1.50%/yr for GBTC.

Performance

IYW vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Technology ETF (IYW) 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, IYW achieves a 22.81% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, IYW has underperformed GBTC with an annualized return of 25.53%, while GBTC has yielded a comparatively higher 49.25% annualized return.

IYW

1D
1.61%
1M
2.72%
YTD
22.81%
6M
20.20%
1Y
50.11%
3Y*
33.35%
5Y*
21.56%
10Y*
25.53%

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)

IYW vs. GBTC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYW
iShares U.S. Technology ETF		22.81%25.38%30.25%65.44%-34.83%35.44%47.45%46.64%-0.93%36.60%
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 IYW 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

0.33

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

0.25

Over the past year, IYW and GBTC have become more correlated (0.47) than their long-term average of 0.25, 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 U.S. Technology ETF

Grayscale Bitcoin Trust ETF

Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. SMHIYW vs. IWFIYW vs. SOXX
Often compared with GBTC:
GBTC vs. IBITGBTC vs. BTC-USDGBTC vs. MSTRGBTC vs. BITOGBTC vs. TSLAGBTC vs. FBTCGBTC vs. SPY

Return for Risk

IYW vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYW
IYW Risk / Return Rank: 7070
Overall Rank
IYW Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 7373
Sortino Ratio Rank
IYW Omega Ratio Rank: 7676
Omega Ratio Rank
IYW Calmar Ratio Rank: 6262
Calmar Ratio Rank
IYW Martin Ratio Rank: 5858
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.

IYW vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) 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.

IYWGBTCDifference
Sharpe ratioReturn per unit of total volatility
2.40
-0.91

+3.31

Sortino ratioReturn per unit of downside risk
2.97
-1.28

+4.25

Omega ratioGain probability vs. loss probability

1.40

0.86

+0.55

Calmar ratioReturn relative to maximum drawdown

2.83

-0.77

+3.60

Martin ratioReturn relative to average drawdown

9.20

-1.38

+10.58

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

IYW vs. GBTC - Sharpe Ratio Comparison

The current IYW Sharpe Ratio is 2.40, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of IYW 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

IYWGBTCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.40

-0.91

+3.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.17

+0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.02

0.60

+0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.65

-0.31

Drawdowns

IYW vs. GBTC - Drawdown Comparison

The maximum IYW drawdown since its inception was -81.90%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for IYW and GBTC.

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Drawdown Indicators

IYWGBTCDifference

Max Drawdown

Largest peak-to-trough decline

-81.90%

-89.91%

+8.01%

Max Drawdown (1Y)

Largest decline over 1 year

-17.81%

-52.45%

+34.64%

Max Drawdown (3Y)

Largest decline over 3 years

-26.47%

-52.45%

+25.98%

Max Drawdown (5Y)

Largest decline over 5 years

-39.44%

-85.42%

+45.98%

Max Drawdown (10Y)

Largest decline over 10 years

-39.44%

-89.91%

+50.47%

Current Drawdown

Current decline from peak

-5.70%

-50.05%

+44.35%

Average Drawdown

Average peak-to-trough decline

-34.64%

-43.44%

+8.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.46%

29.16%

-23.70%

Volatility

IYW vs. GBTC - Volatility Comparison

The current volatility for iShares U.S. Technology ETF (IYW) is 8.86%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that IYW 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

IYWGBTCDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.86%

11.75%

-2.89%

Volatility (6M)

Calculated over the trailing 6-month period

17.10%

34.55%

-17.45%

Volatility (1Y)

Calculated over the trailing 1-year period

21.05%

44.19%

-23.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.01%

62.40%

-36.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.18%

82.22%

-57.04%

IYW vs. GBTC - Expense Ratio Comparison

IYW has a 0.38% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

IYW vs. GBTC - Dividend Comparison

IYW's dividend yield for the trailing twelve months is around 0.11%, 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%
IYW
iShares U.S. Technology ETF		0.11%0.14%0.21%0.34%0.50%0.31%0.56%0.72%0.92%0.82%1.14%1.12%

Frequently Asked Questions

IYW 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 (11.75%) compared to IYW (8.86%). In terms of maximum drawdown, IYW dropped -81.90% vs GBTC's -89.91%.

On 10-year performance, GBTC leads with 49.25% vs 25.53% for IYW. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 8.86%. 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 25.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYW is cheaper with a 0.38% expense ratio, compared with 1.50% for GBTC.

IYW has the higher dividend yield at 0.11%, compared with 0.00% for GBTC.

IYW is categorized as Technology Equities, while GBTC is Cryptocurrency. IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.38% for IYW and 1.50% for GBTC.

IYW currently has the higher Sharpe Ratio (2.40 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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