OBTC vs. LEGR
OBTC (Osprey Bitcoin Trust) and LEGR (First Trust Indxx Innovative Transaction & Process ETF) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while LEGR is a Blockchain fund tracking the Indxx Blockchain Index. Both are passively managed. Over the past 5 years, OBTC returned 6.73%/yr vs 11.07%/yr for LEGR. At a 0.34 correlation, their price movements are largely independent. OBTC charges 0.49%/yr vs 0.65%/yr for LEGR.
Performance
OBTC vs. LEGR - 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 LEGR's 8.68% return.
OBTC
- 1D
- -5.16%
- 1M
- -26.03%
- YTD
- -31.16%
- 6M
- -29.55%
- 1Y
- -32.02%
- 3Y*
- 55.06%
- 5Y*
- 6.73%
- 10Y*
- —
LEGR
- 1D
- -3.45%
- 1M
- -0.05%
- YTD
- 8.68%
- 6M
- 10.95%
- 1Y
- 25.85%
- 3Y*
- 22.33%
- 5Y*
- 11.07%
- 10Y*
- —
OBTC vs. LEGR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OBTC Osprey Bitcoin Trust | -31.16% | -1.87% | 130.89% | 277.81% | -73.93% | -74.76% |
LEGR First Trust Indxx Innovative Transaction & Process ETF | 8.68% | 30.83% | 16.25% | 22.79% | -19.01% | 8.96% |
Correlation
The correlation between OBTC and LEGR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2021 | 0.34 |
The correlation between OBTC and LEGR shifts across timeframes, from 0.34 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OBTC vs. LEGR — Risk / Return Rank
OBTC
LEGR
OBTC vs. LEGR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and First Trust Indxx Innovative Transaction & Process ETF (LEGR). 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 | LEGR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.33 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 2.50 | -3.17 |
| Martin ratioReturn relative to average drawdown | -1.26 | 9.39 | -10.66 |
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 | LEGR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.72 | 1.84 | -2.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.65 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.58 | -0.81 |
Drawdowns
OBTC vs. LEGR - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, which is greater than LEGR's maximum drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for OBTC and LEGR.
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Drawdown Indicators
| OBTC | LEGR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -36.12% | -58.38% |
Max Drawdown (1Y)Largest decline over 1 year | -48.14% | -10.40% | -37.74% |
Max Drawdown (3Y)Largest decline over 3 years | -48.14% | -14.25% | -33.89% |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | -31.45% | -52.31% |
Current DrawdownCurrent decline from peak | -65.62% | -4.75% | -60.87% |
Average DrawdownAverage peak-to-trough decline | -69.62% | -6.61% | -63.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 2.76% | +22.64% |
Volatility
OBTC vs. LEGR - Volatility Comparison
Osprey Bitcoin Trust (OBTC) has a higher volatility of 9.93% compared to First Trust Indxx Innovative Transaction & Process ETF (LEGR) at 5.64%. This indicates that OBTC's price experiences larger fluctuations and is considered to be riskier than LEGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OBTC | LEGR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.93% | 5.64% | +4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 34.48% | 11.79% | +22.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.58% | 14.08% | +30.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.14% | 17.02% | +41.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.55% | 20.34% | +51.21% |
OBTC vs. LEGR - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is lower than LEGR's 0.65% expense ratio.
Dividends
OBTC vs. LEGR - Dividend Comparison
OBTC has not paid dividends to shareholders, while LEGR's dividend yield for the trailing twelve months is around 1.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LEGR First Trust Indxx Innovative Transaction & Process ETF | 1.72% | 1.84% | 2.40% | 2.56% | 2.64% | 1.80% | 0.95% | 2.04% | 1.30% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBTC and LEGR have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBTC has higher volatility (9.93%) compared to LEGR (5.64%). In terms of maximum drawdown, OBTC dropped -94.50% vs LEGR's -36.12%.
On 5-year performance, LEGR leads with 11.07% vs 6.73% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, LEGR has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LEGR has performed better with a 11.07% return vs 6.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.65% for LEGR.
LEGR has the higher dividend yield at 1.72%, compared with 0.00% for OBTC.
OBTC is categorized as Cryptocurrency, while LEGR is Blockchain. OBTC tracks Bitcoin (BTC), while LEGR tracks Indxx Blockchain Index. They also come from different issuers: Osprey Funds and First Trust. Their fees differ too: 0.49% for OBTC and 0.65% for LEGR.
LEGR currently has the higher Sharpe Ratio (1.84 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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