QBTC.TO vs. BTC-USD
QBTC.TO (The Bitcoin Fund) is a stock, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, QBTC.TO returned 10.25%/yr vs 14.90%/yr for BTC-USD. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
QBTC.TO vs. BTC-USD - Performance Comparison
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Different Trading Currencies
QBTC.TO is traded in CAD, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, QBTC.TO achieves a -34.60% return, which is significantly lower than BTC-USD's -30.58% return.
QBTC.TO
- 1D
- -3.77%
- 1M
- -20.26%
- YTD
- -34.60%
- 6M
- -35.49%
- 1Y
- -44.97%
- 3Y*
- 23.08%
- 5Y*
- 10.25%
- 10Y*
- —
BTC-USD
- 1D
- -2.56%
- 1M
- -17.74%
- YTD
- -30.58%
- 6M
- -31.25%
- 1Y
- -43.27%
- 3Y*
- 27.25%
- 5Y*
- 14.90%
- 10Y*
- 57.62%
QBTC.TO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QBTC.TO The Bitcoin Fund | -34.60% | -13.99% | 135.40% | 170.25% | -65.85% | 26.10% | 107.15% |
BTC-USD Bitcoin | -30.63% | -10.55% | 140.73% | 147.36% | -61.80% | 59.32% | 119.96% |
Correlation
The correlation between QBTC.TO and BTC-USD is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020 | 0.73 |
The correlation between QBTC.TO and BTC-USD has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
QBTC.TO vs. BTC-USD — Risk / Return Rank
QBTC.TO
BTC-USD
QBTC.TO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bitcoin Fund (QBTC.TO) and Bitcoin (BTC-USD). 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.
| QBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.83 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.36 | -0.05 |
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Drawdowns
QBTC.TO vs. BTC-USD - Drawdown Comparison
The maximum QBTC.TO drawdown since its inception was -78.06%, smaller than the maximum BTC-USD drawdown of -83.48%. Use the drawdown chart below to compare losses from any high point for QBTC.TO and BTC-USD.
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Drawdown Indicators
| QBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.06% | -83.48% | +5.42% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -52.24% | -3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | -52.24% | -3.27% |
Max Drawdown (5Y)Largest decline over 5 years | -78.06% | -74.94% | -3.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.60% | — |
Current DrawdownCurrent decline from peak | -55.51% | -52.24% | -3.27% |
Average DrawdownAverage peak-to-trough decline | -31.79% | -40.10% | +8.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.01% | 32.84% | -0.83% |
Volatility
QBTC.TO vs. BTC-USD - Volatility Comparison
The Bitcoin Fund (QBTC.TO) has a higher volatility of 13.19% compared to Bitcoin (BTC-USD) at 12.31%. This indicates that QBTC.TO's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.19% | 12.31% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 34.98% | 33.46% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 35.17% | +8.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.73% | 45.08% | +7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.27% | 56.17% | +2.10% |
Frequently Asked Questions
QBTC.TO and BTC-USD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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