PGY vs. GBTC
PGY (Pagaya Technologies Ltd.) is a stock, while GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 3 years, PGY returned 2.23%/yr vs 36.07%/yr for GBTC. At a 0.23 correlation, their price movements are largely independent.
Performance
PGY vs. GBTC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PGY having a -28.23% return and GBTC slightly lower at -29.27%.
PGY
- 1D
- -0.60%
- 1M
- 17.55%
- YTD
- -28.23%
- 6M
- -33.51%
- 1Y
- -19.96%
- 3Y*
- 2.23%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -3.22%
- 1M
- -17.84%
- YTD
- -29.27%
- 6M
- -29.42%
- 1Y
- -40.53%
- 3Y*
- 36.07%
- 5Y*
- 10.30%
- 10Y*
- 44.88%
PGY vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PGY Pagaya Technologies Ltd. | -28.23% | 124.97% | -43.90% | 11.29% | -82.29% |
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -7.65% | 113.81% | 317.61% | -36.03% |
Correlation
The correlation between PGY and GBTC is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.23 |
The correlation between PGY and GBTC shifts across timeframes, from 0.23 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
PGY:
$1.30B
GBTC:
$0.00
PGY:
$396.55M
GBTC:
$0.00
PGY:
$180.28M
GBTC:
$4.58B
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Return for Risk
PGY vs. GBTC — Risk / Return Rank
PGY
GBTC
PGY vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pagaya Technologies Ltd. (PGY) and Grayscale Bitcoin Trust ETF (GBTC). 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.
| PGY | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.86 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | -0.78 | +0.51 |
| Martin ratioReturn relative to average drawdown | -0.40 | -1.32 | +0.92 |
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Drawdowns
PGY vs. GBTC - Drawdown Comparison
The maximum PGY drawdown since its inception was -98.09%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for PGY and GBTC.
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Drawdown Indicators
| PGY | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -89.91% | -8.18% |
Max Drawdown (1Y)Largest decline over 1 year | -75.71% | -52.45% | -23.26% |
Max Drawdown (3Y)Largest decline over 3 years | -75.71% | -52.45% | -23.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -95.83% | -50.88% | -44.95% |
Average DrawdownAverage peak-to-trough decline | -92.12% | -43.44% | -48.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.48% | 30.79% | +19.69% |
Volatility
PGY vs. GBTC - Volatility Comparison
Pagaya Technologies Ltd. (PGY) has a higher volatility of 22.62% compared to Grayscale Bitcoin Trust ETF (GBTC) at 13.05%. This indicates that PGY's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGY | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.62% | 13.05% | +9.57% |
Volatility (6M)Calculated over the trailing 6-month period | 55.96% | 34.57% | +21.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.22% | 44.21% | +36.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 144.26% | 62.13% | +82.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 144.26% | 81.46% | +62.80% |
Dividends
PGY vs. GBTC - Dividend Comparison
Neither PGY nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
PGY Pagaya Technologies Ltd. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PGY and GBTC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGY has higher volatility (22.62%) compared to GBTC (13.05%). In terms of maximum drawdown, PGY dropped -98.09% vs GBTC's -89.91%.
PGY currently has the higher Sharpe Ratio (-0.25 vs -0.92), 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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