VDY.TO vs. GBTC

Last updated Jun 24, 2026

VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, VDY.TO returned 14.75%/yr vs 46.31%/yr for GBTC. At a 0.14 correlation, their price movements are largely independent. VDY.TO charges 0.22%/yr vs 1.50%/yr for GBTC.

Performance

VDY.TO vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VDY.TO is traded in CAD, while GBTC is traded in USD. To make them comparable, the GBTC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VDY.TO achieves a 24.99% return, which is significantly higher than GBTC's -26.88% return. Over the past 10 years, VDY.TO has underperformed GBTC with an annualized return of 14.75%, while GBTC has yielded a comparatively higher 46.31% annualized return.

VDY.TO

• 1D: 0.50%
• 1M: 2.89%
• YTD: 24.99%
• 6M: 23.76%
• 1Y: 51.43%
• 3Y*: 29.29%
• 5Y*: 18.19%
• 10Y*: 14.75%

GBTC

• 1D: -3.33%
• 1M: -15.56%
• YTD: -26.88%
• 6M: -27.31%
• 1Y: -38.71%
• 3Y*: 39.48%
• 5Y*: 13.45%
• 10Y*: 46.31%

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

VDY.TO vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	24.99%	29.21%	21.44%	8.41%	-0.23%	36.60%	-1.37%	21.42%	-10.09%	8.32%
GBTC Grayscale Bitcoin Trust ETF	-26.88%	-11.86%	131.91%	307.68%	-74.26%	6.98%	281.45%	98.04%	-80.60%	1,659.90%

Correlation

The correlation between VDY.TO and GBTC is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.14

The correlation between VDY.TO and GBTC shifts across timeframes, from 0.14 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VDY.TO vs. GBTC — Risk / Return Rank

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

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 99
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

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: 2
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.

VDY.TO vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) 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.

	VDY.TO	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	6.22	-0.87	+7.09
Sortino ratio: Return per unit of downside risk	8.86	-1.21	+10.07
Omega ratio: Gain probability vs. loss probability	2.25	0.87	+1.39
Calmar ratio: Return relative to maximum drawdown	16.57	-0.74	+17.31
Martin ratio: Return relative to average drawdown	67.58	-1.24	+68.81

VDY.TO vs. GBTC - Sharpe Ratio Comparison

The current VDY.TO Sharpe Ratio is 6.22, which is higher than the GBTC Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of VDY.TO 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.

Drawdowns

VDY.TO vs. GBTC - Drawdown Comparison

The maximum VDY.TO drawdown since its inception was -39.21%, smaller than the maximum GBTC drawdown of -89.71%. Use the drawdown chart below to compare losses from any high point for VDY.TO and GBTC.

Drawdown Indicators

	VDY.TO	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-39.21%	-89.71%	+50.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-52.65%	+49.53%
Max Drawdown (3Y) Largest decline over 3 years	-10.38%	-52.65%	+42.27%
Max Drawdown (5Y) Largest decline over 5 years	-16.17%	-84.15%	+67.98%
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	-89.71%	+50.50%
Current Drawdown Current decline from peak	0.00%	-50.20%	+50.20%
Average Drawdown Average peak-to-trough decline	-4.46%	-42.96%	+38.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	31.36%	-30.60%

Volatility

VDY.TO vs. GBTC - Volatility Comparison

The current volatility for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) is 2.93%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 12.99%. This indicates that VDY.TO 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

	VDY.TO	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	12.99%	-10.06%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	34.60%	-27.74%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	44.47%	-36.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	62.50%	-50.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	81.88%	-65.96%

VDY.TO vs. GBTC - Expense Ratio Comparison

VDY.TO has a 0.22% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

VDY.TO vs. GBTC - Dividend Comparison

VDY.TO's dividend yield for the trailing twelve months is around 3.05%, 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%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	3.05%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%

Frequently Asked Questions

Can I hold both VDY.TO and GBTC in my portfolio?

VDY.TO and GBTC have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VDY.TO or GBTC?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VDY.TO or GBTC?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 1.50% for GBTC.

What is the main difference between VDY.TO and GBTC?

VDY.TO is categorized as Dividend, while GBTC is Cryptocurrency. VDY.TO tracks FTSE Canada High Dividend Yield Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Vanguard and Grayscale. Their fees differ too: 0.22% for VDY.TO and 1.50% for GBTC.