SOLZ vs. BTC

Last updated Jul 9, 2026

SOLZ (Solana ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, SOLZ returned -53.09% vs -42.93% for BTC. Their correlation of 0.87 suggests significant overlap in exposure. SOLZ charges 0.95%/yr vs 0.15%/yr for BTC.

Performance

SOLZ vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Solana ETF (SOLZ) and Grayscale Bitcoin Mini Trust ETF (BTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOLZ achieves a -38.47% return, which is significantly lower than BTC's -28.97% return.

SOLZ

• 1D: -4.91%
• 1M: 14.68%
• 6M: -43.61%
• YTD: -38.47%
• 1Y: -53.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: -2.52%
• 1M: -1.86%
• 6M: -31.62%
• YTD: -28.97%
• 1Y: -42.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOLZ vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025
SOLZ Solana ETF	-38.47%	-14.53%
BTC Grayscale Bitcoin Mini Trust ETF	-28.97%	2.22%

Correlation

The correlation between SOLZ and BTC is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.87

The correlation between SOLZ and BTC has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.

Return for Risk

SOLZ vs. BTC — Risk / Return Rank

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

SOLZ

SOLZ Risk / Return Rank: 4
SOLZ Sharpe Ratio Rank: 3
SOLZ Sortino Ratio Rank: 4
SOLZ Omega Ratio Rank: 4
SOLZ Calmar Ratio Rank: 3
SOLZ Martin Ratio Rank: 4

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 1
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 2

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.

SOLZ vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Solana ETF (SOLZ) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	SOLZ	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	-0.97	+0.26
Sortino ratio: Return per unit of downside risk	-0.91	-1.40	+0.50
Omega ratio: Gain probability vs. loss probability	0.90	0.84	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.70	-0.81	+0.10
Martin ratio: Return relative to average drawdown	-1.04	-1.33	+0.29

SOLZ vs. BTC - Sharpe Ratio Comparison

The current SOLZ Sharpe Ratio is -0.71, which is comparable to the BTC Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of SOLZ and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SOLZ vs. BTC - Drawdown Comparison

The maximum SOLZ drawdown since its inception was -75.68%, which is greater than BTC's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for SOLZ and BTC.

Drawdown Indicators

	SOLZ	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-75.68%	-53.30%	-22.38%
Max Drawdown (1Y) Largest decline over 1 year	-75.68%	-53.30%	-22.38%
Current Drawdown Current decline from peak	-70.27%	-50.49%	-19.78%
Average Drawdown Average peak-to-trough decline	-36.73%	-18.36%	-18.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.89%	32.20%	+18.69%

Volatility

SOLZ vs. BTC - Volatility Comparison

Solana ETF (SOLZ) has a higher volatility of 23.12% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 12.12%. This indicates that SOLZ's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOLZ	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.12%	12.12%	+11.00%
Volatility (6M) Calculated over the trailing 6-month period	52.77%	34.63%	+18.14%
Volatility (1Y) Calculated over the trailing 1-year period	74.61%	44.45%	+30.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.59%	48.07%	+28.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.59%	48.07%	+28.52%

SOLZ vs. BTC - Expense Ratio Comparison

SOLZ has a 0.95% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

SOLZ vs. BTC - Dividend Comparison

SOLZ's dividend yield for the trailing twelve months is around 3.49%, while BTC has not paid dividends to shareholders.

Position	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
SOLZ Solana ETF	3.49%	1.75%

Frequently Asked Questions

Can I hold both SOLZ and BTC in my portfolio?

SOLZ and BTC have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOLZ or BTC?

SOLZ has higher volatility (23.12%) compared to BTC (12.12%). In terms of maximum drawdown, SOLZ dropped -75.68% vs BTC's -53.30%.

Which ETF is better, SOLZ or BTC?

On 1-year performance, BTC leads with -42.93% vs -53.09% for SOLZ. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 12.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOLZ or BTC?

Over the 1-year period, BTC has performed better with a -42.93% return vs -53.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOLZ or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.95% for SOLZ.

Which ETF pays a higher dividend yield, SOLZ or BTC?

SOLZ has the higher dividend yield at 3.49%, compared with 0.00% for BTC.

What is the main difference between SOLZ and BTC?

They also come from different issuers: Volatility Shares and Grayscale. Their fees differ too: 0.95% for SOLZ and 0.15% for BTC.

Which has better risk-adjusted returns?

SOLZ currently has the higher Sharpe Ratio (-0.71 vs -0.97), 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.