VSHY vs. GBTC

Last updated Jun 5, 2026

VSHY (Virtus Newfleet Short Duration High Yield Bond ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - VSHY is a High Yield Bonds fund actively managed by Virtus, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. VSHY is actively managed, while GBTC is passively managed. Over the past year, VSHY returned 6.83% vs -40.35% for GBTC. At a 0.31 correlation, their price movements are largely independent. VSHY charges 0.40%/yr vs 1.50%/yr for GBTC.

Performance

VSHY vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSHY achieves a 1.90% return, which is significantly higher than GBTC's -27.82% return.

VSHY

• 1D: 0.15%
• 1M: 0.31%
• YTD: 1.90%
• 6M: 2.04%
• 1Y: 6.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -2.74%
• 1M: -22.25%
• YTD: -27.82%
• 6M: -31.83%
• 1Y: -40.35%
• 3Y*: 53.36%
• 5Y*: 9.81%
• 10Y*: 49.21%

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

VSHY vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	1.90%	6.87%	8.03%	3.76%
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	113.81%	9.87%

Correlation

The correlation between VSHY and GBTC is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.31

Return for Risk

VSHY vs. GBTC — Risk / Return Rank

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

VSHY

VSHY Risk / Return Rank: 70
VSHY Sharpe Ratio Rank: 61
VSHY Sortino Ratio Rank: 67
VSHY Omega Ratio Rank: 66
VSHY Calmar Ratio Rank: 78
VSHY Martin Ratio Rank: 78

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.

VSHY vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) 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.

	VSHY	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.02	-0.93	+2.95
Sortino ratio: Return per unit of downside risk	3.05	-1.31	+4.35
Omega ratio: Gain probability vs. loss probability	1.39	0.85	+0.54
Calmar ratio: Return relative to maximum drawdown	3.95	-0.81	+4.76
Martin ratio: Return relative to average drawdown	14.76	-1.40	+16.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSHY vs. GBTC - Sharpe Ratio Comparison

The current VSHY Sharpe Ratio is 2.02, which is higher than the GBTC Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of VSHY 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.

Sharpe Ratios by Period

	VSHY	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	-0.93	+2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	0.65	+1.24

Drawdowns

VSHY vs. GBTC - Drawdown Comparison

The maximum VSHY drawdown since its inception was -4.55%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for VSHY and GBTC.

Drawdown Indicators

	VSHY	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-4.55%	-89.91%	+85.36%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-49.87%	+48.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-0.18%	-49.87%	+49.69%
Average Drawdown Average peak-to-trough decline	-0.42%	-43.43%	+43.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	28.81%	-28.35%

Volatility

VSHY vs. GBTC - Volatility Comparison

The current volatility for Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) is 1.31%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.07%. This indicates that VSHY 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

	VSHY	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	9.07%	-7.76%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	33.86%	-31.21%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	43.69%	-40.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	62.44%	-58.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	82.20%	-77.80%

VSHY vs. GBTC - Expense Ratio Comparison

VSHY has a 0.40% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

VSHY vs. GBTC - Dividend Comparison

VSHY's dividend yield for the trailing twelve months is around 6.40%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	6.40%	6.14%	6.81%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSHY and GBTC in my portfolio?

VSHY and GBTC have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSHY or GBTC?

GBTC has higher volatility (9.07%) compared to VSHY (1.31%). In terms of maximum drawdown, VSHY dropped -4.55% vs GBTC's -89.91%.

Which ETF is better, VSHY or GBTC?

On 1-year performance, VSHY leads with 6.83% vs -40.35% for GBTC. On fees, VSHY is cheaper at 0.40% per year. On volatility, VSHY has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSHY or GBTC?

Over the 1-year period, VSHY has performed better with a 6.83% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSHY or GBTC?

VSHY is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, VSHY or GBTC?

VSHY has the higher dividend yield at 6.40%, compared with 0.00% for GBTC.

What is the main difference between VSHY and GBTC?

VSHY is categorized as High Yield Bonds, while GBTC is Cryptocurrency. They also come from different issuers: Virtus and Grayscale. Their fees differ too: 0.40% for VSHY and 1.50% for GBTC.

Which has better risk-adjusted returns?

VSHY currently has the higher Sharpe Ratio (2.02 vs -0.93), 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.