PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XLK vs. GBTC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLK vs. GBTC

Last updated Jun 6, 2026

XLK (State Street Technology Select Sector SPDR ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, XLK returned 24.71%/yr vs 48.34%/yr for GBTC. At a 0.25 correlation, their price movements are largely independent. XLK charges 0.08%/yr vs 1.50%/yr for GBTC.

Performance

XLK vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XLK achieves a 25.39% return, which is significantly higher than GBTC's -31.54% return. Over the past 10 years, XLK has underperformed GBTC with an annualized return of 24.71%, while GBTC has yielded a comparatively higher 48.34% annualized return.

XLK

1D
-6.66%
1M
6.04%
YTD
25.39%
6M
23.33%
1Y
53.58%
3Y*
30.43%
5Y*
21.75%
10Y*
24.71%

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

XLK vs. GBTC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLK
State Street Technology Select Sector SPDR ETF		25.39%24.61%21.63%56.02%-27.73%34.74%43.62%49.86%-1.68%34.26%
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 XLK and GBTC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.32

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

0.41

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, XLK and GBTC have become more correlated (0.46) than their long-term average of 0.25, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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

State Street Technology Select Sector SPDR ETF

Grayscale Bitcoin Trust ETF

Often compared with XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. IYWXLK vs. XLE
Often compared with GBTC:
GBTC vs. IBITGBTC vs. BTC-USDGBTC vs. MSTRGBTC vs. BITOGBTC vs. TSLAGBTC vs. FBTCGBTC vs. SPY

Return for Risk

XLK vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLK
XLK Risk / Return Rank: 6969
Overall Rank
XLK Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 6666
Sortino Ratio Rank
XLK Omega Ratio Rank: 7070
Omega Ratio Rank
XLK Calmar Ratio Rank: 6969
Calmar Ratio Rank
XLK Martin Ratio Rank: 6363
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: 22
Calmar Ratio Rank
GBTC Martin Ratio Rank: 11
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.

XLK vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) 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.

XLKGBTCDifference
Sharpe ratioReturn per unit of total volatility
2.45
-0.95

+3.41

Sortino ratioReturn per unit of downside risk
2.98
-1.36

+4.34

Omega ratioGain probability vs. loss probability

1.41

0.85

+0.56

Calmar ratioReturn relative to maximum drawdown

3.38

-0.80

+4.18

Martin ratioReturn relative to average drawdown

11.25

-1.44

+12.69

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

XLK vs. GBTC - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 2.45, which is higher than the GBTC Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of XLK 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.

Loading charts...

Sharpe Ratios by Period

XLKGBTCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.45

-0.95

+3.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

0.14

+0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.01

0.59

+0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.64

-0.24

Drawdowns

XLK vs. GBTC - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for XLK and GBTC.

Loading charts...

Drawdown Indicators

XLKGBTCDifference

Max Drawdown

Largest peak-to-trough decline

-82.05%

-89.91%

+7.86%

Max Drawdown (1Y)

Largest decline over 1 year

-15.92%

-52.45%

+36.53%

Max Drawdown (3Y)

Largest decline over 3 years

-25.66%

-52.45%

+26.79%

Max Drawdown (5Y)

Largest decline over 5 years

-33.56%

-85.42%

+51.86%

Max Drawdown (10Y)

Largest decline over 10 years

-33.56%

-89.91%

+56.35%

Current Drawdown

Current decline from peak

-9.04%

-52.45%

+43.41%

Average Drawdown

Average peak-to-trough decline

-34.95%

-43.44%

+8.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

28.99%

-24.21%

Volatility

XLK vs. GBTC - Volatility Comparison

State Street Technology Select Sector SPDR ETF (XLK) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 10.28% and 9.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XLKGBTCDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.28%

9.88%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

18.21%

34.14%

-15.93%

Volatility (1Y)

Calculated over the trailing 1-year period

21.96%

43.96%

-22.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.07%

62.45%

-37.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.59%

82.20%

-57.61%

XLK vs. GBTC - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

XLK vs. GBTC - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.42%, 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%
XLK
State Street Technology Select Sector SPDR ETF		0.42%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%

Frequently Asked Questions

XLK and GBTC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLK has higher volatility (10.28%) compared to GBTC (9.88%). In terms of maximum drawdown, XLK dropped -82.05% vs GBTC's -89.91%.

On 10-year performance, GBTC leads with 48.34% vs 24.71% for XLK. On fees, XLK is cheaper at 0.08% per year. On volatility, GBTC has been the lower-risk option at 9.88%. 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 24.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLK is cheaper with a 0.08% expense ratio, compared with 1.50% for GBTC.

XLK has the higher dividend yield at 0.42%, compared with 0.00% for GBTC.

XLK is categorized as Technology Equities, while GBTC is Cryptocurrency. XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: State Street and Grayscale. Their fees differ too: 0.08% for XLK and 1.50% for GBTC.

XLK currently has the higher Sharpe Ratio (2.45 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.

Portfolio Optimizer

Find the right allocation for XLK and GBTC

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer