LEGR vs. GBTC
LEGR (First Trust Indxx Innovative Transaction & Process ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - LEGR is a Blockchain fund tracking the Indxx Blockchain Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, LEGR returned 11.82%/yr vs 10.42%/yr for GBTC. At a 0.32 correlation, their price movements are largely independent. LEGR charges 0.65%/yr vs 1.50%/yr for GBTC.
Performance
LEGR vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, LEGR achieves a 12.39% return, which is significantly higher than GBTC's -25.79% return.
LEGR
- 1D
- -1.50%
- 1M
- 7.23%
- YTD
- 12.39%
- 6M
- 15.64%
- 1Y
- 30.64%
- 3Y*
- 23.83%
- 5Y*
- 11.82%
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -18.48%
- YTD
- -25.79%
- 6M
- -30.25%
- 1Y
- -39.46%
- 3Y*
- 52.23%
- 5Y*
- 10.42%
- 10Y*
- 50.46%
LEGR vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LEGR First Trust Indxx Innovative Transaction & Process ETF | 12.39% | 30.83% | 16.25% | 22.79% | -19.01% | 17.91% | 18.73% | 27.99% | -14.11% |
GBTC Grayscale Bitcoin Trust ETF | -25.79% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -78.59% |
Correlation
The correlation between LEGR 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 | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2018 | 0.32 |
The correlation between LEGR and GBTC shifts across timeframes, from 0.32 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LEGR vs. GBTC — Risk / Return Rank
LEGR
GBTC
LEGR vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Innovative Transaction & Process ETF (LEGR) 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.
| LEGR | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.17 | ||
| Sortino ratioReturn per unit of downside risk | +4.37 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.86 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | -0.80 | +3.76 |
| Martin ratioReturn relative to average drawdown | 11.21 | -1.38 | +12.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LEGR | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | -0.91 | +3.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.17 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.66 | -0.05 |
Drawdowns
LEGR vs. GBTC - Drawdown Comparison
The maximum LEGR drawdown since its inception was -36.12%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for LEGR and GBTC.
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Drawdown Indicators
| LEGR | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.12% | -89.91% | +53.79% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -49.55% | +39.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.25% | -49.55% | +35.30% |
Max Drawdown (5Y)Largest decline over 5 years | -31.45% | -85.42% | +53.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -1.50% | -48.46% | +46.96% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -43.43% | +36.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 28.63% | -25.89% |
Volatility
LEGR vs. GBTC - Volatility Comparison
The current volatility for First Trust Indxx Innovative Transaction & Process ETF (LEGR) is 4.93%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.43%. This indicates that LEGR 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
| LEGR | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 9.43% | -4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 11.22% | 34.39% | -23.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.62% | 43.66% | -30.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 62.45% | -45.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 82.21% | -61.90% |
LEGR vs. GBTC - Expense Ratio Comparison
LEGR has a 0.65% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
LEGR vs. GBTC - Dividend Comparison
LEGR's dividend yield for the trailing twelve months is around 1.67%, while GBTC has not 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% |
LEGR First Trust Indxx Innovative Transaction & Process ETF | 1.67% | 1.84% | 2.40% | 2.56% | 2.64% | 1.80% | 0.95% | 2.04% | 1.30% | 0.00% |
Frequently Asked Questions
LEGR 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 (9.43%) compared to LEGR (4.93%). In terms of maximum drawdown, LEGR dropped -36.12% vs GBTC's -89.91%.
On 5-year performance, LEGR leads with 11.82% vs 10.42% for GBTC. On fees, LEGR is cheaper at 0.65% per year. On volatility, LEGR has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LEGR has performed better with a 11.82% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LEGR is cheaper with a 0.65% expense ratio, compared with 1.50% for GBTC.
LEGR has the higher dividend yield at 1.67%, compared with 0.00% for GBTC.
LEGR is categorized as Blockchain, while GBTC is Cryptocurrency. LEGR tracks Indxx Blockchain Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: First Trust and Grayscale. Their fees differ too: 0.65% for LEGR and 1.50% for GBTC.
LEGR currently has the higher Sharpe Ratio (2.26 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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