QQQ vs. GBTC
QQQ (Invesco QQQ ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, QQQ returned 21.79%/yr vs 46.47%/yr for GBTC. At a 0.26 correlation, their price movements are largely independent. QQQ charges 0.18%/yr vs 1.50%/yr for GBTC.
Performance
QQQ vs. GBTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QQQ achieves a 17.57% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, QQQ has underperformed GBTC with an annualized return of 21.79%, while GBTC has yielded a comparatively higher 46.47% annualized return.
QQQ
- 1D
- 0.59%
- 1M
- 0.93%
- YTD
- 17.57%
- 6M
- 17.85%
- 1Y
- 35.82%
- 3Y*
- 26.43%
- 5Y*
- 16.85%
- 10Y*
- 21.79%
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
QQQ vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 17.57% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between QQQ and GBTC is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.26 |
Over the past year, QQQ and GBTC have become more correlated (0.51) than their long-term average of 0.26, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QQQ vs. GBTC — Risk / Return Rank
QQQ
GBTC
QQQ vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.
| QQQ | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.04 | ||
| Sortino ratioReturn per unit of downside risk | +4.08 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.85 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | -0.79 | +3.80 |
| Martin ratioReturn relative to average drawdown | 11.22 | -1.39 | +12.61 |
Loading charts...
Drawdowns
QQQ vs. GBTC - Drawdown Comparison
The maximum QQQ drawdown since its inception was -82.97%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for QQQ and GBTC.
Loading charts...
Drawdown Indicators
| QQQ | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.97% | -89.91% | +6.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -52.45% | +40.49% |
Max Drawdown (3Y)Largest decline over 3 years | -22.77% | -52.45% | +29.68% |
Max Drawdown (5Y)Largest decline over 5 years | -35.12% | -85.42% | +50.30% |
Max Drawdown (10Y)Largest decline over 10 years | -35.12% | -89.91% | +54.79% |
Current DrawdownCurrent decline from peak | -3.33% | -49.87% | +46.54% |
Average DrawdownAverage peak-to-trough decline | -32.75% | -43.43% | +10.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 29.85% | -26.65% |
Volatility
QQQ vs. GBTC - Volatility Comparison
The current volatility for Invesco QQQ ETF (QQQ) is 7.56%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.97%. This indicates that QQQ experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QQQ | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 11.97% | -4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 13.81% | 34.41% | -20.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 44.01% | -26.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.55% | 62.25% | -39.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.38% | 81.84% | -59.46% |
QQQ vs. GBTC - Expense Ratio Comparison
QQQ has a 0.18% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
QQQ vs. GBTC - Dividend Comparison
QQQ's dividend yield for the trailing twelve months is around 0.39%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
QQQ Invesco QQQ ETF | 0.39% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
QQQ and GBTC have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.97%) compared to QQQ (7.56%). In terms of maximum drawdown, QQQ dropped -82.97% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.47% vs 21.79% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 46.47% return vs 21.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 1.50% for GBTC.
QQQ has the higher dividend yield at 0.39%, compared with 0.00% for GBTC.
QQQ is categorized as Nasdaq-100, while GBTC is Cryptocurrency. QQQ tracks NASDAQ-100 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Invesco and Grayscale. Their fees differ too: 0.18% for QQQ and 1.50% for GBTC.
QQQ currently has the higher Sharpe Ratio (2.09 vs -0.94), 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.
Find the right allocation for QQQ and GBTC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer