SIVR vs. GBTC
SIVR (abrdn Physical Silver Shares ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, SIVR returned 11.14%/yr vs 47.67%/yr for GBTC. Their 0.16 correlation means their historical movements had little consistent relationship. SIVR charges 0.30%/yr vs 1.50%/yr for GBTC.
Performance
SIVR vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, SIVR achieves a -18.27% return, which is significantly higher than GBTC's -27.27% return. Over the past 10 years, SIVR has underperformed GBTC with an annualized return of 11.14%, while GBTC has yielded a comparatively higher 47.67% annualized return.
SIVR
- 1D
- 1.02%
- 1M
- 0.49%
- 6M
- -43.33%
- YTD
- -18.27%
- 1Y
- 52.04%
- 3Y*
- 32.71%
- 5Y*
- 17.88%
- 10Y*
- 11.14%
- ALL TIME*
- 8.48%
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 | |
| $43.70M | $48.33M | $88.80M |
SIVR vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIVR abrdn Physical Silver Shares ETF | -18.27% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
GBTC Grayscale Bitcoin Trust ETF | -27.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between SIVR and GBTC is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.16 |
The correlation between SIVR and GBTC shifts across timeframes, from 0.16 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SIVR vs. GBTC — Risk / Return Rank
SIVR
GBTC
SIVR vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) 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.
| SIVR | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.82 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | -0.88 | +1.81 |
| Martin ratioReturn relative to average drawdown | 1.84 | -1.37 | +3.22 |
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Drawdowns
SIVR vs. GBTC - Drawdown Comparison
The maximum SIVR drawdown since its inception was -75.85%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SIVR and GBTC.
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Drawdown Indicators
| SIVR | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.85% | -89.91% | +14.06% |
Max Drawdown (1Y)Largest decline over 1 year | -52.27% | -53.75% | +1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -52.27% | -53.75% | +1.48% |
Max Drawdown (5Y)Largest decline over 5 years | -52.27% | -85.42% | +33.15% |
Max Drawdown (10Y)Largest decline over 10 years | -52.27% | -89.91% | +37.64% |
Current DrawdownCurrent decline from peak | -50.14% | -49.49% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -47.84% | -43.50% | -4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.36% | 34.22% | -7.86% |
Volatility
SIVR vs. GBTC - Volatility Comparison
abrdn Physical Silver Shares ETF (SIVR) has a higher volatility of 10.69% compared to Grayscale Bitcoin Trust ETF (GBTC) at 8.89%. This indicates that SIVR'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
| SIVR | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.69% | 8.89% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 56.35% | 34.04% | +22.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.32% | 44.24% | +17.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.96% | 61.63% | -24.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.25% | 81.34% | -49.09% |
SIVR vs. GBTC - Expense Ratio Comparison
SIVR has a 0.30% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
SIVR vs. GBTC - Dividend Comparison
Neither SIVR 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% |
SIVR abrdn Physical Silver Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SIVR and GBTC have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIVR has higher volatility (10.69%) compared to GBTC (8.89%). In terms of maximum drawdown, SIVR dropped -75.85% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 47.67% vs 11.14% for SIVR. On fees, SIVR is cheaper at 0.30% per year. On volatility, GBTC has been the lower-risk option at 8.89%. 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 47.67% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 1.50% for GBTC.
SIVR and GBTC have nearly identical dividend yields, around 0.00%.
SIVR is categorized as Silver, while GBTC is Cryptocurrency. SIVR tracks LBMA Silver Price ($/ozt), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: abrdn and Grayscale. Their fees differ too: 0.30% for SIVR and 1.50% for GBTC.
SIVR currently has the higher Sharpe Ratio (0.79 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.
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