OBTC vs. BITS

Last updated Aug 5, 2026

OBTC (Osprey Bitcoin Trust) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while BITS tracks the NONE. Both are passively managed. Over the past 3 years, OBTC returned 42.55%/yr vs 35.22%/yr for BITS. Their 0.74 correlation means they have sometimes moved together and sometimes differently. OBTC charges 0.49%/yr vs 0.65%/yr for BITS.

Performance

OBTC vs. BITS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) and Global X Blockchain & Bitcoin Strategy ETF (BITS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBTC achieves a -26.66% return, which is significantly lower than BITS's -8.44% return.

OBTC

• 1D: 0.95%
• 1M: 4.80%
• 6M: -16.02%
• YTD: -26.66%
• 1Y: -36.66%
• 3Y*: 42.55%
• 5Y*: 5.44%
• 10Y*: —
• ALL TIME*: -6.65%

BITS

• 1D: 0.45%
• 1M: 2.51%
• 6M: -7.13%
• YTD: -8.44%
• 1Y: -9.04%
• 3Y*: 35.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITS Global X Blockchain & Bitcoin Strategy ETF	$77.55K	$85.41K	$153.86K
OBTC Osprey Bitcoin Trust	$131.03K	$187.41K	$211.76K

OBTC vs. BITS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OBTC Osprey Bitcoin Trust	-26.66%	-1.87%	130.89%	277.81%	-73.93%	-31.38%
BITS Global X Blockchain & Bitcoin Strategy ETF	-8.44%	14.90%	61.84%	212.23%	-75.46%	-28.96%

Correlation

The correlation between OBTC and BITS is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.74

The correlation between OBTC and BITS has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

OBTC vs. BITS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC Martin Ratio Rank: 3

BITS

BITS Risk / Return Rank: 9
BITS Sharpe Ratio Rank: 8
BITS Sortino Ratio Rank: 10
BITS Omega Ratio Rank: 10
BITS Calmar Ratio Rank: 8
BITS Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OBTC vs. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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.

	OBTC	BITS	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-0.17	-0.65
Sortino ratio: Return per unit of downside risk	-1.10	0.13	-1.23
Omega ratio: Gain probability vs. loss probability	0.88	1.02	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.19	-0.55
Martin ratio: Return relative to average drawdown	-1.18	-0.30	-0.87

OBTC vs. BITS - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.82, which is lower than the BITS Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of OBTC and BITS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OBTC vs. BITS - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than BITS's maximum drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for OBTC and BITS.

Drawdown Indicators

	OBTC	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-83.11%	-11.39%
Max Drawdown (1Y) Largest decline over 1 year	-49.62%	-48.38%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-49.62%	-48.38%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-63.37%	-39.72%	-23.65%
Average Drawdown Average peak-to-trough decline	-69.41%	-42.56%	-26.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.21%	29.96%	+1.25%

Volatility

OBTC vs. BITS - Volatility Comparison

The current volatility for Osprey Bitcoin Trust (OBTC) is 8.17%, while Global X Blockchain & Bitcoin Strategy ETF (BITS) has a volatility of 14.43%. This indicates that OBTC experiences smaller price fluctuations and is considered to be less risky than BITS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	14.43%	-6.26%
Volatility (6M) Calculated over the trailing 6-month period	33.39%	40.40%	-7.01%
Volatility (1Y) Calculated over the trailing 1-year period	44.92%	54.08%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.36%	60.58%	-4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.18%	60.58%	+15.60%

OBTC vs. BITS - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than BITS's 0.65% expense ratio.

Dividends

OBTC vs. BITS - Dividend Comparison

OBTC has not paid dividends to shareholders, while BITS's dividend yield for the trailing twelve months is around 24.85%.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	24.85%	22.80%	29.49%	13.69%	0.48%	1.90%
OBTC Osprey Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and BITS in my portfolio?

OBTC and BITS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBTC or BITS?

BITS has higher volatility (14.43%) compared to OBTC (8.17%). In terms of maximum drawdown, OBTC dropped -94.50% vs BITS's -83.11%.

Which ETF is better, OBTC or BITS?

On 3-year performance, OBTC leads with 42.55% vs 35.22% for BITS. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or BITS?

Over the 3-year period, OBTC has performed better with a 42.55% return vs 35.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or BITS?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.65% for BITS.

Which ETF pays a higher dividend yield, OBTC or BITS?

BITS has the higher dividend yield at 24.85%, compared with 0.00% for OBTC.

What is the main difference between OBTC and BITS?

OBTC tracks Bitcoin (BTC), while BITS tracks NONE. They also come from different issuers: Osprey and Global X. Their fees differ too: 0.49% for OBTC and 0.65% for BITS.

Which has better risk-adjusted returns?

BITS currently has the higher Sharpe Ratio (-0.17 vs -0.82), 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.