YBTC vs. SPY

Last updated Aug 4, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while SPY is a S&P 500 fund tracking the S&P 500 Index. YBTC is actively managed, while SPY is passively managed. Over the past year, YBTC returned -39.52% vs 23.22% for SPY. Their 0.42 correlation means their historical movements had little consistent relationship. YBTC charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

YBTC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YBTC achieves a -23.08% return, which is significantly lower than SPY's 11.70% return.

YBTC

• 1D: 1.15%
• 1M: 4.67%
• 6M: -14.64%
• YTD: -23.08%
• 1Y: -39.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B
YBTC Roundhill Bitcoin Covered Call Strategy ETF	$1.48M	$1.24M	$1.57M

YBTC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-23.08%	-4.23%	55.31%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	25.68%

Correlation

The correlation between YBTC and SPY is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.42

Return for Risk

YBTC vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 3
YBTC Martin Ratio Rank: 3

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

YBTC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) and State Street SPDR S&P 500 ETF (SPY). 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.

	YBTC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	1.82	-2.80
Sortino ratio: Return per unit of downside risk	-1.38	2.50	-3.88
Omega ratio: Gain probability vs. loss probability	0.83	1.32	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.81	2.62	-3.44
Martin ratio: Return relative to average drawdown	-1.26	11.20	-12.45

YBTC vs. SPY - Sharpe Ratio Comparison

The current YBTC Sharpe Ratio is -0.99, which is lower than the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of YBTC and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YBTC vs. SPY - Drawdown Comparison

The maximum YBTC drawdown since its inception was -48.84%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for YBTC and SPY.

Drawdown Indicators

	YBTC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-48.84%	-55.19%	+6.35%
Max Drawdown (1Y) Largest decline over 1 year	-48.84%	-8.88%	-39.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-43.83%	0.00%	-43.83%
Average Drawdown Average peak-to-trough decline	-14.95%	-9.01%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.47%	2.08%	+29.39%

Volatility

YBTC vs. SPY - Volatility Comparison

Roundhill Bitcoin Covered Call Strategy ETF (YBTC) has a higher volatility of 7.36% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that YBTC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YBTC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	3.84%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	31.73%	10.23%	+21.50%
Volatility (1Y) Calculated over the trailing 1-year period	40.20%	12.87%	+27.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.43%	17.19%	+23.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.43%	17.96%	+22.47%

YBTC vs. SPY - Expense Ratio Comparison

YBTC has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

YBTC vs. SPY - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 80.06%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.99%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	80.06%	76.04%	44.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YBTC and SPY in my portfolio?

YBTC and SPY 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.

Which is riskier, YBTC or SPY?

YBTC has higher volatility (7.36%) compared to SPY (3.84%). In terms of maximum drawdown, YBTC dropped -48.84% vs SPY's -55.19%.

Which ETF is better, YBTC or SPY?

On 1-year performance, SPY leads with 23.22% vs -39.52% for YBTC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBTC or SPY?

Over the 1-year period, SPY has performed better with a 23.22% return vs -39.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBTC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for YBTC.

Which ETF pays a higher dividend yield, YBTC or SPY?

YBTC has the higher dividend yield at 80.06%, compared with 0.99% for SPY.

What is the main difference between YBTC and SPY?

YBTC is categorized as Cryptocurrency, while SPY is S&P 500. They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.95% for YBTC and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.82 vs -0.99), 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.