SGOV vs. GBTC
SGOV (iShares 0-3 Month Treasury Bond ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, SGOV returned 3.64%/yr vs 12.83%/yr for GBTC. Their -0.01 correlation means they have often moved in opposite directions in the past. SGOV charges 0.09%/yr vs 1.50%/yr for GBTC.
Performance
SGOV vs. GBTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SGOV achieves a 2.04% return, which is significantly higher than GBTC's -27.27% return.
SGOV
- 1D
- 0.03%
- 1M
- 0.30%
- 6M
- 1.80%
- YTD
- 2.04%
- 1Y
- 3.85%
- 3Y*
- 4.65%
- 5Y*
- 3.64%
- 10Y*
- —
- ALL TIME*
- 2.96%
GBTC
- 1D
- -0.94%
- 1M
- 8.32%
- 6M
- -28.79%
- YTD
- -27.27%
- 1Y
- -45.88%
- 3Y*
- 37.39%
- 5Y*
- 12.83%
- 10Y*
- 47.67%
- ALL TIME*
- 54.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.61M | $77.66M | $102.03M | |
| $1.66B | $1.89B | $2.03B |
SGOV vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 2.04% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
GBTC Grayscale Bitcoin Trust ETF | -27.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 203.61% |
Correlation
The correlation between SGOV and GBTC is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.01 |
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
SGOV vs. GBTC — Risk / Return Rank
SGOV
GBTC
SGOV vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) 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.
| SGOV | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +21.78 | ||
| Sortino ratioReturn per unit of downside risk | +384.44 | ||
| Omega ratioGain probability vs. loss probability | 383.06 | 0.82 | +382.23 |
| Calmar ratioReturn relative to maximum drawdown | 390.94 | -0.88 | +391.82 |
| Martin ratioReturn relative to average drawdown | 6,193.70 | -1.37 | +6,195.07 |
Loading charts...
Drawdowns
SGOV vs. GBTC - Drawdown Comparison
The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SGOV and GBTC.
Loading charts...
Drawdown Indicators
| SGOV | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -89.91% | +89.88% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -53.75% | +53.74% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -53.75% | +53.74% |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | -85.42% | +85.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | 0.00% | -49.49% | +49.49% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -43.50% | +43.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 34.22% | -34.22% |
Volatility
SGOV vs. GBTC - Volatility Comparison
The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 8.89%. This indicates that SGOV 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
| SGOV | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 8.89% | -8.84% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 34.04% | -33.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 44.24% | -44.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 61.63% | -61.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 81.34% | -81.10% |
SGOV vs. GBTC - Expense Ratio Comparison
SGOV has a 0.09% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
SGOV vs. GBTC - Dividend Comparison
SGOV's dividend yield for the trailing twelve months is around 3.80%, while GBTC has not 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.80% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGOV and GBTC have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (8.89%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 12.83% vs 3.64% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 12.83% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 1.50% for GBTC.
SGOV has the higher dividend yield at 3.80%, compared with 0.00% for GBTC.
SGOV is categorized as Ultrashort Bond, while GBTC is Cryptocurrency. SGOV tracks ICE 0-3 Month US Treasury Securities Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.09% for SGOV and 1.50% for GBTC.
SGOV currently has the higher Sharpe Ratio (20.72 vs -1.06), 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 SGOV 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