BTCC vs SPDF

Comparison between GRAYSCALE BITCOIN COVERED CALL ETF (BTCC, ETF) and DEFENDER RISK ADAPTIVE 500 ETF (SPDF, ETF).

BTCC vs SPDF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BTCC(ETF)	SPDF(ETF)
Net Assets	$18M	$18M
Expense Ratio	0.65%	0.69%
Max Drawdown	65.50%	4.40%
Sharpe Ratio	-1.23	2.51
5Y Beta	0.77	0.99

Net Assets

BTCC

$18M

SPDF

$18M

Expense Ratio

Winner

BTCC

0.65%

SPDF

0.69%

Max Drawdown

BTCC

65.50%

Winner

SPDF

4.40%

Sharpe Ratio

BTCC

-1.23

Winner

SPDF

2.51

5Y Beta

Winner

BTCC

0.77

SPDF

0.99

BTCC vs SPDF - Holdings Comparison

BTCC and SPDF have 0 common holdings. Overlap is 0.00%

BTCC's top 25 holdings weight is 0.22%. SPDF's top 25 holdings weight is 99.77%.

Rank	BTCC	SPDF
#1	FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX) - 0.22%	STATE STREET® SPDR® PORT S&P 500® ETF (SPYM) - 99.77%
#2	N/A	N/A
#3	N/A	N/A
#4	N/A	N/A
#5	N/A	N/A
#6	N/A	N/A
#7	N/A	N/A
#8	N/A	N/A
#9	N/A	N/A
#10	N/A	N/A
#11	N/A	N/A
#12	N/A	N/A
#13	N/A	N/A
#14	N/A	N/A
#15	N/A	N/A
#16	N/A	N/A
#17	N/A	N/A
#18	N/A	N/A
#19	N/A	N/A
#20	N/A	N/A
#21	N/A	N/A
#22	N/A	N/A
#23	N/A	N/A
#24	N/A	N/A
#25	N/A	N/A
Total Holdings	1	1

BTCC vs SPDF - Historical Returns

Returns include dividend reinvestment.

Period	BTCC	SPDF
1 month	-18.25%	+0.41%
3 months	-6.06%	N/A
6 months	-23.46%	N/A
1 year	-35.08%	N/A
Max(CAGR)	-22.77%	+42.58%

BTCC

-18.25%

Winner

SPDF

+0.41%

BTCC

-6.06%

SPDF

N/A

BTCC

-23.46%

SPDF

N/A

BTCC

-35.08%

SPDF

N/A

Max(CAGR)

BTCC

-22.77%

Winner

SPDF

+42.58%

BTCC vs SPDF - Annual Returns (2025 - 2026)

Returns include dividend reinvestment.

Year	BTCC	SPDF
2026	-22.54%	+5.79%
2025	-6.29%	N/A

BTCC vs SPDF Drawdown Comparison

The maximum drawdown for BTCC was -44.31%, occurring on Feb 5, 2026. This drawdown has not yet recovered.

The maximum drawdown for SPDF was -4.40%, occurring on Jun 10, 2026. This drawdown has not yet recovered.

The current BTCC drawdown is -39.99%. The current SPDF drawdown is -2.42%.

Rank	BTCC	SPDF
#1	-44.31% Aug 13, 2025 - Feb 5, 2026	-4.40% Jun 2, 2026 - Jun 10, 2026
#2	-7.27% Apr 2, 2025 - Apr 16, 2025	-1.90% May 14, 2026 - May 26, 2026
#3	-2.86% Jul 24, 2025 - Aug 7, 2025	-0.86% Apr 17, 2026 - Apr 22, 2026
#4	-2.11% Jun 3, 2025 - Jun 9, 2025	-0.62% Apr 27, 2026 - Apr 30, 2026
#5	-2.03% Jun 16, 2025 - Jun 25, 2025	-0.55% May 1, 2026 - May 5, 2026
#6	-1.58% Jul 17, 2025 - Jul 24, 2025	-0.48% Apr 22, 2026 - Apr 24, 2026
#7	-1.34% May 27, 2025 - Jun 3, 2025	-0.37% May 6, 2026 - May 8, 2026
#8	-1.03% Jun 11, 2025 - Jun 16, 2025	-0.12% May 11, 2026 - May 13, 2026
#9	-0.89% Jul 14, 2025 - Jul 16, 2025	N/A
#10	-0.75% May 22, 2025 - May 27, 2025	N/A
#11	-0.64% Jun 26, 2025 - Jul 2, 2025	N/A
#12	-0.35% Aug 7, 2025 - Aug 11, 2025	N/A
#13	-0.31% May 12, 2025 - May 16, 2025	N/A
#14	-0.30% Apr 16, 2025 - Apr 21, 2025	N/A
#15	-0.14% May 2, 2025 - May 6, 2025	N/A

Correlation

Correlation between BTCC and SPDF is -0.32 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.32

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