VNQ vs. GBTC
VNQ (Vanguard Real Estate ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, VNQ returned 5.53%/yr vs 46.15%/yr for GBTC. At a 0.14 correlation, their price movements are largely independent. VNQ charges 0.13%/yr vs 1.50%/yr for GBTC.
Performance
VNQ vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, VNQ achieves a 11.49% return, which is significantly higher than GBTC's -27.85% return. Over the past 10 years, VNQ has underperformed GBTC with an annualized return of 5.53%, while GBTC has yielded a comparatively higher 46.15% annualized return.
VNQ
- 1D
- -0.07%
- 1M
- 0.95%
- YTD
- 11.49%
- 6M
- 11.16%
- 1Y
- 12.43%
- 3Y*
- 10.04%
- 5Y*
- 2.36%
- 10Y*
- 5.53%
GBTC
- 1D
- 2.71%
- 1M
- -21.45%
- YTD
- -27.85%
- 6M
- -31.30%
- 1Y
- -42.50%
- 3Y*
- 55.49%
- 5Y*
- 9.89%
- 10Y*
- 46.15%
VNQ vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 11.49% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
GBTC Grayscale Bitcoin Trust ETF | -27.85% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between VNQ 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 | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.14 |
The correlation between VNQ and GBTC shifts across timeframes, from 0.14 (all time) to 0.26 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VNQ vs. GBTC — Risk / Return Rank
VNQ
GBTC
VNQ vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) 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.
| VNQ | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.84 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | -0.81 | +2.31 |
| Martin ratioReturn relative to average drawdown | 4.71 | -1.43 | +6.14 |
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Drawdowns
VNQ vs. GBTC - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for VNQ and GBTC.
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Drawdown Indicators
| VNQ | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -89.91% | +16.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -52.45% | +44.11% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -52.45% | +34.99% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -85.42% | +50.94% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | -89.91% | +47.51% |
Current DrawdownCurrent decline from peak | -0.49% | -49.89% | +49.40% |
Average DrawdownAverage peak-to-trough decline | -13.61% | -43.43% | +29.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 29.68% | -27.03% |
Volatility
VNQ vs. GBTC - Volatility Comparison
The current volatility for Vanguard Real Estate ETF (VNQ) is 4.74%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.92%. This indicates that VNQ 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
| VNQ | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 11.92% | -7.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.74% | 34.41% | -24.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.52% | 44.01% | -30.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.85% | 62.27% | -43.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 82.18% | -61.46% |
VNQ vs. GBTC - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
VNQ vs. GBTC - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.57%, 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% |
VNQ Vanguard Real Estate ETF | 3.57% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
VNQ 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.
GBTC has higher volatility (11.92%) compared to VNQ (4.74%). In terms of maximum drawdown, VNQ dropped -73.07% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.15% vs 5.53% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 4.74%. 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 46.15% return vs 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 1.50% for GBTC.
VNQ has the higher dividend yield at 3.57%, compared with 0.00% for GBTC.
VNQ is categorized as REIT, while GBTC is Cryptocurrency. VNQ tracks MSCI US Investable Market Real Estate 25/50 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Vanguard and Grayscale. Their fees differ too: 0.13% for VNQ and 1.50% for GBTC.
VNQ currently has the higher Sharpe Ratio (0.92 vs -0.97), 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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