QULL vs. GBTC

Last updated Jun 3, 2026

QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) is Leveraged Equities fund tracking the MSCI USA Sector Neutral Quality Index, while GBTC (Grayscale Bitcoin Trust (BTC)) is a stock. Over the past 5 years, QULL returned 16.69%/yr vs 10.09%/yr for GBTC. At a 0.40 correlation, their price movements are largely independent.

Performance

QULL vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and Grayscale Bitcoin Trust (BTC) (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QULL achieves a 15.23% return, which is significantly higher than GBTC's -23.70% return.

QULL

• 1D: -0.02%
• 1M: 7.79%
• YTD: 15.23%
• 6M: 15.73%
• 1Y: 40.54%
• 3Y*: 32.44%
• 5Y*: 16.69%
• 10Y*: —

GBTC

• 1D: -5.98%
• 1M: -14.45%
• YTD: -23.70%
• 6M: -26.79%
• 1Y: -36.66%
• 3Y*: 53.65%
• 5Y*: 10.09%
• 10Y*: 50.88%

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

QULL vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	15.23%	17.61%	38.03%	57.07%	-42.00%	51.36%
GBTC Grayscale Bitcoin Trust (BTC)	-23.70%	-7.65%	113.81%	317.61%	-75.80%	-9.58%

Correlation

The correlation between QULL and GBTC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.40

Return for Risk

QULL vs. GBTC — Risk / Return Rank

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

QULL

QULL Risk / Return Rank: 47
QULL Sharpe Ratio Rank: 47
QULL Sortino Ratio Rank: 46
QULL Omega Ratio Rank: 44
QULL Calmar Ratio Rank: 44
QULL Martin Ratio Rank: 56

GBTC

GBTC Risk / Return Rank: 10
GBTC Sharpe Ratio Rank: 7
GBTC Sortino Ratio Rank: 9
GBTC Omega Ratio Rank: 11
GBTC Calmar Ratio Rank: 12
GBTC Martin Ratio Rank: 10

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.

QULL vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) 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.

	QULL	GBTC	Difference
Sharpe ratio Return per unit of total volatility	1.67	-0.84	+2.51
Sortino ratio Return per unit of downside risk	2.31	-1.13	+3.44
Omega ratio Gain probability vs. loss probability	1.28	0.87	+0.41
Calmar ratio Return relative to maximum drawdown	2.23	-0.74	+2.97
Martin ratio Return relative to average drawdown	9.90	-1.29	+11.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QULL vs. GBTC - Sharpe Ratio Comparison

The current QULL Sharpe Ratio is 1.67, which is higher than the GBTC Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of QULL 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.

Sharpe Ratios by Period

	QULL	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	-0.84	+2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.16	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.66	-0.11

Drawdowns

QULL vs. GBTC - Drawdown Comparison

The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for QULL and GBTC.

Drawdown Indicators

	QULL	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	-89.91%	+38.08%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-49.55%	+31.12%
Max Drawdown (3Y) Largest decline over 3 years	-36.82%	-49.55%	+12.73%
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	-85.42%	+33.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-0.02%	-47.01%	+46.99%
Average Drawdown Average peak-to-trough decline	-14.07%	-43.43%	+29.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	28.47%	-24.32%

Volatility

QULL vs. GBTC - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 4.89%, while Grayscale Bitcoin Trust (BTC) (GBTC) has a volatility of 9.69%. This indicates that QULL 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.

Volatility by Period

	QULL	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	9.69%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	34.77%	-15.97%
Volatility (1Y) Calculated over the trailing 1-year period	24.46%	43.58%	-19.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.62%	62.46%	-26.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.16%	82.22%	-47.06%

Dividends

QULL vs. GBTC - Dividend Comparison

Neither QULL nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	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 QULL and GBTC in my portfolio?

QULL and GBTC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QULL or GBTC?

GBTC has higher volatility (9.69%) compared to QULL (4.89%). In terms of maximum drawdown, QULL dropped -51.83% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

QULL currently has the higher Sharpe Ratio (1.67 vs -0.84), 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.