OBTC vs. BTRN

Last updated Jul 16, 2026

OBTC (Osprey Bitcoin Trust) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while BTRN tracks the CoinDesk Bitcoin Trend Indicator Futures Index. Both are passively managed. Over the past year, OBTC returned -38.12% vs -23.33% for BTRN. A 0.70 correlation means they provide meaningful diversification when combined. OBTC charges 0.49%/yr vs 0.95%/yr for BTRN.

Performance

OBTC vs. BTRN - Performance Comparison

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

Returns By Period

In the year-to-date period, OBTC achieves a -25.85% return, which is significantly lower than BTRN's -9.52% return.

OBTC

• 1D: 0.94%
• 1M: -2.35%
• 6M: -33.28%
• YTD: -25.85%
• 1Y: -38.12%
• 3Y*: 41.06%
• 5Y*: 8.59%
• 10Y*: —

BTRN

• 1D: 0.16%
• 1M: -0.38%
• 6M: -12.62%
• YTD: -9.52%
• 1Y: -23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. BTRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OBTC Osprey Bitcoin Trust	-25.85%	-1.87%	45.17%
BTRN Global X Bitcoin Trend Strategy ETF	-9.52%	4.89%	3.25%

Correlation

The correlation between OBTC and BTRN is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.70

The correlation between OBTC and BTRN shifts across timeframes, from 0.59 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OBTC vs. BTRN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

BTRN

BTRN Risk / Return Rank: 1
BTRN Sharpe Ratio Rank: 0
BTRN Sortino Ratio Rank: 1
BTRN Omega Ratio Rank: 0
BTRN Calmar Ratio Rank: 1
BTRN 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.

OBTC vs. BTRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and Global X Bitcoin Trend Strategy ETF (BTRN). 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	BTRN	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-1.35	+0.50
Sortino ratio: Return per unit of downside risk	-1.16	-1.84	+0.68
Omega ratio: Gain probability vs. loss probability	0.87	0.75	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.90	+0.13
Martin ratio: Return relative to average drawdown	-1.30	-1.41	+0.11

OBTC vs. BTRN - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.85, which is higher than the BTRN Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of OBTC and BTRN, 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. BTRN - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for OBTC and BTRN.

Drawdown Indicators

	OBTC	BTRN	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-36.97%	-57.53%
Max Drawdown (1Y) Largest decline over 1 year	-49.62%	-26.04%	-23.58%
Max Drawdown (3Y) Largest decline over 3 years	-49.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-62.96%	-25.48%	-37.48%
Average Drawdown Average peak-to-trough decline	-69.47%	-14.94%	-54.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.42%	16.55%	+12.87%

Volatility

OBTC vs. BTRN - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 11.77% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 2.04%. This indicates that OBTC's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	BTRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	2.04%	+9.73%
Volatility (6M) Calculated over the trailing 6-month period	35.27%	10.29%	+24.98%
Volatility (1Y) Calculated over the trailing 1-year period	45.00%	17.52%	+27.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.18%	30.23%	+26.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.54%	30.23%	+46.31%

OBTC vs. BTRN - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than BTRN's 0.95% expense ratio.

Dividends

OBTC vs. BTRN - Dividend Comparison

OBTC has not paid dividends to shareholders, while BTRN's dividend yield for the trailing twelve months is around 31.03%.

Position	TTM	2025	2024
BTRN Global X Bitcoin Trend Strategy ETF	31.03%	27.76%	2.56%
OBTC Osprey Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and BTRN in my portfolio?

OBTC and BTRN have a correlation of 0.59, 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 BTRN?

OBTC has higher volatility (11.77%) compared to BTRN (2.04%). In terms of maximum drawdown, OBTC dropped -94.50% vs BTRN's -36.97%.

Which ETF is better, OBTC or BTRN?

On 1-year performance, BTRN leads with -23.33% vs -38.12% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, BTRN has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or BTRN?

Over the 1-year period, BTRN has performed better with a -23.33% return vs -38.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or BTRN?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.95% for BTRN.

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

BTRN has the higher dividend yield at 31.03%, compared with 0.00% for OBTC.

What is the main difference between OBTC and BTRN?

OBTC tracks Bitcoin (BTC), while BTRN tracks CoinDesk Bitcoin Trend Indicator Futures Index. They also come from different issuers: Osprey Funds and Global X. Their fees differ too: 0.49% for OBTC and 0.95% for BTRN.

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.85 vs -1.35), 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.