MOAT vs. GBTC
MOAT (VanEck Morningstar Wide Moat ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, MOAT returned 13.35%/yr vs 46.15%/yr for GBTC. At a 0.24 correlation, their price movements are largely independent. MOAT charges 0.47%/yr vs 1.50%/yr for GBTC.
Performance
MOAT vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, MOAT achieves a -1.06% return, which is significantly higher than GBTC's -27.85% return. Over the past 10 years, MOAT has underperformed GBTC with an annualized return of 13.35%, while GBTC has yielded a comparatively higher 46.15% annualized return.
MOAT
- 1D
- 1.16%
- 1M
- 2.54%
- YTD
- -1.06%
- 6M
- -2.38%
- 1Y
- 12.21%
- 3Y*
- 10.67%
- 5Y*
- 7.69%
- 10Y*
- 13.35%
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%
MOAT vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MOAT VanEck Morningstar Wide Moat ETF | -1.06% | 13.20% | 10.73% | 31.89% | -13.66% | 24.12% | 14.84% | 34.79% | -1.28% | 23.18% |
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 MOAT and GBTC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.24 |
The correlation between MOAT and GBTC shifts across timeframes, from 0.24 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MOAT vs. GBTC — Risk / Return Rank
MOAT
GBTC
MOAT vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Wide Moat ETF (MOAT) 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.
| MOAT | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.84 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | -0.81 | +1.80 |
| Martin ratioReturn relative to average drawdown | 3.02 | -1.43 | +4.46 |
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Drawdowns
MOAT vs. GBTC - Drawdown Comparison
The maximum MOAT drawdown since its inception was -33.31%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for MOAT and GBTC.
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Drawdown Indicators
| MOAT | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.31% | -89.91% | +56.60% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -52.45% | +40.02% |
Max Drawdown (3Y)Largest decline over 3 years | -21.44% | -52.45% | +31.01% |
Max Drawdown (5Y)Largest decline over 5 years | -23.96% | -85.42% | +61.46% |
Max Drawdown (10Y)Largest decline over 10 years | -33.31% | -89.91% | +56.60% |
Current DrawdownCurrent decline from peak | -4.84% | -49.89% | +45.05% |
Average DrawdownAverage peak-to-trough decline | -3.83% | -43.43% | +39.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 29.68% | -25.63% |
Volatility
MOAT vs. GBTC - Volatility Comparison
The current volatility for VanEck Morningstar Wide Moat ETF (MOAT) is 4.16%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.92%. This indicates that MOAT 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
| MOAT | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | 11.92% | -7.76% |
Volatility (6M)Calculated over the trailing 6-month period | 10.04% | 34.41% | -24.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.94% | 44.01% | -30.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.21% | 62.27% | -44.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.69% | 82.18% | -63.49% |
MOAT vs. GBTC - Expense Ratio Comparison
MOAT has a 0.47% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
MOAT vs. GBTC - Dividend Comparison
MOAT's dividend yield for the trailing twelve months is around 1.37%, 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% |
MOAT VanEck Morningstar Wide Moat ETF | 1.37% | 1.36% | 1.37% | 0.86% | 1.25% | 1.08% | 1.46% | 1.31% | 1.79% | 1.07% | 1.17% | 2.13% |
Frequently Asked Questions
MOAT and GBTC have a correlation of 0.34, 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 MOAT (4.16%). In terms of maximum drawdown, MOAT dropped -33.31% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.15% vs 13.35% for MOAT. On fees, MOAT is cheaper at 0.47% per year. On volatility, MOAT has been the lower-risk option at 4.16%. 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 13.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MOAT is cheaper with a 0.47% expense ratio, compared with 1.50% for GBTC.
MOAT has the higher dividend yield at 1.37%, compared with 0.00% for GBTC.
MOAT is categorized as Large Cap Blend Equities, while GBTC is Cryptocurrency. MOAT tracks Morningstar Wide Moat Focus Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.47% for MOAT and 1.50% for GBTC.
MOAT currently has the higher Sharpe Ratio (0.88 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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