PGY vs. GBTC

Last updated Aug 1, 2026

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 -14.95%/yr vs 36.79%/yr for GBTC. Their 0.23 correlation means their historical movements had little consistent relationship.

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 ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGY achieves a -7.80% return, which is significantly higher than GBTC's -28.72% return.

PGY

• 1D: 9.24%
• 1M: 8.32%
• 6M: -0.62%
• YTD: -7.80%
• 1Y: -33.83%
• 3Y*: -14.95%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -30.14%

GBTC

• 1D: -2.85%
• 1M: 2.29%
• 6M: -25.46%
• YTD: -28.72%
• 1Y: -45.18%
• 3Y*: 36.79%
• 5Y*: 7.01%
• 10Y*: 50.99%
• ALL TIME*: 54.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GBTC Grayscale Bitcoin Trust ETF	$75.53M	$74.63M	$101.29M
PGY Pagaya Technologies Ltd.	$53.71M	$54.89M	$61.50M

PGY vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PGY Pagaya Technologies Ltd.	-7.80%	124.97%	-43.90%	11.29%	-82.29%
GBTC Grayscale Bitcoin Trust ETF	-28.72%	-7.65%	113.81%	317.61%	-36.03%

Correlation

The correlation between PGY and GBTC is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	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 0.38 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Total Revenue (TTM) PGY : $1.37B GBTC : $0.00
Gross Profit (TTM) PGY : $410.69M GBTC : $0.00
EBITDA (TTM) PGY : $179.25M GBTC : $4.58B

Return for Risk

PGY vs. GBTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PGY

PGY Risk / Return Rank: 27
PGY Sharpe Ratio Rank: 23
PGY Sortino Ratio Rank: 26
PGY Omega Ratio Rank: 27
PGY Calmar Ratio Rank: 27
PGY Martin Ratio Rank: 31

GBTC

GBTC Risk / Return Rank: 1
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 1
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	-0.47	-1.06	+0.59
Sortino ratio: Return per unit of downside risk	-0.27	-1.62	+1.35
Omega ratio: Gain probability vs. loss probability	0.97	0.82	+0.15
Calmar ratio: Return relative to maximum drawdown	-0.48	-0.88	+0.40
Martin ratio: Return relative to average drawdown	-0.66	-1.34	+0.68

PGY vs. GBTC - Sharpe Ratio Comparison

The current PGY Sharpe Ratio is -0.47, which is higher than the GBTC Sharpe Ratio of -1.06. 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.

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%	-53.75%	-21.96%
Max Drawdown (3Y) Largest decline over 3 years	-75.71%	-53.75%	-21.96%
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	-94.64%	-50.49%	-44.15%
Average Drawdown Average peak-to-trough decline	-92.20%	-43.51%	-48.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.20%	34.92%	+19.28%

Volatility

PGY vs. GBTC - Volatility Comparison

Pagaya Technologies Ltd. (PGY) has a higher volatility of 20.44% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.06%. 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	20.44%	9.06%	+11.38%
Volatility (6M) Calculated over the trailing 6-month period	57.70%	33.68%	+24.02%
Volatility (1Y) Calculated over the trailing 1-year period	77.04%	44.36%	+32.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.81%	60.60%	+82.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.81%	81.27%	+61.54%

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

Can I hold both PGY and GBTC in my portfolio?

PGY and GBTC have a correlation of 0.38, 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 (20.44%) compared to GBTC (9.06%). 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 (-0.47 vs -1.06), 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.