PGY vs. GBTC

Last updated Jun 3, 2026

PGY (Pagaya Technologies Ltd.) and GBTC (Grayscale Bitcoin Trust (BTC)) are both stocks. PGY operates in Software - Infrastructure (Technology), while GBTC operates in Capital Markets (Financial Services). Over the past 3 years, PGY returned 2.59%/yr vs 53.65%/yr for GBTC. At a 0.23 correlation, their price movements are largely independent.

Performance

PGY vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pagaya Technologies Ltd. (PGY) and Grayscale Bitcoin Trust (BTC) (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGY achieves a -26.84% return, which is significantly lower than GBTC's -23.70% return.

PGY

• 1D: -2.24%
• 1M: 7.37%
• YTD: -26.84%
• 6M: -34.15%
• 1Y: -8.55%
• 3Y*: 2.59%
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -5.98%
• 1M: -14.45%
• YTD: -23.70%
• 6M: -26.79%
• 1Y: -36.66%
• 3Y*: 53.65%
• 5Y*: 10.09%
• 10Y*: 50.88%

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

PGY vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PGY Pagaya Technologies Ltd.	-26.84%	124.97%	-43.90%	11.29%	-79.61%
GBTC Grayscale Bitcoin Trust (BTC)	-23.70%	-7.65%	113.81%	317.61%	-39.44%

Correlation

The correlation between PGY and GBTC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.23

The correlation between PGY and GBTC shifts across timeframes, from 0.23 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Total Revenue (TTM) PGY : $1.30B GBTC : $0.00
Gross Profit (TTM) PGY : $396.55M GBTC : $0.00
EBITDA (TTM) PGY : $180.28M GBTC : $4.58B

Return for Risk

PGY vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PGY

PGY Risk / Return Rank: 37
PGY Sharpe Ratio Rank: 36
PGY Sortino Ratio Rank: 39
PGY Omega Ratio Rank: 38
PGY Calmar Ratio Rank: 37
PGY Martin Ratio Rank: 38

GBTC

GBTC Risk / Return Rank: 10
GBTC Sharpe Ratio Rank: 7
GBTC Sortino Ratio Rank: 9
GBTC Omega Ratio Rank: 11
GBTC Calmar Ratio Rank: 12
GBTC Martin Ratio Rank: 10

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.

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 (BTC) (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.

	PGY	GBTC	Difference
Sharpe ratio Return per unit of total volatility	-0.11	-0.84	+0.73
Sortino ratio Return per unit of downside risk	0.41	-1.13	+1.54
Omega ratio Gain probability vs. loss probability	1.05	0.87	+0.18
Calmar ratio Return relative to maximum drawdown	-0.09	-0.74	+0.65
Martin ratio Return relative to average drawdown	-0.15	-1.29	+1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGY vs. GBTC - Sharpe Ratio Comparison

The current PGY Sharpe Ratio is -0.11, which is higher than the GBTC Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of PGY and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PGY	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	-0.84	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.66	-0.89

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.

Drawdown Indicators

	PGY	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-98.09%	-89.91%	-8.18%
Max Drawdown (1Y) Largest decline over 1 year	-75.71%	-49.55%	-26.16%
Max Drawdown (3Y) Largest decline over 3 years	-75.71%	-49.55%	-26.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-95.75%	-47.01%	-48.74%
Average Drawdown Average peak-to-trough decline	-91.98%	-43.43%	-48.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.07%	28.47%	+19.60%

Volatility

PGY vs. GBTC - Volatility Comparison

Pagaya Technologies Ltd. (PGY) has a higher volatility of 18.02% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 9.69%. 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.

Volatility by Period

	PGY	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.02%	9.69%	+8.33%
Volatility (6M) Calculated over the trailing 6-month period	54.35%	34.77%	+19.58%
Volatility (1Y) Calculated over the trailing 1-year period	78.62%	43.58%	+35.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.85%	62.46%	+82.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.85%	82.22%	+62.63%

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 (BTC)	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%

Financials

Frequently Asked Questions

Can I hold both PGY and GBTC in my portfolio?

PGY and GBTC have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGY or GBTC?

PGY has higher volatility (18.02%) compared to GBTC (9.69%). In terms of maximum drawdown, PGY dropped -98.09% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

PGY currently has the higher Sharpe Ratio (-0.11 vs -0.84), 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.