SPY vs. BTC

Last updated Jun 13, 2026

SPY (State Street SPDR S&P 500 ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while BTC is a Cryptocurrency fund actively managed by Grayscale. SPY is passively managed, while BTC is actively managed. Over the past year, SPY returned 24.27% vs -40.53% for BTC. At a 0.46 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.15%/yr for BTC.

Performance

SPY vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) 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, SPY achieves a 9.07% return, which is significantly higher than BTC's -27.37% return.

SPY

• 1D: 0.54%
• 1M: -0.08%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 24.27%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

BTC

• 1D: 0.07%
• 1M: -20.09%
• YTD: -27.37%
• 6M: -29.59%
• 1Y: -40.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	8.83%
BTC Grayscale Bitcoin Mini Trust ETF	-27.37%	-7.50%	41.93%

Correlation

The correlation between SPY and BTC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.46

Return for Risk

SPY vs. BTC — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 3
BTC Omega Ratio Rank: 3
BTC Calmar Ratio Rank: 3
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.

SPY vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	BTC	Difference
Sharpe ratio: Return per unit of total volatility	1.98	-0.92	+2.91
Sortino ratio: Return per unit of downside risk	2.68	-1.30	+3.98
Omega ratio: Gain probability vs. loss probability	1.36	0.85	+0.51
Calmar ratio: Return relative to maximum drawdown	2.74	-0.78	+3.53
Martin ratio: Return relative to average drawdown	12.39	-1.37	+13.76

SPY vs. BTC - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is higher than the BTC Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of SPY 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

SPY vs. BTC - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than BTC's maximum drawdown of -51.97%. Use the drawdown chart below to compare losses from any high point for SPY and BTC.

Drawdown Indicators

	SPY	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-51.97%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-51.97%	+43.09%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.35%	-49.38%	+47.03%
Average Drawdown Average peak-to-trough decline	-9.04%	-17.26%	+8.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	29.58%	-27.61%

Volatility

SPY vs. BTC - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Grayscale Bitcoin Mini Trust ETF (BTC) has a volatility of 11.89%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	11.89%	-7.55%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	34.43%	-24.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	44.03%	-31.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	48.30%	-31.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	48.30%	-30.34%

SPY vs. BTC - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than BTC's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY vs. BTC - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, while BTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and BTC in my portfolio?

SPY and BTC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or BTC?

BTC has higher volatility (11.89%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs BTC's -51.97%.

Which ETF is better, SPY or BTC?

On 1-year performance, SPY leads with 24.27% vs -40.53% for BTC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or BTC?

Over the 1-year period, SPY has performed better with a 24.27% return vs -40.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or BTC?

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for BTC.

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

SPY has the higher dividend yield at 1.00%, compared with 0.00% for BTC.

What is the main difference between SPY and BTC?

SPY is categorized as S&P 500, while BTC is Cryptocurrency. They also come from different issuers: State Street and Grayscale. Their fees differ too: 0.09% for SPY and 0.15% for BTC.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.98 vs -0.92), 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.