USD vs. GBTC
USD (ProShares Ultra Semiconductors) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, USD returned 60.21%/yr vs 46.47%/yr for GBTC. At a 0.24 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 1.50%/yr for GBTC.
Performance
USD vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 86.87% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, USD has outperformed GBTC with an annualized return of 60.21%, while GBTC has yielded a comparatively lower 46.47% annualized return.
USD
- 1D
- 2.08%
- 1M
- -1.66%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 207.86%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
USD vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between USD and GBTC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.24 |
The correlation between USD and GBTC shifts across timeframes, from 0.24 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. GBTC — Risk / Return Rank
USD
GBTC
USD vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.15 | ||
| Sortino ratioReturn per unit of downside risk | +4.39 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.85 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 6.58 | -0.79 | +7.37 |
| Martin ratioReturn relative to average drawdown | 18.43 | -1.39 | +19.82 |
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Drawdowns
USD vs. GBTC - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for USD and GBTC.
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Drawdown Indicators
| USD | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -89.91% | +1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -52.45% | +20.65% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -52.45% | -12.01% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -85.42% | +7.57% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -89.91% | +12.06% |
Current DrawdownCurrent decline from peak | -13.67% | -49.87% | +36.20% |
Average DrawdownAverage peak-to-trough decline | -32.32% | -43.43% | +11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 29.85% | -18.51% |
Volatility
USD vs. GBTC - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to Grayscale Bitcoin Trust ETF (GBTC) at 11.97%. This indicates that USD'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
| USD | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.56% | 11.97% | +17.59% |
Volatility (6M)Calculated over the trailing 6-month period | 52.44% | 34.41% | +18.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.34% | 44.01% | +21.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.19% | 62.25% | +14.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.61% | 81.84% | -12.23% |
USD vs. GBTC - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
USD vs. GBTC - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.25%, 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and GBTC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.56%) compared to GBTC (11.97%). In terms of maximum drawdown, USD dropped -88.63% vs GBTC's -89.91%.
On 10-year performance, USD leads with 60.21% vs 46.47% for GBTC. On fees, USD is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 11.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 60.21% return vs 46.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
USD has the higher dividend yield at 0.25%, compared with 0.00% for GBTC.
USD is categorized as Leveraged Equities, while GBTC is Cryptocurrency. USD tracks Dow Jones U.S. Semiconductors Index (200%), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for USD and 1.50% for GBTC.
USD currently has the higher Sharpe Ratio (3.20 vs -0.94), 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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