SPBC vs. BTC-USD
SPBC (Simplify US Equity PLUS GBTC ETF) is Diversified Portfolio fund actively managed by Simplify, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, SPBC returned 15.23%/yr vs 9.36%/yr for BTC-USD. Their 0.48 correlation means their historical movements had little consistent relationship.
Performance
SPBC vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SPBC achieves a 10.32% return, which is significantly higher than BTC-USD's -26.92% return.
SPBC
- 1D
- 1.87%
- 1M
- 3.91%
- 6M
- 10.70%
- YTD
- 10.32%
- 1Y
- 16.61%
- 3Y*
- 26.39%
- 5Y*
- 15.23%
- 10Y*
- —
- ALL TIME*
- 15.86%
BTC-USD
- 1D
- 0.76%
- 1M
- 0.58%
- 6M
- -15.48%
- YTD
- -26.92%
- 1Y
- -44.42%
- 3Y*
- 30.09%
- 5Y*
- 9.36%
- 10Y*
- 59.72%
- ALL TIME*
- 87.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1506.18T | $1625.47T | $2048.00T |
| $833.15K | $513.20K | $324.41K |
SPBC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 10.32% | 16.83% | 37.32% | 48.04% | -28.00% | 13.87% |
BTC-USD Bitcoin | -26.92% | -6.27% | 120.76% | 155.82% | -64.23% | 18.86% |
Correlation
The correlation between SPBC and BTC-USD is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | 0.48 |
The correlation between SPBC and BTC-USD has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.
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Return for Risk
SPBC vs. BTC-USD — Risk / Return Rank
SPBC
BTC-USD
SPBC vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) and Bitcoin (BTC-USD). 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.
| SPBC | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.85 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | -0.84 | +2.20 |
| Martin ratioReturn relative to average drawdown | 4.69 | -1.28 | +5.97 |
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Drawdowns
SPBC vs. BTC-USD - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for SPBC and BTC-USD.
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Drawdown Indicators
| SPBC | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -85.30% | +51.31% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -53.08% | +40.84% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | -53.08% | +32.08% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | -76.67% | +42.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | 0.00% | -48.73% | +48.73% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -42.75% | +34.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 25.12% | -21.57% |
Volatility
SPBC vs. BTC-USD - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 4.56%, while Bitcoin (BTC-USD) has a volatility of 8.45%. This indicates that SPBC experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 8.45% | -3.89% |
Volatility (6M)Calculated over the trailing 6-month period | 12.08% | 33.45% | -21.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 35.85% | -20.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 43.62% | -23.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.28% | 56.22% | -35.94% |
Frequently Asked Questions
SPBC and BTC-USD 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.
BTC-USD has higher volatility (8.45%) compared to SPBC (4.56%). In terms of maximum drawdown, SPBC dropped -33.99% vs BTC-USD's -85.30%.
SPBC currently has the higher Sharpe Ratio (1.09 vs -1.03), 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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