OBTC vs. SOLT

Last updated Jul 16, 2026

OBTC (Osprey Bitcoin Trust) and SOLT (2x Solana ETF) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while SOLT is a Blockchain fund actively managed by Volatility Shares. OBTC is passively managed, while SOLT is actively managed. Over the past year, OBTC returned -38.12% vs -89.32% for SOLT. Their correlation of 0.83 suggests significant overlap in exposure. OBTC charges 0.49%/yr vs 1.85%/yr for SOLT.

Performance

OBTC vs. SOLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) and 2x Solana ETF (SOLT). 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 higher than SOLT's -72.37% return.

OBTC

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

SOLT

• 1D: -0.26%
• 1M: 1.44%
• 6M: -80.28%
• YTD: -72.37%
• 1Y: -89.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. SOLT - Yearly Performance Comparison

	2026 (YTD)	2025
OBTC Osprey Bitcoin Trust	-25.85%	9.37%
SOLT 2x Solana ETF	-72.37%	-55.52%

Correlation

The correlation between OBTC and SOLT is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.83

The correlation between OBTC and SOLT has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

OBTC vs. SOLT — 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

SOLT

SOLT Risk / Return Rank: 3
SOLT Sharpe Ratio Rank: 4
SOLT Sortino Ratio Rank: 3
SOLT Omega Ratio Rank: 3
SOLT Calmar Ratio Rank: 1
SOLT Martin Ratio Rank: 3

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. SOLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and 2x Solana ETF (SOLT). 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	SOLT	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.60	-0.25
Sortino ratio: Return per unit of downside risk	-1.16	-1.07	-0.09
Omega ratio: Gain probability vs. loss probability	0.87	0.88	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.93	+0.16
Martin ratio: Return relative to average drawdown	-1.30	-1.20	-0.10

OBTC vs. SOLT - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.85, which is lower than the SOLT Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of OBTC and SOLT, 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. SOLT - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, roughly equal to the maximum SOLT drawdown of -96.28%. Use the drawdown chart below to compare losses from any high point for OBTC and SOLT.

Drawdown Indicators

	OBTC	SOLT	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-96.28%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-49.62%	-96.28%	+46.66%
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%	-94.78%	+31.82%
Average Drawdown Average peak-to-trough decline	-69.47%	-56.73%	-12.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.42%	74.45%	-45.03%

Volatility

OBTC vs. SOLT - Volatility Comparison

The current volatility for Osprey Bitcoin Trust (OBTC) is 11.77%, while 2x Solana ETF (SOLT) has a volatility of 42.50%. This indicates that OBTC experiences smaller price fluctuations and is considered to be less risky than SOLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	SOLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	42.50%	-30.73%
Volatility (6M) Calculated over the trailing 6-month period	35.27%	106.27%	-71.00%
Volatility (1Y) Calculated over the trailing 1-year period	45.00%	148.14%	-103.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.18%	150.98%	-93.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.54%	150.98%	-74.44%

OBTC vs. SOLT - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than SOLT's 1.85% expense ratio.

Dividends

OBTC vs. SOLT - Dividend Comparison

OBTC has not paid dividends to shareholders, while SOLT's dividend yield for the trailing twelve months is around 5.35%.

Position	TTM	2025
OBTC Osprey Bitcoin Trust	0.00%	0.00%
SOLT 2x Solana ETF	5.35%	1.22%

Frequently Asked Questions

Can I hold both OBTC and SOLT in my portfolio?

OBTC and SOLT have a correlation of 0.84, 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 SOLT?

SOLT has higher volatility (42.50%) compared to OBTC (11.77%). In terms of maximum drawdown, OBTC dropped -94.50% vs SOLT's -96.28%.

Which ETF is better, OBTC or SOLT?

On 1-year performance, OBTC leads with -38.12% vs -89.32% for SOLT. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or SOLT?

Over the 1-year period, OBTC has performed better with a -38.12% return vs -89.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or SOLT?

OBTC is cheaper with a 0.49% expense ratio, compared with 1.85% for SOLT.

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

SOLT has the higher dividend yield at 5.35%, compared with 0.00% for OBTC.

What is the main difference between OBTC and SOLT?

OBTC is categorized as Cryptocurrency, while SOLT is Blockchain. They also come from different issuers: Osprey Funds and Volatility Shares. Their fees differ too: 0.49% for OBTC and 1.85% for SOLT.

Which has better risk-adjusted returns?

SOLT currently has the higher Sharpe Ratio (-0.60 vs -0.85), 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.