Relative Intelligence · Bitcoin
How iShares Bitcoin Trust ETF (IBIT) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IBIT alone. It places IBIT (iShares 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 and diversification. The result is a clearer view of where IBIT stands in the market, and of the alternatives worth a closer look.
Period covered: IBIT's full trading record, from January 2024 through September 2026. 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.
On this page6 sections
Key findings
- What you're buyingIBIT charges 0.25% a year; BTC (Grayscale Bitcoin Mini Trust ETF) tracks the same thing for 0.15%. At a glance ↓
- Right nowIBIT has run far ahead of the market, rising 26.6% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. On the flip side, the slide is IBIT's own: it is 34.5% below its high, against 1.3% for the S&P 500. At a glance ↓
- Fund or market?IBIT rose 26.6% over the past 3 months while the S&P 500 rose 3.9%.
How much would $10,000 in IBIT have grown?
This chart tracks a hypothetical $10,000 investment in IBIT over the past 2 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IBIT over the same span and IBIT's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: IBIT began trading on January 11, 2024, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or eight other sell-offs. It covers the most recent 2 years of IBIT's record, starting at the end of September 2024.
- $10,000 invested in IBIT at the end of September 2024 would have grown to $13,102 by September 2026, less than the $13,598 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IBIT, and GOOG finished highest, at $20,524.
From the end of September 2024 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,580 of the 4,103 stocks and funds worth at least $500 million that traded the whole period ended ahead of IBIT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- GOOG$20,524+105% total · +43.3% a year
- NVDA$18,856+88.6% total · +37.3% a year
- BLOK$17,410+74.1% total · +31.9% a year
- GLD$15,668+56.7% total · +25.2% a year
- AAPL$14,412+44.1% total · +20.0% a year
- SPY (S&P 500)$13,598+36.0% total · +16.6% a year
- IBIT$13,102+31.0% total · +14.5% a year
- ETHA$10,229+2.3% total · +1.1% a year
- MSTR$9,080−9.2% total · −4.7% a year
- HODL$3,288−67.1% total · −42.7% a year
IBIT 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: IBIT began trading on January 11, 2024, 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 eight other sell-offs.
- IBIT is still 34.5% below its all-time high.
- IBIT's deepest decline since it began trading in 2024 was 53.3%, from October 2025 to June 2026. It has not yet climbed back to that peak.
The fund
- Issuer
- IShares
- Began trading
- January 2024
- Expense ratio
- 0.25%per year
- Assets
- $65B
- Category
- Crypto
Returns
- Past 1 year
- −25.8%total return
- Best calendar year
- −6.4%2025
- Worst calendar year
- −6.4%2025
- Losing years
- 1 of 1full calendar years
Risk
- Volatility
- 45.0%typical yearly swing, 1 year
- Sharpe ratio
- -0.44return per unit of risk, 1 year
- Worst decline ever
- −53.3%Oct 2025 to Jun 2026
- From its all-time high
- −34.5%below the peak
IBIT against the whole market
Where IBIT ranks among every stock and fund, and what across the market has done better.
How does IBIT rank among all ETFs?
This section ranks IBIT 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 IBIT stacks up against its peers, these rankings show where it stands in the market as a whole.
- IBIT's 1-year return ranks in the bottom 2% of the 2,485 ETFs with at least $100 million in assets with 1 year of history.
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.
| Measure | IBIT | Rank | Standing |
|---|---|---|---|
| 1-year return | −25.8% | 2,441 of 2,485 | bottom 3% |
| Volatility, 1 year | 45.0% | 2,409 of 2,485 | bottom 4% |
| Sharpe ratio, 1 year | -0.44 | 2,235 of 2,485 | bottom 11% |
IBIT against its popular alternatives
The investments people most often weigh against IBIT, compared period by period and year by year.
How do IBIT's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 1 year 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 IBIT, which divides the map into what did better or worse on each measure.
- GLD, BLOK and HODL were both more rewarding and calmer than IBIT over the past 1 year, earning a higher annual return with lower volatility.
- Over the past 1 year, IBIT returned -25.8% a year, less than the S&P 500's 15.8%, with higher volatility (45.0% against 12.7%).
Green points earned more than IBIT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +15.8% | 12.7% |
| GLD SPDR Gold Shares | −6.3% | 29.1% |
| BLOK Amplify Blockchain Technology ETF | −22.4% | 40.9% |
| HODL VanEck Bitcoin ETF | −25.6% | 44.8% |
| IBIT This pageiShares Bitcoin Trust ETF | −25.8% | 45.0% |
| GBTC Grayscale Bitcoin Trust ETF | −26.7% | 44.9% |
| BITO ProShares Bitcoin ETF | −28.3% | 44.7% |
| ETHA iShares Ethereum Trust ETF | −39.1% | 63.0% |
| COIN Coinbase Global, Inc. | −50.3% | 72.5% |
| MSTR Strategy Inc | −51.9% | 82.0% |
Has IBIT consistently beaten its popular alternatives?
This section compares IBIT with the investments people most often weigh against it, checking each one over five periods from one month to one year. Counting how often an alternative earned more than IBIT helps separate lasting outperformance from a single strong stretch.
- None of the 15 popular alternatives outperformed IBIT in at least 3 of 5 timeframes. The closest was GLD.
- GLD earned more for the risk it took than IBIT (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
A green cell means the alternative earned more than IBIT over that period. "Qualified" marks those that did so in at least 3 of 5 periods.
| Investment | Periods outperformed | Short term | Risk · 1 year | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| IBIT iShares Bitcoin Trust ETF (this page) | — | −4.7% | +26.6% | +8.0% | −8.3% | −25.8% | 45.0% | -0.44 | — | 0.25% | $65B | — |
| GLD CommoditiesSPDR Gold Shares | 2/5 short | −5.2% | +2.7% | −14.6% | −5.2% | −6.3% | 29.1% | -0.08 | −26.4% | 0.40% | $143B | — |
| BLOK CryptoAmplify Blockchain Technology ETF | 2/5 short | −17.5% | −9.0% | −10.0% | −6.9% | −22.4% | 40.9% | -0.42 | −73.3% | 0.70% | $939M | — |
| ETHA CryptoiShares Ethereum Trust ETF | 1/5 short | −12.0% | +28.1% | +4.2% | −22.2% | −39.1% | 63.0% | -0.47 | −67.9% | 0.25% | $8.2B | — |
| MSTR Software - ApplicationStrategy Inc | 1/5 short | −15.3% | +45.9% | −16.4% | −9.2% | −51.9% | 82.0% | -0.49 | −89.3% | — | $57B | — |
| HODL CryptoVanEck Bitcoin ETF | 0/5 short | −4.6% | +26.7% | +8.2% | −8.0% | −25.6% | 44.8% | -0.44 | −93.7% | 0.20% | $1.2B | — |
| BTC CryptoGrayscale Bitcoin Mini Trust ETF | 0/5 short | −4.6% | +26.7% | +8.0% | −8.2% | −25.7% | 44.9% | -0.44 | −53.3% | 0.15% | $5.1B | — |
| ARKB CryptoARK 21Shares Bitcoin ETF | 0/5 short | −4.6% | +26.6% | +8.0% | −8.2% | −25.8% | 44.9% | -0.44 | −53.3% | 0.21% | $2.9B | — |
| BITB CryptoBitwise Bitcoin ETF Trust | 0/5 short | −4.7% | +26.6% | +7.9% | −8.3% | −25.8% | 44.9% | -0.44 | −53.3% | 0.20% | $3.0B | — |
| EZBC CryptoFranklin Bitcoin ETF | 0/5 short | −4.7% | +26.6% | +7.9% | −8.2% | −25.8% | 44.9% | -0.44 | −53.3% | 0.19% | $460M | — |
| BRRR CryptoCoinShares Bitcoin ETF | 0/5 short | −4.8% | +26.6% | +7.9% | −8.4% | −25.8% | 44.9% | -0.44 | −53.3% | 0.25% | $462M | — |
| FBTC CryptoFidelity Wise Origin Bitcoin Fund | 0/5 short | −4.8% | +26.5% | +7.9% | −8.3% | −25.8% | 44.9% | -0.44 | −53.3% | 0.25% | $15B | — |
| BTCO CryptoInvesco Galaxy Bitcoin ETF | 0/5 short | −4.7% | +26.6% | +7.9% | −8.3% | −25.8% | 44.8% | -0.45 | −53.3% | 0.25% | $413M | — |
| GBTC CryptoGrayscale Bitcoin Trust ETF | 0/5 short | −4.8% | +26.3% | +7.3% | −9.2% | −26.7% | 44.9% | -0.47 | −89.9% | 1.50% | $10B | — |
| BITO CryptoProShares Bitcoin ETF | 0/5 short | −5.1% | +25.4% | +6.2% | −10.7% | −28.3% | 44.7% | -0.52 | −77.9% | 0.95% | $1.6B | — |
| COIN Financial - Data & Stock ExchangesCoinbase Global, Inc. | 0/5 short | −15.0% | +6.5% | −19.3% | −27.8% | −50.3% | 72.5% | -0.61 | −90.9% | — | $45B | — |
Risk and diversification
How IBIT 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 IBIT's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents IBIT's five deepest drawdowns since it began trading in 2024, 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: IBIT began trading on January 11, 2024, so this list cannot include the dot-com bust, the 2008 financial crisis or eight other sell-offs.
- In all five of IBIT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: IBIT fell 53.3% from October 2025 to June 2026, while the S&P 500 rose 12.1%.
- None of these declines kept IBIT below its old high for long; the longest climb back took two months.
Green means IBIT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | IBIT fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −53.3% | +12.1% | Oct 2025 | Jun 2026 | 8 months | Not yet | — |
| No named crash | −28.2% | −17.3% | Dec 2024 | Apr 2025 | 4 months | May 2025 | 1 month |
| No named crash | −27.5% | +5.4% | Mar 2024 | Sep 2024 | 6 months | Nov 2024 | 2 months |
| No named crash | −16.2% | +1.8% | Jan 2024 | Jan 2024 | Under a month | Feb 2024 | 1 month |
| No named crash | −12.0% | 0.0% | Aug 2025 | Aug 2025 | Under a month | Oct 2025 | 2 months |
Common questions
What was IBIT's worst drawdown?
IBIT's deepest decline since it began trading in 2024 was 53.3%, from October 2025 to June 2026. It has not yet climbed back to that peak. Because IBIT launched in January 2024, that record does not include the dot-com bust, the 2008 financial crisis or eight other sell-offs.
What were IBIT's best and worst years?
Over one full calendar years, IBIT's best year was 2025, when it returned -6.4%. Its worst was 2025, with a return of -6.4%.
What are the best alternatives to IBIT?
None of the 15 popular alternatives we compared outperformed IBIT in at least 3 of 5 timeframes, which says more about IBIT's strength than about its alternatives.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than IBIT's. Returns within 0.5 points or 3% of IBIT's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 1 year, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
GLD
MSTR
GBTC
COIN
SCHD
NVDA
AAPL
GOOG
MSFT
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