OBTC vs. DECO

Last updated Jun 26, 2026

OBTC (Osprey Bitcoin Trust) and DECO (State Street Galaxy Digital Asset Ecosystem ETF) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while DECO is a Blockchain fund actively managed by State Street. OBTC is passively managed, while DECO is actively managed. Over the past year, OBTC returned -39.69% vs 144.28% for DECO. A 0.63 correlation means they provide meaningful diversification when combined. OBTC charges 0.49%/yr vs 0.65%/yr for DECO.

Performance

OBTC vs. DECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) and State Street Galaxy Digital Asset Ecosystem ETF (DECO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBTC achieves a -32.48% return, which is significantly lower than DECO's 74.32% return.

OBTC

• 1D: -1.11%
• 1M: -22.02%
• YTD: -32.48%
• 6M: -32.20%
• 1Y: -39.69%
• 3Y*: 42.23%
• 5Y*: 5.99%
• 10Y*: —

DECO

• 1D: 0.04%
• 1M: 6.74%
• YTD: 74.32%
• 6M: 65.49%
• 1Y: 144.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. DECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OBTC Osprey Bitcoin Trust	-32.48%	-1.87%	55.14%
DECO State Street Galaxy Digital Asset Ecosystem ETF	74.32%	42.48%	31.48%

Correlation

The correlation between OBTC and DECO is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.63

The correlation between OBTC and DECO has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.

Return for Risk

OBTC vs. DECO — 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: 2

DECO

DECO Risk / Return Rank: 89
DECO Sharpe Ratio Rank: 95
DECO Sortino Ratio Rank: 89
DECO Omega Ratio Rank: 85
DECO Calmar Ratio Rank: 93
DECO Martin Ratio Rank: 86

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. DECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and State Street Galaxy Digital Asset Ecosystem ETF (DECO). 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	DECO	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	3.25	-4.14
Sortino ratio: Return per unit of downside risk	-1.25	3.52	-4.77
Omega ratio: Gain probability vs. loss probability	0.86	1.44	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.81	5.67	-6.48
Martin ratio: Return relative to average drawdown	-1.45	15.77	-17.22

OBTC vs. DECO - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.89, which is lower than the DECO Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of OBTC and DECO, 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. DECO - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than DECO's maximum drawdown of -47.71%. Use the drawdown chart below to compare losses from any high point for OBTC and DECO.

Drawdown Indicators

	OBTC	DECO	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-47.71%	-46.79%
Max Drawdown (1Y) Largest decline over 1 year	-49.13%	-25.60%	-23.53%
Max Drawdown (3Y) Largest decline over 3 years	-49.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-66.28%	-4.50%	-61.78%
Average Drawdown Average peak-to-trough decline	-69.52%	-11.38%	-58.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.45%	9.18%	+18.27%

Volatility

OBTC vs. DECO - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 13.17% compared to State Street Galaxy Digital Asset Ecosystem ETF (DECO) at 12.36%. This indicates that OBTC's price experiences larger fluctuations and is considered to be riskier than DECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	DECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	12.36%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	34.90%	33.78%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	44.83%	44.68%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	51.25%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.82%	51.25%	+25.57%

OBTC vs. DECO - Expense Ratio Comparison

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

Dividends

OBTC vs. DECO - Dividend Comparison

OBTC has not paid dividends to shareholders, while DECO's dividend yield for the trailing twelve months is around 0.66%.

Position	TTM	2025	2024
DECO State Street Galaxy Digital Asset Ecosystem ETF	0.66%	1.16%	1.73%
OBTC Osprey Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and DECO in my portfolio?

OBTC and DECO have a correlation of 0.62, 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 DECO?

OBTC has higher volatility (13.17%) compared to DECO (12.36%). In terms of maximum drawdown, OBTC dropped -94.50% vs DECO's -47.71%.

Which ETF is better, OBTC or DECO?

On 1-year performance, DECO leads with 144.28% vs -39.69% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, DECO has been the lower-risk option at 12.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or DECO?

Over the 1-year period, DECO has performed better with a 144.28% return vs -39.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or DECO?

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

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

DECO has the higher dividend yield at 0.66%, compared with 0.00% for OBTC.

What is the main difference between OBTC and DECO?

OBTC is categorized as Cryptocurrency, while DECO is Blockchain. They also come from different issuers: Osprey Funds and State Street. Their fees differ too: 0.49% for OBTC and 0.65% for DECO.

Which has better risk-adjusted returns?

DECO currently has the higher Sharpe Ratio (3.25 vs -0.89), 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.