QBTC.TO vs. GBTC
Compare and contrast key facts about The Bitcoin Fund (QBTC.TO) and Grayscale Bitcoin Trust (BTC) (GBTC).
Performance
QBTC.TO vs. GBTC - Performance Comparison
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QBTC.TO vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QBTC.TO The Bitcoin Fund | -19.21% | -13.99% | 135.40% | 170.25% | -65.85% | 26.10% | 112.52% |
GBTC Grayscale Bitcoin Trust (BTC) | -21.41% | -11.88% | 132.17% | 308.41% | -74.07% | 6.06% | 112.52% |
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.
Fundamentals
QBTC.TO:
CA$204.56M
GBTC:
$0.00
QBTC.TO:
CA$73.70M
GBTC:
$0.00
QBTC.TO:
CA$610.43M
GBTC:
-$43.28K
Returns By Period
In the year-to-date period, QBTC.TO achieves a -19.21% return, which is significantly higher than GBTC's -21.41% return.
QBTC.TO
- 1D
- 1.78%
- 1M
- 0.94%
- YTD
- -19.21%
- 6M
- -41.18%
- 1Y
- -23.86%
- 3Y*
- 31.24%
- 5Y*
- 2.72%
- 10Y*
- —
GBTC
- 1D
- 0.41%
- 1M
- 0.04%
- YTD
- -21.41%
- 6M
- -42.62%
- 1Y
- -23.26%
- 3Y*
- 49.39%
- 5Y*
- 2.93%
- 10Y*
- 59.61%
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Return for Risk
QBTC.TO vs. GBTC — Risk / Return Rank
QBTC.TO
GBTC
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 (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.
| QBTC.TO | GBTC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.55 | -0.52 | -0.03 |
Sortino ratioReturn per unit of downside risk | -0.56 | -0.51 | -0.05 |
Omega ratioGain probability vs. loss probability | 0.93 | 0.94 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.43 | -0.42 | 0.00 |
Martin ratioReturn relative to average drawdown | -0.92 | -0.90 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QBTC.TO | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.55 | -0.52 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.05 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.70 | -0.21 |
Correlation
The correlation between QBTC.TO and GBTC is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
QBTC.TO vs. GBTC - Dividend Comparison
Neither QBTC.TO nor GBTC has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
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 -89.63%. Use the drawdown chart below to compare losses from any high point for QBTC.TO and GBTC.
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Drawdown Indicators
| QBTC.TO | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.06% | -89.91% | +11.85% |
Max Drawdown (1Y)Largest decline over 1 year | -50.18% | -49.55% | -0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -78.06% | -85.80% | +7.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -45.03% | -46.10% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -31.26% | -43.48% | +12.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.41% | 23.39% | +0.02% |
Volatility
QBTC.TO vs. GBTC - Volatility Comparison
The Bitcoin Fund (QBTC.TO) has a higher volatility of 13.81% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 12.90%. This indicates that QBTC.TO'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
| QBTC.TO | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.81% | 12.90% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 36.74% | 36.41% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.82% | 44.75% | -0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.85% | 62.55% | -7.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.98% | 81.70% | -22.72% |
Financials
QBTC.TO vs. GBTC - Financials Comparison
This section allows you to compare key financial metrics between The Bitcoin Fund and Grayscale Bitcoin Trust (BTC). You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities