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Relative Intelligence · Bitcoin

How Grayscale Bitcoin Trust ETF (GBTC) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GBTC alone. It places GBTC (Grayscale Bitcoin Trust ETF) against 15 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where GBTC stands in the market, and of the alternatives worth a closer look.

Period covered: GBTC's full trading record, from May 2015 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against GBTC →Chart GBTC vs. 15 alternatives →
On this page11 sections

Key findings

How much would $10,000 in GBTC have grown?

This chart tracks a hypothetical $10,000 investment in GBTC over the past 10 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GBTC over the same span and GBTC's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 10 years rather than GBTC's full 11 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2016 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 3 of the 2,697 stocks and funds worth at least $500 million that traded the whole period ended ahead of GBTC. The other 2 lines are popular alternatives, shown for context.

$100$1,000$10,000$100,000$1M201620182020202220242026$100$1,000$10,000$100,000$1M2016201920222025
  • NVDA$1M+13,576% total · +63.5% a year
  • AMD$885,314+8,753% total · +56.6% a year
  • PAYS$748,914+7,389% total · +54.0% a year
  • GBTC$733,365+7,234% total · +53.6% a year
  • MSTR$91,451+815% total · +24.8% a year
  • SPY (S&P 500)$41,286+313% total · +15.2% a year
  • MARA$2,520−74.8% total · −12.9% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 895 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of GBTC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000202120222023202420252026$10,000$100,000202120222023202420252026
  • ATI$113,890+1,039% total · +62.7% a year
  • MPC$71,516+615% total · +48.2% a year
  • CAH$49,682+397% total · +37.8% a year
  • TSM$43,622+336% total · +34.3% a year
  • MSTR$26,468+165% total · +21.5% a year
  • GLD$23,190+132% total · +18.3% a year
  • GBTC$19,082+90.8% total · +13.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BLOK$16,845+68.5% total · +11.0% a year
  • MARA$3,588−64.1% total · −18.5% a year
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GBTC at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: GBTC began trading on May 11, 2015, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The fund

Issuer
Grayscale
Began trading
May 2015
Expense ratio
1.50%per year
Assets
$10B
Category
Crypto

Returns

Past 1 year
−26.7%total return
Past 3 years
+169%+39.2% a year
Past 5 years
+23.1%+4.2% a year
Past 10 years
+7,255%+53.7% a year
Best calendar year
+1,761%2017
Worst calendar year
−82.1%2018
Losing years
3 of 10full calendar years

Risk

Volatility
59.6%typical yearly swing, 5 years
Sharpe ratio
0.37return per unit of risk, 5 years
Worst decline ever
−89.9%Dec 2017 to Dec 2018
From its all-time high
−35.3%below the peak

GBTC against the whole market

Where GBTC ranks among every stock and fund, and what across the market has done better.

How does GBTC rank among all ETFs?

This section ranks GBTC on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how GBTC stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureGBTCRankStanding
1-year return−26.7%2,451 of 2,485bottom 2%
3-year return+169%53 of 1,949top 3%
5-year return+23.1%1,079 of 1,560bottom 32%
10-year return+7,255%1 of 958top 1%
Volatility, 5 years59.6%1,549 of 1,560bottom 2%
Sharpe ratio, 5 years0.371,138 of 1,560bottom 28%
Worst decline, past 10 years−89.9%947 of 951bottom 1%

What has beaten GBTC on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). GBTC sits where the dashed lines cross. Anything in the green box above and to the left earned more than GBTC with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to GBTC; faint dots are 93 more of the 1,749 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GBTCASML: +17.4% a year, volatility 43.4%MUFG: +33.2% a year, volatility 29.4%ANET: +49.0% a year, volatility 49.0%INSW: +56.5% a year, volatility 40.5%PANW: +31.9% a year, volatility 43.4%STX: +57.4% a year, volatility 48.7%WELL: +26.0% a year, volatility 23.8%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%CRWD: +26.3% a year, volatility 52.7%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%ASX: +48.8% a year, volatility 43.0%AEM: +29.5% a year, volatility 38.4%ING: +24.7% a year, volatility 31.1%MFC: +22.6% a year, volatility 24.0%FTNT: +20.7% a year, volatility 44.8%NEM: +18.6% a year, volatility 39.1%HPE: +32.9% a year, volatility 42.2%BAP: +30.8% a year, volatility 30.3%P: +37.3% a year, volatility 55.0%KB: +25.3% a year, volatility 34.4%GRMN: +14.8% a year, volatility 31.6%UMC: +19.9% a year, volatility 43.2%NTAP: +20.9% a year, volatility 35.3%CIB: +32.9% a year, volatility 32.9%EBAY: +11.7% a year, volatility 32.9%STT: +14.4% a year, volatility 29.9%WSM: +24.5% a year, volatility 44.4%THC: +32.9% a year, volatility 45.1%USFD: +22.7% a year, volatility 29.8%COKE: +41.2% a year, volatility 38.0%EXPE: +13.2% a year, volatility 46.5%FFIV: +17.1% a year, volatility 30.8%MOG-A: +36.6% a year, volatility 32.0%SNX: +20.3% a year, volatility 30.4%FRO: +52.6% a year, volatility 49.7%EXEL: +24.4% a year, volatility 35.8%HALO: +26.6% a year, volatility 40.4%EWT: +20.4% a year, volatility 24.2%JXN: +41.7% a year, volatility 43.3%LAUR: +37.5% a year, volatility 32.8%KNSA: +50.2% a year, volatility 53.7%BPOP: +17.7% a year, volatility 29.7%AMG: +18.8% a year, volatility 31.9%VCTR: +28.1% a year, volatility 35.0%BWLP: +60.3% a year, volatility 50.9%LTH: +19.0% a year, volatility 46.6%MATX: +24.9% a year, volatility 39.4%NHC: +32.0% a year, volatility 28.5%LGND: +30.2% a year, volatility 44.2%SIMO: +28.0% a year, volatility 55.1%FLTW: +21.8% a year, volatility 24.3%ENVA: +37.8% a year, volatility 41.9%QTUM: +22.8% a year, volatility 28.1%IFS: +20.8% a year, volatility 31.1%CAKE: +25.8% a year, volatility 39.9%DHT: +38.7% a year, volatility 39.0%DK: +34.0% a year, volatility 52.7%WT: +31.4% a year, volatility 32.8%VIRT: +20.8% a year, volatility 33.8%MCY: +17.0% a year, volatility 34.3%AAMI: +29.0% a year, volatility 35.6%CGAU: +26.3% a year, volatility 47.6%DXPE: +39.0% a year, volatility 46.1%GEO: +27.7% a year, volatility 51.5%SOXQ: +28.3% a year, volatility 38.9%DCO: +27.5% a year, volatility 34.5%DGII: +28.0% a year, volatility 42.4%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%NVDA: +58.0% a year, volatility 51.9%TEN: +46.9% a year, volatility 46.3%IMAX: +20.2% a year, volatility 40.1%TK: +47.1% a year, volatility 41.7%DRD: +27.0% a year, volatility 52.3%UVE: +34.3% a year, volatility 42.8%TILE: +19.0% a year, volatility 42.8%HWM: +47.3% a year, volatility 32.5%AMAL: +24.7% a year, volatility 33.4%HCI: +11.7% a year, volatility 42.0%UFCS: +23.7% a year, volatility 39.1%KARO: +15.9% a year, volatility 53.8%IDT: +12.3% a year, volatility 38.5%ALNT: +22.9% a year, volatility 49.7%NWPX: +32.5% a year, volatility 36.2%AAPL: +18.5% a year, volatility 28.0%SENEA: +25.2% a year, volatility 36.4%CPAC: +24.4% a year, volatility 38.8%KRT: +25.4% a year, volatility 44.1%GOOG: +19.0% a year, volatility 32.0%GBTC: +4.2% a year, volatility 59.6%SPY (S&P 500): +12.7% a year, volatility 17.1%BLOK: +4.9% a year, volatility 42.5%GLD: +17.7% a year, volatility 18.9%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%TSM: +31.5% a year, volatility 38.5%ATI: +61.8% a year, volatility 42.9%DELL: +55.2% a year, volatility 54.4%SMH: +33.4% a year, volatility 36.9%MU: +68.1% a year, volatility 57.1%SGOV: +3.8% a year, volatility 0.3%FIX: +77.0% a year, volatility 46.7%BELFB: +78.0% a year, volatility 52.1%IAUM: +18.1% a year, volatility 18.8%GBTCSPY (S&P 500)BLOKGLDMPCCAHTSMATIDELLSMHMUSGOVFIXBELFBIAUM−20.0%0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GBTCASML: +17.4% a year, volatility 43.4%MUFG: +33.2% a year, volatility 29.4%ANET: +49.0% a year, volatility 49.0%INSW: +56.5% a year, volatility 40.5%PANW: +31.9% a year, volatility 43.4%STX: +57.4% a year, volatility 48.7%WELL: +26.0% a year, volatility 23.8%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%CRWD: +26.3% a year, volatility 52.7%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%ASX: +48.8% a year, volatility 43.0%AEM: +29.5% a year, volatility 38.4%ING: +24.7% a year, volatility 31.1%MFC: +22.6% a year, volatility 24.0%FTNT: +20.7% a year, volatility 44.8%NEM: +18.6% a year, volatility 39.1%HPE: +32.9% a year, volatility 42.2%BAP: +30.8% a year, volatility 30.3%P: +37.3% a year, volatility 55.0%KB: +25.3% a year, volatility 34.4%GRMN: +14.8% a year, volatility 31.6%UMC: +19.9% a year, volatility 43.2%NTAP: +20.9% a year, volatility 35.3%CIB: +32.9% a year, volatility 32.9%EBAY: +11.7% a year, volatility 32.9%STT: +14.4% a year, volatility 29.9%WSM: +24.5% a year, volatility 44.4%THC: +32.9% a year, volatility 45.1%USFD: +22.7% a year, volatility 29.8%COKE: +41.2% a year, volatility 38.0%EXPE: +13.2% a year, volatility 46.5%FFIV: +17.1% a year, volatility 30.8%MOG-A: +36.6% a year, volatility 32.0%SNX: +20.3% a year, volatility 30.4%FRO: +52.6% a year, volatility 49.7%EXEL: +24.4% a year, volatility 35.8%HALO: +26.6% a year, volatility 40.4%EWT: +20.4% a year, volatility 24.2%JXN: +41.7% a year, volatility 43.3%LAUR: +37.5% a year, volatility 32.8%KNSA: +50.2% a year, volatility 53.7%BPOP: +17.7% a year, volatility 29.7%AMG: +18.8% a year, volatility 31.9%VCTR: +28.1% a year, volatility 35.0%BWLP: +60.3% a year, volatility 50.9%LTH: +19.0% a year, volatility 46.6%MATX: +24.9% a year, volatility 39.4%NHC: +32.0% a year, volatility 28.5%LGND: +30.2% a year, volatility 44.2%SIMO: +28.0% a year, volatility 55.1%FLTW: +21.8% a year, volatility 24.3%ENVA: +37.8% a year, volatility 41.9%QTUM: +22.8% a year, volatility 28.1%IFS: +20.8% a year, volatility 31.1%CAKE: +25.8% a year, volatility 39.9%DHT: +38.7% a year, volatility 39.0%DK: +34.0% a year, volatility 52.7%WT: +31.4% a year, volatility 32.8%VIRT: +20.8% a year, volatility 33.8%MCY: +17.0% a year, volatility 34.3%AAMI: +29.0% a year, volatility 35.6%CGAU: +26.3% a year, volatility 47.6%DXPE: +39.0% a year, volatility 46.1%GEO: +27.7% a year, volatility 51.5%SOXQ: +28.3% a year, volatility 38.9%DCO: +27.5% a year, volatility 34.5%DGII: +28.0% a year, volatility 42.4%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%NVDA: +58.0% a year, volatility 51.9%TEN: +46.9% a year, volatility 46.3%IMAX: +20.2% a year, volatility 40.1%TK: +47.1% a year, volatility 41.7%DRD: +27.0% a year, volatility 52.3%UVE: +34.3% a year, volatility 42.8%TILE: +19.0% a year, volatility 42.8%HWM: +47.3% a year, volatility 32.5%AMAL: +24.7% a year, volatility 33.4%HCI: +11.7% a year, volatility 42.0%UFCS: +23.7% a year, volatility 39.1%KARO: +15.9% a year, volatility 53.8%IDT: +12.3% a year, volatility 38.5%ALNT: +22.9% a year, volatility 49.7%NWPX: +32.5% a year, volatility 36.2%AAPL: +18.5% a year, volatility 28.0%SENEA: +25.2% a year, volatility 36.4%CPAC: +24.4% a year, volatility 38.8%KRT: +25.4% a year, volatility 44.1%GOOG: +19.0% a year, volatility 32.0%GBTC: +4.2% a year, volatility 59.6%SPY (S&P 500): +12.7% a year, volatility 17.1%BLOK: +4.9% a year, volatility 42.5%GLD: +17.7% a year, volatility 18.9%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%TSM: +31.5% a year, volatility 38.5%ATI: +61.8% a year, volatility 42.9%DELL: +55.2% a year, volatility 54.4%SMH: +33.4% a year, volatility 36.9%MU: +68.1% a year, volatility 57.1%SGOV: +3.8% a year, volatility 0.3%FIX: +77.0% a year, volatility 46.7%BELFB: +78.0% a year, volatility 52.1%IAUM: +18.1% a year, volatility 18.8%GBTCSPY (S&P 500)BLOKGLDMPCCAHTSMATIDELLSMHMUSGOVFIXIAUM
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than GBTC?

Investments that beat GBTC over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat GBTC over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks GBTC's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than GBTC follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than GBTC's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× GBTC's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than GBTC's.

Screen the whole market against GBTC for any period in BetterThanSPYOpen these 11 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with GBTC?lower diversifies moreExpenseper year
GBTCGrayscale Bitcoin Trust ETF · this page
+4.2%59.6%0.37−89.9%+7,255%1.001.50%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.500.09%
Popular alternativesbest 1 shownThe investments people most often weigh against GBTC. 1 of 5 passed at least one test.
BLOKAmplify Blockchain Technology ETF · Crypto
Similar return, lower volatility+4.9%42.5%0.33−73.3%—0.750.70%
Same and neighboring categories, and shared themesbest 1 shownEverything else in Bitcoin and the categories next to it (Ethereum, Cryptocurrency Exchanges, Bitcoin Treasury, Gold), plus GBTC's specific themes. 5 of 6 passed at least one test.
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.160.40%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,085 of 3,622 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.25—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.03—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.5%38.5%0.91−56.6%+1,505%0.16—
ATIATI Inc. · Metals & Mining
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.15—
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.11—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.310.35%
MUMicron Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.10—
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.240.09%
What these numbers mean for GBTC
Annual return
GBTC returned 4.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $12,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
GBTC's volatility over the past 5 years was 59.6%, 3.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GBTC's return lands within 59.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
GBTC's Sharpe ratio over the past 5 years was 0.37, against 0.79 for the S&P 500, so GBTC earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
GBTC's worst fall from a peak to a low over the past 10 years was 89.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 89.9% fall takes a 891% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, GBTC's monthly returns had a correlation of 0.50 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against GBTC instead: the lower it is, the more that option would diversify a GBTC holding. Guide: Correlation and diversification →
Show all 1,749 stocks and funds worth at least $500 million that earned more than GBTC with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with GBTCExpense
1
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.25—
2
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.03—
3
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+1,505%0.16—
4
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.15—
5
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+3,701%0.11—
6
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+17.4%43.4%0.59−56.9%+1,628%0.25—
7
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.08—
8
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+3,439%0.38—
9
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—-0.03—
10
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+31.9%43.4%0.86−48.0%+1,274%0.18—
11
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+2,698%0.21—
12
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.11—
13
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.17—
14
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.15—
15
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Whole market+26.3%52.7%0.71−67.7%—0.30—
16
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.07—
17
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.16—
18
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.10—
19
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.00—
20
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+967%0.07—
21
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+352%0.16—
22
INGING Groep N.V. · Banks
Whole market+24.7%31.1%0.87−74.4%+339%0.00—
23
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.21—
24
FTNTFortinet, Inc. · Cybersecurity
Whole market+20.7%44.8%0.65−38.3%+2,626%0.26—
25
NEMNewmont Corporation · Gold Mining
Whole market+18.6%39.1%0.63−62.4%+304%0.07—
26
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+1,665%0.310.35%
27
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+483%0.14—
28
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.24—
29
PEverpure, Inc. · Computer Hardware
Whole market+37.3%55.0%0.85−69.4%+899%0.33—
30
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+390%0.22—
31
GRMNGarmin Ltd. · Computer Hardware
Whole market+14.8%31.6%0.59−54.6%+670%0.17—
32
UMCUnited Microelectronics Corporation · Semiconductors
Whole market+19.9%43.2%0.63−54.3%+1,610%0.04—
33
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.9%35.3%0.71−58.1%+691%0.28—
34
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.18—
35
EBAYeBay Inc. · E-Commerce
Whole market+11.7%32.9%0.50−53.6%+374%0.42—
36
STTState Street Corporation · Banks
Whole market+14.4%29.9%0.60−59.6%+212%0.30—
37
WSMWilliams-Sonoma, Inc. · Specialty Retail
Whole market+24.5%44.4%0.71−59.7%+1,268%0.47—
38
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+32.9%45.1%0.86−71.7%+1,058%0.22—
39
USFDUS Foods Holding Corp. · Food Distribution
Whole market+22.7%29.8%0.84−77.3%+347%0.16—
40
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%-0.18—
41
EXPEExpedia Group, Inc. · Travel Services
Whole market+13.2%46.5%0.50−70.5%+154%0.22—
42
FFIVF5, Inc. · Cybersecurity
Whole market+17.1%30.8%0.67−54.6%+287%0.23—
43
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.12—
44
SNXTD Synnex Corp · Technology Distribution
Whole market+20.3%30.4%0.76−55.8%+430%0.23—
45
FROFrontline Plc · Oil & Gas
Whole market+52.6%49.7%1.10−52.0%+1,194%0.07—
46
EXELExelixis, Inc. · Biotechnology
Whole market+24.4%35.8%0.79−57.2%+448%0.09—
47
HALOHalozyme Therapeutics, Inc. · Biotechnology
Whole market+26.6%40.4%0.79−49.1%+1,196%-0.10—
48
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.150.59%
49
JXNJackson Financial Inc. · Life Insurance
Whole market+41.7%43.3%1.03−48.4%—0.26—
50
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.05—
51
KNSAKiniksa Pharmaceuticals International, plc · Biotechnology
Whole market+50.2%53.7%1.02−83.1%—-0.26—
52
BPOPPopular, Inc. · Regional Banks
Whole market+17.7%29.7%0.70−59.0%+448%0.05—
53
AMGAffiliated Managers Group, Inc. · Asset Management
Whole market+18.8%31.9%0.70−78.5%+185%0.17—
54
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.30—
55
BWLPBW LPG Limited · Marine Shipping
Whole market+60.3%50.9%1.19−68.8%+2,672%0.04—
56
LTHLife Time Group Holdings, Inc. · Leisure Facilities
Whole market+19.0%46.6%0.61−58.4%———
57
MATXMatson, Inc. · Freight & Logistics
Whole market+24.9%39.4%0.76−53.6%+594%0.22—
58
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.06—
59
LGNDLigand Pharmaceuticals Incorporated · Biotechnology
Whole market+30.2%44.2%0.82−76.9%+414%0.06—
60
SIMOSilicon Motion Technology Corporation · Semiconductors
Whole market+28.0%55.1%0.71−56.5%+494%0.03—
61
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.130.19%
62
ENVAEnova International, Inc. · Consumer Finance
Whole market+37.8%41.9%0.98−77.6%+1,819%0.09—
63
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.350.40%
64
IFSIntercorp Financial Services Inc. · Regional Banks
Whole market+20.8%31.1%0.77−56.9%—0.23—
65
CAKEThe Cheesecake Factory Incorporated · Restaurants
Whole market+25.8%39.9%0.78−75.6%+187%0.32—
66
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+1,050%0.00—
67
DKDelek US Holdings, Inc. · Oil & Gas
Whole market+34.0%52.7%0.82−84.3%+524%0.06—
68
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.35—
69
VIRTVirtu Financial, Inc. · Capital Markets
Whole market+20.8%33.8%0.73−56.2%+545%0.20—
70
MCYMercury General Corporation · Property & Casualty Insurance
Whole market+17.0%34.3%0.63−55.3%+198%0.15—
71
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.33—
72
CGAUCenterra Gold Inc. · Gold Mining
Whole market+26.3%47.6%0.73−72.2%+421%0.19—
73
DXPEDXP Enterprises, Inc. · Industrial - Distribution
Whole market+39.0%46.1%0.95−77.3%+610%0.26—
74
GEOThe GEO Group, Inc. · Security & Protection Services
Whole market+27.7%51.5%0.73−77.8%+174%0.22—
75
SOXQInvesco PHLX Semiconductor ETF · Technology
Whole market+28.3%38.9%0.84−46.0%—0.260.19%
76
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+706%0.25—
77
DGIIDigi International Inc. · Communication Equipment
Whole market+28.0%42.4%0.79−65.7%+587%-0.03—
78
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.11—
79
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.08—
80
NVDANVIDIA Corporation · Semiconductors
Whole market+58.0%51.9%1.14−66.3%+13,019%0.48—
81
TENTsakos Energy Navigation Limited · Oil & Gas Midstream
Whole market+46.9%46.3%1.07−68.7%+211%-0.05—
82
IMAXIMAX Corporation · Entertainment
Whole market+20.2%40.1%0.66−79.4%+65.3%0.05—
83
TKTeekay Corporation · Oil & Gas Midstream
Whole market+47.1%41.7%1.13−83.8%+244%0.10—
84
DRDDRDGOLD Limited · Gold
Whole market+27.0%52.3%0.72−74.0%+589%0.12—
85
UVEUniversal Insurance Holdings, Inc. · Insurance - Property & Casualty
Whole market+34.3%42.8%0.91−79.6%+216%0.10—
86
TILEInterface, Inc. · Furnishings, Fixtures & Appliances
Whole market+19.0%42.8%0.62−78.0%+136%0.36—
87
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.22—
88
AMALAmalgamated Financial Corp. · Banks - Regional
Whole market+24.7%33.4%0.83−62.9%—0.02—
89
HCIHCI Group, Inc. · Insurance - Property & Casualty
Whole market+11.7%42.0%0.47−78.8%+829%0.39—
90
UFCSUnited Fire Group, Inc. · Insurance - Property & Casualty
Whole market+23.7%39.1%0.74−64.5%+86.7%0.04—
91
KAROKarooooo Ltd. · Software - Application
Whole market+15.9%53.8%0.54−52.1%—0.27—
92
IDTIDT Corporation · Telecommunications Services
Whole market+12.3%38.5%0.49−77.1%+429%0.40—
93
ALNTAllient Inc. · Electrical Equipment & Parts
Whole market+22.9%49.7%0.66−68.7%+374%0.23—
94
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%-0.04—
95
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.31—
96
SENEASeneca Foods Corporation · Packaged Foods
Whole market+25.2%36.4%0.81−51.3%+455%-0.12—
97
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%0.41—
98
CPACCementos Pacasmayo S.A.A. · Construction Materials
Whole market+24.4%38.8%0.74−55.9%+166%0.18—
99
KRTKarat Packaging Inc. · Packaging & Containers
Whole market+25.4%44.1%0.74−48.4%—0.34—
100
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.26—

GBTC against its popular alternatives

The investments people most often weigh against GBTC, compared period by period and year by year.

How do GBTC's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at GBTC, which divides the map into what did better or worse on each measure.

Green points earned more than GBTC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGBTC: 4.2% a year, volatility 59.6%SPY (S&P 500): 12.7% a year, volatility 17.1%BLOK: 4.9% a year, volatility 42.5%MARA: −32.4% a year, volatility 106%COIN: −11.5% a year, volatility 86.9%MSTR: 13.5% a year, volatility 91.1%BITO: −1.0% a year, volatility 54.0%GBTCSPY (S&P 500)BLOKMARACOINMSTRBITO0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGBTC: 4.2% a year, volatility 59.6%SPY (S&P 500): 12.7% a year, volatility 17.1%BLOK: 4.9% a year, volatility 42.5%MARA: −32.4% a year, volatility 106%COIN: −11.5% a year, volatility 86.9%MSTR: 13.5% a year, volatility 91.1%BITO: −1.0% a year, volatility 54.0%GBTCSPY (S&P 500)BLOKMARACOINMSTRBITO
All figures
InvestmentAnnual returnVolatility
MSTR Strategy Inc+13.5%91.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BLOK Amplify Blockchain Technology ETF+4.9%42.5%
GBTC This pageGrayscale Bitcoin Trust ETF+4.2%59.6%
BITO ProShares Bitcoin ETF−1.0%54.0%
COIN Coinbase Global, Inc.−11.5%86.9%
MARA Marathon Digital Holdings, Inc.−32.4%106%
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Has GBTC consistently beaten its popular alternatives?

This section compares GBTC with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than GBTC helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than GBTC over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
GBTC Grayscale Bitcoin Trust ETF (this page)—−4.8%+26.3%+7.3%−9.2%−26.7%+169%+23.1%+7,255%59.6%0.37−89.9%1.50%$10B—
BLOK CryptoAmplify Blockchain Technology ETF2/5 short2/3 long−17.5%−9.0%−10.0%−6.9%−22.4%+205%+27.0%—42.5%0.33−73.3%0.70%$939M—
MSTR Software - ApplicationStrategy Inc1/5 short2/3 long−15.3%+45.9%−16.4%−9.2%−51.9%+310%+88.2%+748%91.1%0.59−89.3%—$57B—
ARKB CryptoARK 21Shares Bitcoin ETF3/5 short0/3 long−4.6%+26.6%+8.0%−8.2%−25.8%—————−53.3%0.21%$2.9B—
BITB CryptoBitwise Bitcoin ETF Trust3/5 short0/3 long−4.7%+26.6%+7.9%−8.3%−25.8%—————−53.3%0.20%$3.0B—
BRRR CryptoCoinShares Bitcoin ETF3/5 short0/3 long−4.8%+26.6%+7.9%−8.4%−25.8%—————−53.3%0.25%$462M—
BTC CryptoGrayscale Bitcoin Mini Trust ETF3/5 short0/3 long−4.6%+26.7%+8.0%−8.2%−25.7%—————−53.3%0.15%$5.1B—
BTCO CryptoInvesco Galaxy Bitcoin ETF3/5 short0/3 long−4.7%+26.6%+7.9%−8.3%−25.8%—————−53.3%0.25%$413M—
EZBC CryptoFranklin Bitcoin ETF3/5 short0/3 long−4.7%+26.6%+7.9%−8.2%−25.8%—————−53.3%0.19%$460M—
FBTC CryptoFidelity Wise Origin Bitcoin Fund3/5 short0/3 long−4.8%+26.5%+7.9%−8.3%−25.8%—————−53.3%0.25%$15B—
HODL CryptoVanEck Bitcoin ETF3/5 short0/3 long−4.6%+26.7%+8.2%−8.0%−25.6%—————−93.7%0.20%$1.2B—
IBIT CryptoiShares Bitcoin Trust ETF3/5 short0/3 long−4.7%+26.6%+8.0%−8.3%−25.8%—————−53.3%0.25%$65B—
ETHA CryptoiShares Ethereum Trust ETF1/5 short0/3 long−12.0%+28.1%+4.2%−22.2%−39.1%—————−67.9%0.25%$8.2B—
MARA Financial - Capital MarketsMarathon Digital Holdings, Inc.0/5 short0/3 long−43.7%−35.9%−35.7%−24.5%−63.9%−3.6%−85.9%−79.2%106%0.15−99.0%—$2.9B—
BITO CryptoProShares Bitcoin ETF0/5 short0/3 long−5.1%+25.4%+6.2%−10.7%−28.3%+131%−4.9%—54.0%0.25−77.9%0.95%$1.6B—
COIN Financial - Data & Stock ExchangesCoinbase Global, Inc.0/5 short0/3 long−15.0%+6.5%−19.3%−27.8%−50.3%+129%−45.7%—86.9%0.29−90.9%—$45B—
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How did GBTC do year by year?

This table shows each investment's total return in every full calendar year since 2016, along with where GBTC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GBTC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: GBTC began trading on May 11, 2015, so the table starts with 2016, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of GBTC; gray means the two finished within a fraction of a point. The rank row places GBTC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of GBTC2025202420232022202120202019201820172016
GBTC This pageGrayscale Bitcoin Trust ETF—−7.6%+114%+318%−75.8%+7.0%+291%+106%−82.1%+1,761%+93.0%
Rank among alternativesTop quarter in 1 of 43 of 82 of 64 of 64 of 6——————
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%
BLOK Amplify Blockchain Technology ETF3 of 7+32.6%+53.1%+99.6%−62.4%+30.8%+90.1%+29.6%———
MSTR Strategy Inc4 of 10−47.5%+359%+346%−74.0%+40.2%+172%+11.6%−2.7%−33.5%+10.1%
ARKB ARK 21Shares Bitcoin ETF1 of 1−6.6%—————————
ETHA iShares Ethereum Trust ETF0 of 1−11.3%—————————
MARA Marathon Digital Holdings, Inc.3 of 10−46.5%−28.6%+587%−89.6%+215%+1,086%−38.9%−91.2%−40.4%+7.5%
BITO ProShares Bitcoin ETF1 of 4−11.2%+105%+137%−63.9%——————
COIN Coinbase Global, Inc.1 of 4−8.9%+42.8%+391%−86.0%——————
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Risk and diversification

How GBTC has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were GBTC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents GBTC's five deepest drawdowns since it began trading in 2015, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: GBTC began trading on May 11, 2015, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means GBTC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringGBTC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−89.9%−1.6%Dec 2017Dec 201812 monthsJan 20212.1 years
2022 bear market−86.2%−0.5%Feb 2021Dec 202222 monthsMar 202415 months
2015 China and oil sell-off−53.8%−7.2%May 2015Aug 20153 monthsNov 20153 months
No named crash−53.8%+12.1%Oct 2025Jun 20268 monthsNot yet—
No named crash−48.5%+1.1%Aug 2017Sep 20171 monthNov 20172 months

How did GBTC do in stock market crashes?

This section measures how far GBTC, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: GBTC began trading on May 11, 2015, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than GBTC.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
GBTC This pageGrayscale Bitcoin Trust ETF—−15.2%−67.8%−57.8%−56.6%−16.3%−36.9%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF6 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BLOK Amplify Blockchain Technology ETF5 of 5−7.3%−55.2%−32.7%−29.1%−7.7%—————
MSTR Strategy Inc4 of 6−17.5%−72.4%−38.5%−21.3%−3.8%−35.7%−39.3%−1.6%−70.9%−99.7%
MARA Marathon Digital Holdings, Inc.3 of 6−13.8%−84.4%−62.6%−55.2%−14.1%−54.3%————
BITO ProShares Bitcoin ETF2 of 2−9.8%−61.9%————————
COIN Coinbase Global, Inc.0 of 2−15.2%−81.2%————————
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What diversifies GBTC?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with GBTC's. Because such investments tend not to fall at the same time, pairing GBTC with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which GBTC lost money. The last two columns show a portfolio that is 80% GBTC and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20252022201880/20 mix volatility80/20 mix annual return
GBTC Grayscale Bitcoin Trust ETF (this page)1.00+23.1%0.37−7.6%−75.8%−82.1%67.9%+13.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.11+119%1.48+27.1%+3.8%−5.2%54.5%+18.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.17+225%1.34+32.8%+6.0%−19.8%54.8%+20.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.28+101%1.04+9.7%+10.4%−8.7%55.2%+17.8%
HDV Dividend & IncomeiShares Core High Dividend ETF0.12+83.3%1.00+11.9%+7.1%−3.0%54.7%+17.3%
SMH TechnologyVanEck Semiconductor ETF0.31+323%0.97+49.2%−33.5%−9.1%56.8%+22.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.29+85.0%0.96+23.1%−5.1%−9.5%55.0%+17.4%
GLD CommoditiesSPDR Gold Shares0.16+126%0.96+63.7%−0.8%−1.9%54.9%+18.6%
FFLC Broad MarketFidelity Fundamental Large Cap Core ETF0.44+107%0.95+17.7%0.0%—55.8%+17.8%

Stocks

InvestmentCorrelation5Y returnSharpe20252022201880/20 mix volatility80/20 mix annual return
GBTC Grayscale Bitcoin Trust ETF (this page)1.00+23.1%0.37−7.6%−75.8%−82.1%67.9%+13.8%
CAH Medical - DistributionCardinal Health, Inc.0.03+479%1.55+76.3%+54.1%−24.5%54.7%+22.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.31+3,143%1.47+220%+1.3%−16.3%59.0%+34.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.41+1,636%1.46+121%+17.0%+0.8%58.6%+30.0%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+44.5%+51.8%−28.4%55.1%+22.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.25+690%1.41+19.2%+86.6%−8.2%56.3%+24.1%
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Common questions

What was GBTC's worst drawdown?

GBTC's deepest decline since it began trading in 2015 was 89.9%, from December 2017 to December 2018. It took 25 months from the low to climb back to its old high. Because GBTC launched in May 2015, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were GBTC's best and worst years?

Over ten full calendar years, GBTC's best year was 2017, when it returned 1,761%. Its worst was 2018, with a return of -82.1%.

Is there a better investment than GBTC?

Among GBTC's popular alternatives, BLOK matched GBTC's return over the past 5 years (4.9% a year against 4.2%) with 29% less volatility. Looking beyond its popular alternatives, GLD (gold) earned more than GBTC with less volatility over the past 5 years: 17.7% a year at 18.9% volatility, against 4.2% a year at 59.6%.

Is GBTC more volatile than the S&P 500?

Yes. GBTC's volatility over the past 5 years was 59.6%, 3.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GBTC's return lands within 59.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is GBTC's Sharpe ratio?

GBTC's Sharpe ratio over the past 5 years was 0.37, against 0.79 for the S&P 500, so GBTC earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is GBTC with the S&P 500?

Over the past 5 years, GBTC's monthly returns had a correlation of 0.50 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against GBTC instead: the lower it is, the more that option would diversify a GBTC holding.

What are the best alternatives to GBTC?

None of the 15 popular alternatives we compared outperformed GBTC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about GBTC's strength than about its alternatives.

Did GBTC outperform the S&P 500?

GBTC finished ahead of the S&P 500 (SPY) in six of ten full calendar years. In 2025, it returned -7.6%, against +17.7% for the index.

How did GBTC do in stock market crashes?

GBTC fell less than the S&P 500 (SPY) in none of the six major crashes it has traded through, and further in six. The clearest case was the 2022 bear market, when GBTC fell 67.8% and the S&P 500 fell 24.5%.

What diversifies GBTC?

These had a low correlation with GBTC over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.11), DXJ (correlation 0.17) and EMLP (correlation 0.28); among large stocks, CAH (correlation 0.03), CLS (correlation 0.31) and FIX (correlation 0.41). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to GBTC

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