MFTNX vs. GBTC

Last updated Jun 5, 2026

MFTNX (Arrow Managed Futures Strategy Fund Institutional Class) and GBTC (Grayscale Bitcoin Trust ETF) are both funds - MFTNX is a Systematic Trend fund managed by BlackRock, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, MFTNX returned 6.55%/yr vs 49.21%/yr for GBTC. At a 0.06 correlation, their price movements are largely independent. MFTNX charges 1.56%/yr vs 1.50%/yr for GBTC.

Performance

MFTNX vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow Managed Futures Strategy Fund Institutional Class (MFTNX) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFTNX achieves a 17.57% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, MFTNX has underperformed GBTC with an annualized return of 6.55%, while GBTC has yielded a comparatively higher 49.21% annualized return.

MFTNX

• 1D: -0.14%
• 1M: 3.66%
• YTD: 17.57%
• 6M: 23.08%
• 1Y: 44.31%
• 3Y*: 5.82%
• 5Y*: 10.79%
• 10Y*: 6.55%

GBTC

• 1D: -2.74%
• 1M: -22.25%
• YTD: -27.82%
• 6M: -31.83%
• 1Y: -40.35%
• 3Y*: 53.36%
• 5Y*: 9.81%
• 10Y*: 49.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MFTNX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFTNX Arrow Managed Futures Strategy Fund Institutional Class	17.57%	9.44%	7.12%	-13.65%	58.30%	2.37%	-3.92%	15.70%	-19.56%	19.38%
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between MFTNX and GBTC is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.06

The correlation between MFTNX and GBTC shifts across timeframes, from 0.06 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MFTNX vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MFTNX

MFTNX Risk / Return Rank: 64
MFTNX Sharpe Ratio Rank: 61
MFTNX Sortino Ratio Rank: 49
MFTNX Omega Ratio Rank: 52
MFTNX Calmar Ratio Rank: 90
MFTNX Martin Ratio Rank: 68

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

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.

MFTNX vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Managed Futures Strategy Fund Institutional Class (MFTNX) 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.

	MFTNX	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.30	-0.93	+3.23
Sortino ratio: Return per unit of downside risk	2.95	-1.31	+4.26
Omega ratio: Gain probability vs. loss probability	1.40	0.85	+0.54
Calmar ratio: Return relative to maximum drawdown	4.66	-0.81	+5.47
Martin ratio: Return relative to average drawdown	13.06	-1.40	+14.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFTNX vs. GBTC - Sharpe Ratio Comparison

The current MFTNX Sharpe Ratio is 2.30, which is higher than the GBTC Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of MFTNX 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.

Sharpe Ratios by Period

	MFTNX	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	-0.93	+3.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.16	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.60	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.65	-0.41

Drawdowns

MFTNX vs. GBTC - Drawdown Comparison

The maximum MFTNX drawdown since its inception was -35.58%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for MFTNX and GBTC.

Drawdown Indicators

	MFTNX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-89.91%	+54.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-49.87%	+40.13%
Max Drawdown (3Y) Largest decline over 3 years	-32.45%	-49.87%	+17.42%
Max Drawdown (5Y) Largest decline over 5 years	-32.45%	-85.42%	+52.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.58%	-89.91%	+54.33%
Current Drawdown Current decline from peak	-0.14%	-49.87%	+49.73%
Average Drawdown Average peak-to-trough decline	-12.90%	-43.43%	+30.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	28.81%	-25.34%

Volatility

MFTNX vs. GBTC - Volatility Comparison

The current volatility for Arrow Managed Futures Strategy Fund Institutional Class (MFTNX) is 4.12%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.07%. This indicates that MFTNX 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.

Volatility by Period

	MFTNX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	9.07%	-4.95%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	33.86%	-21.53%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	43.69%	-23.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	62.44%	-40.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.08%	82.20%	-60.12%

MFTNX vs. GBTC - Expense Ratio Comparison

MFTNX has a 1.56% expense ratio, which is higher than GBTC's 1.50% expense ratio.

Dividends

MFTNX vs. GBTC - Dividend Comparison

Neither MFTNX nor GBTC has 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%
MFTNX Arrow Managed Futures Strategy Fund Institutional Class	0.00%	0.00%	0.00%	11.69%	40.52%	2.53%	0.00%	20.10%	8.43%	2.28%	9.35%	1.46%

Frequently Asked Questions

Can I hold both MFTNX and GBTC in my portfolio?

MFTNX and GBTC have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFTNX or GBTC?

GBTC has higher volatility (9.07%) compared to MFTNX (4.12%). In terms of maximum drawdown, MFTNX dropped -35.58% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

MFTNX currently has the higher Sharpe Ratio (2.30 vs -0.93), 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.