SVARX vs. GBTC

Last updated Jun 9, 2026

SVARX (Spectrum Low Volatility Fund) and GBTC (Grayscale Bitcoin Trust ETF) are both funds - SVARX is a Nontraditional Bonds fund managed by Advisors Preferred, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, SVARX returned 5.98%/yr vs 49.25%/yr for GBTC. At a 0.10 correlation, their price movements are largely independent. SVARX charges 2.34%/yr vs 1.50%/yr for GBTC.

Performance

SVARX vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Low Volatility Fund (SVARX) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVARX achieves a 1.10% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, SVARX has underperformed GBTC with an annualized return of 5.98%, while GBTC has yielded a comparatively higher 49.25% annualized return.

SVARX

• 1D: -0.50%
• 1M: 0.04%
• YTD: 1.10%
• 6M: 2.04%
• 1Y: 5.78%
• 3Y*: 6.73%
• 5Y*: 3.17%
• 10Y*: 5.98%

GBTC

• 1D: 5.06%
• 1M: -21.09%
• YTD: -28.07%
• 6M: -30.74%
• 1Y: -40.20%
• 3Y*: 53.71%
• 5Y*: 10.31%
• 10Y*: 49.25%

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

SVARX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SVARX Spectrum Low Volatility Fund	1.10%	6.22%	2.60%	9.67%	-4.35%	4.10%	19.50%	9.42%	-0.99%	8.25%
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between SVARX and GBTC is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.10

Return for Risk

SVARX vs. GBTC — Risk / Return Rank

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

SVARX

SVARX Risk / Return Rank: 46
SVARX Sharpe Ratio Rank: 56
SVARX Sortino Ratio Rank: 48
SVARX Omega Ratio Rank: 68
SVARX Calmar Ratio Rank: 38
SVARX Martin Ratio Rank: 22

GBTC

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

SVARX vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Low Volatility Fund (SVARX) 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.

	SVARX	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.09	-0.91	+3.01
Sortino ratio: Return per unit of downside risk	2.78	-1.28	+4.06
Omega ratio: Gain probability vs. loss probability	1.44	0.86	+0.58
Calmar ratio: Return relative to maximum drawdown	2.22	-0.77	+2.99
Martin ratio: Return relative to average drawdown	5.20	-1.38	+6.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVARX vs. GBTC - Sharpe Ratio Comparison

The current SVARX Sharpe Ratio is 2.09, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of SVARX and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SVARX	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	-0.91	+3.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.17	+0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.63	0.60	+1.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	0.65	+1.04

Drawdowns

SVARX vs. GBTC - Drawdown Comparison

The maximum SVARX drawdown since its inception was -6.48%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SVARX and GBTC.

Drawdown Indicators

	SVARX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-6.48%	-89.91%	+83.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-52.45%	+49.90%
Max Drawdown (3Y) Largest decline over 3 years	-2.55%	-52.45%	+49.90%
Max Drawdown (5Y) Largest decline over 5 years	-6.48%	-85.42%	+78.94%
Max Drawdown (10Y) Largest decline over 10 years	-6.48%	-89.91%	+83.43%
Current Drawdown Current decline from peak	-1.69%	-50.05%	+48.36%
Average Drawdown Average peak-to-trough decline	-1.22%	-43.44%	+42.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	29.16%	-28.07%

Volatility

SVARX vs. GBTC - Volatility Comparison

The current volatility for Spectrum Low Volatility Fund (SVARX) is 0.79%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that SVARX 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.

Volatility by Period

	SVARX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	11.75%	-10.96%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	34.55%	-32.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	44.19%	-41.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.10%	62.40%	-59.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.68%	82.22%	-78.54%

SVARX vs. GBTC - Expense Ratio Comparison

SVARX has a 2.34% expense ratio, which is higher than GBTC's 1.50% expense ratio.

Dividends

SVARX vs. GBTC - Dividend Comparison

SVARX's dividend yield for the trailing twelve months is around 5.88%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SVARX Spectrum Low Volatility Fund	5.88%	5.95%	9.35%	3.35%	0.00%	5.85%	0.71%	4.91%	2.41%	6.90%	9.07%	3.02%

Frequently Asked Questions

Can I hold both SVARX and GBTC in my portfolio?

SVARX and GBTC have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVARX or GBTC?

GBTC has higher volatility (11.75%) compared to SVARX (0.79%). In terms of maximum drawdown, SVARX dropped -6.48% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

SVARX currently has the higher Sharpe Ratio (2.09 vs -0.91), 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.