OBTC vs. IBLC
OBTC (Osprey Bitcoin Trust) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while IBLC tracks the ICE FactSet Global Blockchain Technologies Index. Both are passively managed. Over the past 3 years, OBTC returned 55.06%/yr vs 44.70%/yr for IBLC. A 0.60 correlation means they provide meaningful diversification when combined. OBTC charges 0.49%/yr vs 0.47%/yr for IBLC.
Performance
OBTC vs. IBLC - Performance Comparison
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Returns By Period
In the year-to-date period, OBTC achieves a -31.16% return, which is significantly lower than IBLC's 18.55% return.
OBTC
- 1D
- -5.16%
- 1M
- -26.03%
- YTD
- -31.16%
- 6M
- -29.55%
- 1Y
- -32.02%
- 3Y*
- 55.06%
- 5Y*
- 6.73%
- 10Y*
- —
IBLC
- 1D
- -9.50%
- 1M
- -8.70%
- YTD
- 18.55%
- 6M
- 3.74%
- 1Y
- 55.11%
- 3Y*
- 44.70%
- 5Y*
- —
- 10Y*
- —
OBTC vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
OBTC Osprey Bitcoin Trust | -31.16% | -1.87% | 130.89% | 277.81% | -67.13% |
IBLC iShares Blockchain and Tech ETF | 18.55% | 27.05% | 18.58% | 201.47% | -57.76% |
Correlation
The correlation between OBTC and IBLC is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022 | 0.60 |
The correlation between OBTC and IBLC has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
OBTC vs. IBLC — Risk / Return Rank
OBTC
IBLC
OBTC vs. IBLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and iShares Blockchain and Tech ETF (IBLC). 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.
| OBTC | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.19 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 1.23 | -1.90 |
| Martin ratioReturn relative to average drawdown | -1.26 | 2.44 | -3.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OBTC | IBLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.72 | 1.00 | -1.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.34 | -0.57 |
Drawdowns
OBTC vs. IBLC - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, which is greater than IBLC's maximum drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for OBTC and IBLC.
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Drawdown Indicators
| OBTC | IBLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -62.54% | -31.96% |
Max Drawdown (1Y)Largest decline over 1 year | -48.14% | -44.94% | -3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -48.14% | -51.68% | +3.54% |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | — | — |
Current DrawdownCurrent decline from peak | -65.62% | -22.06% | -43.56% |
Average DrawdownAverage peak-to-trough decline | -69.62% | -25.88% | -43.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 22.62% | +2.78% |
Volatility
OBTC vs. IBLC - Volatility Comparison
The current volatility for Osprey Bitcoin Trust (OBTC) is 9.93%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 16.05%. This indicates that OBTC experiences smaller price fluctuations and is considered to be less risky than IBLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OBTC | IBLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.93% | 16.05% | -6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 34.48% | 41.77% | -7.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.58% | 55.54% | -10.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.14% | 64.61% | -6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.55% | 64.61% | +6.94% |
OBTC vs. IBLC - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is higher than IBLC's 0.47% expense ratio.
Dividends
OBTC vs. IBLC - Dividend Comparison
OBTC has not paid dividends to shareholders, while IBLC's dividend yield for the trailing twelve months is around 5.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IBLC iShares Blockchain and Tech ETF | 5.32% | 6.31% | 1.60% | 1.79% | 0.84% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBTC and IBLC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBLC has higher volatility (16.05%) compared to OBTC (9.93%). In terms of maximum drawdown, OBTC dropped -94.50% vs IBLC's -62.54%.
On 3-year performance, OBTC leads with 55.06% vs 44.70% for IBLC. On fees, IBLC is cheaper at 0.47% per year. On volatility, OBTC has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, OBTC has performed better with a 55.06% return vs 44.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBLC is cheaper with a 0.47% expense ratio, compared with 0.49% for OBTC.
IBLC has the higher dividend yield at 5.32%, compared with 0.00% for OBTC.
OBTC tracks Bitcoin (BTC), while IBLC tracks ICE FactSet Global Blockchain Technologies Index. They also come from different issuers: Osprey Funds and iShares. Their fees differ too: 0.49% for OBTC and 0.47% for IBLC.
IBLC currently has the higher Sharpe Ratio (1.00 vs -0.72), 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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