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VEA vs. GBTC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEA vs. GBTC

Last updated Jun 9, 2026

VEA (Vanguard FTSE Developed Markets ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, VEA returned 10.14%/yr vs 49.25%/yr for GBTC. At a 0.22 correlation, their price movements are largely independent. VEA charges 0.03%/yr vs 1.50%/yr for GBTC.

Performance

VEA vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Developed Markets ETF (VEA) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VEA achieves a 12.02% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, VEA has underperformed GBTC with an annualized return of 10.14%, while GBTC has yielded a comparatively higher 49.25% annualized return.

VEA

1D
1.00%
1M
-1.37%
YTD
12.02%
6M
14.95%
1Y
28.06%
3Y*
18.65%
5Y*
9.09%
10Y*
10.14%

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)

VEA vs. GBTC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEA
Vanguard FTSE Developed Markets ETF		12.02%35.16%3.15%17.93%-15.34%11.66%9.71%22.62%-14.75%26.42%
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 VEA and GBTC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since May 4, 2015

0.22

The correlation between VEA and GBTC shifts across timeframes, from 0.22 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Developed Markets ETF

Grayscale Bitcoin Trust ETF

Often compared with VEA:
VEA vs. VXUSVEA vs. VWOVEA vs. VOOVEA vs. VEUVEA vs. SCHFVEA vs. IEFAVEA vs. VTI
Often compared with GBTC:
GBTC vs. IBITGBTC vs. BTC-USDGBTC vs. MSTRGBTC vs. BITOGBTC vs. TSLAGBTC vs. FBTCGBTC vs. SPY

Return for Risk

VEA vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEA
VEA Risk / Return Rank: 5656
Overall Rank
VEA Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VEA Sortino Ratio Rank: 5555
Sortino Ratio Rank
VEA Omega Ratio Rank: 5757
Omega Ratio Rank
VEA Calmar Ratio Rank: 5454
Calmar Ratio Rank
VEA Martin Ratio Rank: 5858
Martin Ratio Rank
GBTC
GBTC Risk / Return Rank: 22
Overall Rank
GBTC Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GBTC Sortino Ratio Rank: 22
Sortino Ratio Rank
GBTC Omega Ratio Rank: 22
Omega Ratio Rank
GBTC Calmar Ratio Rank: 33
Calmar Ratio Rank
GBTC Martin Ratio Rank: 22
Martin Ratio Rank
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.

VEA vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Markets ETF (VEA) 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.

VEAGBTCDifference
Sharpe ratioReturn per unit of total volatility
1.75
-0.91

+2.66

Sortino ratioReturn per unit of downside risk
2.39
-1.28

+3.68

Omega ratioGain probability vs. loss probability

1.32

0.86

+0.46

Calmar ratioReturn relative to maximum drawdown

2.42

-0.77

+3.19

Martin ratioReturn relative to average drawdown

9.39

-1.38

+10.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEA vs. GBTC - Sharpe Ratio Comparison

The current VEA Sharpe Ratio is 1.75, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of VEA 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.

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Sharpe Ratios by Period

VEAGBTCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.75

-0.91

+2.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

0.17

+0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.60

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.65

-0.41

Drawdowns

VEA vs. GBTC - Drawdown Comparison

The maximum VEA drawdown since its inception was -60.68%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for VEA and GBTC.

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Drawdown Indicators

VEAGBTCDifference

Max Drawdown

Largest peak-to-trough decline

-60.68%

-89.91%

+29.23%

Max Drawdown (1Y)

Largest decline over 1 year

-11.63%

-52.45%

+40.82%

Max Drawdown (3Y)

Largest decline over 3 years

-13.45%

-52.45%

+39.00%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-85.42%

+55.71%

Max Drawdown (10Y)

Largest decline over 10 years

-35.73%

-89.91%

+54.18%

Current Drawdown

Current decline from peak

-3.40%

-50.05%

+46.65%

Average Drawdown

Average peak-to-trough decline

-13.29%

-43.44%

+30.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

29.16%

-26.16%

Volatility

VEA vs. GBTC - Volatility Comparison

The current volatility for Vanguard FTSE Developed Markets ETF (VEA) is 6.03%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that VEA 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.

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Volatility by Period

VEAGBTCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.03%

11.75%

-5.72%

Volatility (6M)

Calculated over the trailing 6-month period

13.91%

34.55%

-20.64%

Volatility (1Y)

Calculated over the trailing 1-year period

16.15%

44.19%

-28.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.63%

62.40%

-45.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.40%

82.22%

-64.82%

VEA vs. GBTC - Expense Ratio Comparison

VEA has a 0.03% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

VEA vs. GBTC - Dividend Comparison

VEA's dividend yield for the trailing twelve months is around 2.69%, while GBTC has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
VEA
Vanguard FTSE Developed Markets ETF		2.69%3.22%3.35%3.15%2.91%3.16%2.04%3.04%3.35%2.77%3.05%2.92%

Frequently Asked Questions

VEA and GBTC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GBTC has higher volatility (11.75%) compared to VEA (6.03%). In terms of maximum drawdown, VEA dropped -60.68% vs GBTC's -89.91%.

On 10-year performance, GBTC leads with 49.25% vs 10.14% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, VEA has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GBTC has performed better with a 49.25% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VEA is cheaper with a 0.03% expense ratio, compared with 1.50% for GBTC.

VEA has the higher dividend yield at 2.69%, compared with 0.00% for GBTC.

VEA is categorized as Foreign Large Cap Equities, while GBTC is Cryptocurrency. VEA tracks FTSE Developed All Cap ex US Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Vanguard and Grayscale. Their fees differ too: 0.03% for VEA and 1.50% for GBTC.

VEA currently has the higher Sharpe Ratio (1.75 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.

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