LEGR vs. OBTC
LEGR (First Trust Indxx Innovative Transaction & Process ETF) and OBTC (Osprey Bitcoin Trust) are both exchange-traded funds - LEGR is a Blockchain fund tracking the Indxx Blockchain Index, while OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC). Both are passively managed. Over the past 5 years, LEGR returned 11.82%/yr vs 8.44%/yr for OBTC. At a 0.34 correlation, their price movements are largely independent. LEGR charges 0.65%/yr vs 0.49%/yr for OBTC.
Performance
LEGR vs. OBTC - 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 OBTC's -25.45% return.
LEGR
- 1D
- -1.50%
- 1M
- 7.23%
- YTD
- 12.39%
- 6M
- 15.64%
- 1Y
- 30.64%
- 3Y*
- 23.83%
- 5Y*
- 11.82%
- 10Y*
- —
OBTC
- 1D
- -2.72%
- 1M
- -18.30%
- YTD
- -25.45%
- 6M
- -25.31%
- 1Y
- -28.83%
- 3Y*
- 53.99%
- 5Y*
- 8.44%
- 10Y*
- —
LEGR vs. OBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
LEGR First Trust Indxx Innovative Transaction & Process ETF | 12.39% | 30.83% | 16.25% | 22.79% | -19.01% | 8.96% |
OBTC Osprey Bitcoin Trust | -25.45% | -1.87% | 130.89% | 277.81% | -73.93% | -74.76% |
Correlation
The correlation between LEGR and OBTC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2021 | 0.34 |
The correlation between LEGR and OBTC shifts across timeframes, from 0.34 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LEGR vs. OBTC — Risk / Return Rank
LEGR
OBTC
LEGR vs. OBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Innovative Transaction & Process ETF (LEGR) and Osprey Bitcoin Trust (OBTC). 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 | OBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.91 | ||
| Sortino ratioReturn per unit of downside risk | +3.87 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.91 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | -0.64 | +3.60 |
| Martin ratioReturn relative to average drawdown | 11.21 | -1.15 | +12.36 |
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 | OBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | -0.65 | +2.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.15 | +0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | -0.21 | +0.81 |
Drawdowns
LEGR vs. OBTC - Drawdown Comparison
The maximum LEGR drawdown since its inception was -36.12%, smaller than the maximum OBTC drawdown of -94.50%. Use the drawdown chart below to compare losses from any high point for LEGR and OBTC.
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Drawdown Indicators
| LEGR | OBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.12% | -94.50% | +58.38% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -45.41% | +35.01% |
Max Drawdown (3Y)Largest decline over 3 years | -14.25% | -45.41% | +31.16% |
Max Drawdown (5Y)Largest decline over 5 years | -31.45% | -83.76% | +52.31% |
Current DrawdownCurrent decline from peak | -1.50% | -62.77% | +61.27% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -69.63% | +63.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 25.06% | -22.32% |
Volatility
LEGR vs. OBTC - Volatility Comparison
The current volatility for First Trust Indxx Innovative Transaction & Process ETF (LEGR) is 4.93%, while Osprey Bitcoin Trust (OBTC) has a volatility of 9.55%. This indicates that LEGR experiences smaller price fluctuations and is considered to be less risky than OBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LEGR | OBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 9.55% | -4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 11.22% | 34.48% | -23.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.62% | 44.27% | -30.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 58.11% | -41.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 71.56% | -51.25% |
LEGR vs. OBTC - Expense Ratio Comparison
LEGR has a 0.65% expense ratio, which is higher than OBTC's 0.49% expense ratio.
Dividends
LEGR vs. OBTC - Dividend Comparison
LEGR's dividend yield for the trailing twelve months is around 1.67%, while OBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LEGR and OBTC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBTC has higher volatility (9.55%) compared to LEGR (4.93%). In terms of maximum drawdown, LEGR dropped -36.12% vs OBTC's -94.50%.
On 5-year performance, LEGR leads with 11.82% vs 8.44% for OBTC. On fees, OBTC is cheaper at 0.49% 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 8.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.65% for LEGR.
LEGR has the higher dividend yield at 1.67%, compared with 0.00% for OBTC.
LEGR is categorized as Blockchain, while OBTC is Cryptocurrency. LEGR tracks Indxx Blockchain Index, while OBTC tracks Bitcoin (BTC). They also come from different issuers: First Trust and Osprey Funds. Their fees differ too: 0.65% for LEGR and 0.49% for OBTC.
LEGR currently has the higher Sharpe Ratio (2.26 vs -0.65), 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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