VOO vs. GBTC
VOO (Vanguard S&P 500 ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, VOO returned 15.23%/yr vs 48.34%/yr for GBTC. At a 0.25 correlation, their price movements are largely independent. VOO charges 0.03%/yr vs 1.50%/yr for GBTC.
Performance
VOO vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, VOO achieves a 8.45% return, which is significantly higher than GBTC's -31.54% return. Over the past 10 years, VOO has underperformed GBTC with an annualized return of 15.23%, while GBTC has yielded a comparatively higher 48.34% annualized return.
VOO
- 1D
- -2.59%
- 1M
- 0.50%
- YTD
- 8.45%
- 6M
- 8.18%
- 1Y
- 25.87%
- 3Y*
- 21.52%
- 5Y*
- 13.39%
- 10Y*
- 15.23%
GBTC
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
VOO vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOO Vanguard S&P 500 ETF | 8.45% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between VOO and GBTC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.25 |
Over the past year, VOO and GBTC have become more correlated (0.48) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
VOO vs. GBTC — Risk / Return Rank
VOO
GBTC
VOO vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.
| VOO | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.10 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.85 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | -0.80 | +3.72 |
| Martin ratioReturn relative to average drawdown | 13.53 | -1.44 | +14.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VOO | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | -0.95 | +3.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 0.14 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.59 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.64 | +0.23 |
Drawdowns
VOO vs. GBTC - Drawdown Comparison
The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for VOO and GBTC.
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Drawdown Indicators
| VOO | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -89.91% | +55.92% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -52.45% | +43.55% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -52.45% | +33.76% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -85.42% | +60.90% |
Max Drawdown (10Y)Largest decline over 10 years | -33.99% | -89.91% | +55.92% |
Current DrawdownCurrent decline from peak | -2.90% | -52.45% | +49.55% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -43.44% | +39.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 28.99% | -27.07% |
Volatility
VOO vs. GBTC - Volatility Comparison
The current volatility for Vanguard S&P 500 ETF (VOO) is 3.74%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.88%. This indicates that VOO 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
| VOO | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 9.88% | -6.14% |
Volatility (6M)Calculated over the trailing 6-month period | 9.30% | 34.14% | -24.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 43.96% | -31.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 62.45% | -45.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.02% | 82.20% | -64.18% |
VOO vs. GBTC - Expense Ratio Comparison
VOO has a 0.03% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
VOO vs. GBTC - Dividend Comparison
VOO's dividend yield for the trailing twelve months is around 1.05%, 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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
VOO and GBTC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.88%) compared to VOO (3.74%). In terms of maximum drawdown, VOO dropped -33.99% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 48.34% vs 15.23% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.74%. 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 48.34% return vs 15.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.50% for GBTC.
VOO has the higher dividend yield at 1.05%, compared with 0.00% for GBTC.
VOO is categorized as S&P 500, while GBTC is Cryptocurrency. VOO tracks S&P 500 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 VOO and 1.50% for GBTC.
VOO currently has the higher Sharpe Ratio (2.15 vs -0.95), 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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