QBTC.TO vs. GBTC

Last updated Jul 1, 2026

QBTC.TO (The Bitcoin Fund) is a stock, while GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 5 years, QBTC.TO returned 10.25%/yr vs 12.89%/yr for GBTC. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

QBTC.TO vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in The Bitcoin Fund (QBTC.TO) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QBTC.TO is traded in CAD, while GBTC is traded in USD. To make them comparable, the GBTC 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 GBTC's -30.91% 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*: —

GBTC

• 1D: -2.54%
• 1M: -17.70%
• YTD: -30.91%
• 6M: -31.12%
• 1Y: -44.27%
• 3Y*: 36.51%
• 5Y*: 12.89%
• 10Y*: 46.03%

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

QBTC.TO vs. GBTC - 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%
GBTC Grayscale Bitcoin Trust ETF	-30.91%	-11.86%	131.91%	307.68%	-74.26%	6.98%	117.55%

Correlation

The correlation between QBTC.TO and GBTC is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.85

The correlation between QBTC.TO and GBTC has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Fundamentals

Total Revenue (TTM) QBTC.TO : CA$204.56M GBTC : $0.00
Gross Profit (TTM) QBTC.TO : CA$73.70M GBTC : $0.00
EBITDA (TTM) QBTC.TO : CA$610.43M GBTC : $4.58B

Return for Risk

QBTC.TO vs. GBTC — Risk / Return Rank

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

QBTC.TO

QBTC.TO Risk / Return Rank: 8
QBTC.TO Sharpe Ratio Rank: 5
QBTC.TO Sortino Ratio Rank: 6
QBTC.TO Omega Ratio Rank: 8
QBTC.TO Calmar Ratio Rank: 11
QBTC.TO Martin Ratio Rank: 9

GBTC

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

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.

QBTC.TO vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Bitcoin Fund (QBTC.TO) 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.

	QBTC.TO	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	-1.00	-0.03
Sortino ratio: Return per unit of downside risk	-1.55	-1.48	-0.06
Omega ratio: Gain probability vs. loss probability	0.83	0.84	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.84	+0.03
Martin ratio: Return relative to average drawdown	-1.41	-1.38	-0.03

QBTC.TO vs. GBTC - Sharpe Ratio Comparison

The current QBTC.TO Sharpe Ratio is -1.03, which is comparable to the GBTC Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of QBTC.TO 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

QBTC.TO vs. GBTC - Drawdown Comparison

The maximum QBTC.TO drawdown since its inception was -78.06%, smaller than the maximum GBTC drawdown of -89.71%. Use the drawdown chart below to compare losses from any high point for QBTC.TO and GBTC.

Drawdown Indicators

	QBTC.TO	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-78.06%	-89.71%	+11.65%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-52.95%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	-52.95%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	-78.06%	-84.15%	+6.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.71%	—
Current Drawdown Current decline from peak	-55.51%	-52.95%	-2.56%
Average Drawdown Average peak-to-trough decline	-31.79%	-42.98%	+11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.01%	32.21%	-0.20%

Volatility

QBTC.TO vs. GBTC - Volatility Comparison

The Bitcoin Fund (QBTC.TO) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 13.19% and 13.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBTC.TO	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.19%	13.46%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	34.98%	34.60%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	43.73%	44.56%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.73%	62.26%	-9.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.27%	81.89%	-23.62%

Dividends

QBTC.TO vs. GBTC - Dividend Comparison

Neither QBTC.TO 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%
QBTC.TO The Bitcoin Fund	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 QBTC.TO and GBTC in my portfolio?

With a correlation of 0.91, QBTC.TO and GBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.