GBTC vs EWZ

Comparison between Grayscale Investments LLC (GBTC, ETF) and ISHARES MSCI BRAZIL ETF (EWZ, ETF).

5-Year PerformanceEWZ has outperformed GBTC, delivering a return of +9.2% compared to +8.4%

GBTC vs EWZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GBTC(ETF)	EWZ(ETF)
Net Assets	$12B	$12B
Expense Ratio	1.50%	0.59%
Max Drawdown	89.91%	82.75%
Sharpe Ratio	-0.47	1.54
5Y Beta	1.29	0.70
5Y Dividends CAGR	N/A	17.67%

Net Assets

GBTC

$12B

Winner

EWZ

$12B

Expense Ratio

GBTC

1.50%

Winner

EWZ

0.59%

Max Drawdown

GBTC

89.91%

Winner

EWZ

82.75%

Sharpe Ratio

GBTC

-0.47

Winner

EWZ

1.54

5Y Beta

GBTC

1.29

Winner

EWZ

0.70

5Y Dividends CAGR

GBTC

N/A

EWZ

17.67%

GBTC vs EWZ - Holdings Comparison

GBTC and EWZ have 0 common holdings. Overlap is 0.00%

GBTC's top 25 holdings weight is 12.55%. EWZ's top 25 holdings weight is 85.27%.

Rank	GBTC	EWZ
#1	GRAYSCALE BITCOIN MINI TRUST (BTC) (BTC) - 12.55%	VALE SA (n/a) - 10.87%
#2	N/A	NU HOLDINGS LTD ORDINARY SHARES CLASS A (NU) - 8.73%
#3	N/A	n/a (n/a) - 8.66%
#4	N/A	n/a (n/a) - 7.19%
#5	N/A	PETROLEO BRASILEIRO SA PETROBRAS (n/a) - 6.54%
#6	N/A	B3 SA BRASIL BOLSA BALCAO (n/a) - 3.68%
#7	N/A	BANK BRADESCO SA PARTICIPATING PREFERRED (n/a) - 3.49%
#8	N/A	n/a (n/a) - 3.18%
#9	N/A	WEG SA (n/a) - 2.95%
#10	N/A	AXIA ENERGIA (n/a) - 2.83%
#11	N/A	n/a (n/a) - 2.82%
#12	N/A	AMBEV SA (n/a) - 2.64%
#13	N/A	n/a (n/a) - 2.63%
#14	N/A	EMBRAER SA (n/a) - 2.20%
#15	N/A	EQUATORIAL SA (n/a) - 2.00%
#16	N/A	PRIO SA (n/a) - 1.89%
#17	N/A	LOCALIZA RENT A CAR SA (n/a) - 1.80%
#18	N/A	BRL/USD PURCHASED (n/a) - 1.65%
#19	N/A	BANCO DO BRASIL SA BB BRASIL (n/a) - 1.55%
#20	N/A	XP INC CLASS A (XP) - 1.42%
#21	N/A	VIBRA ENERGIA SA (n/a) - 1.39%
#22	N/A	BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 1.38%
#23	N/A	TELEFONICA BRASIL SA (n/a) - 1.28%
#24	N/A	SUZANO SA (n/a) - 1.26%
#25	N/A	JBS NV ORDINARY SHARES CLASS A (JBS) - 1.24%
Total Holdings	1	55

GBTC vs EWZ - Historical Returns

Returns include dividend reinvestment.

Period	GBTC	EWZ
1 month	+9.98%	-7.90%
3 months	+23.24%	-0.65%
6 months	-21.01%	+19.25%
1 year	-21.83%	+46.72%
5 years(CAGR)	+8.39%	+9.19%
10 years(CAGR)	+56.52%	+8.23%
Max(CAGR)	+57.77%	+6.69%

Winner

GBTC

+9.98%

EWZ

-7.90%

Winner

GBTC

+23.24%

EWZ

-0.65%

GBTC

-21.01%

Winner

EWZ

+19.25%

GBTC

-21.83%

Winner

EWZ

+46.72%

5Y(CAGR)

GBTC

+8.39%

Winner

EWZ

+9.19%

10Y(CAGR)

Winner

GBTC

+56.52%

EWZ

+8.23%

Max(CAGR)

Winner

GBTC

+57.77%

EWZ

+6.69%

GBTC vs EWZ - Annual Returns (2000 - 2026)

Returns include dividend reinvestment.

Year	GBTC	EWZ
2026	-10.48%	+18.76%
2025	-11.46%	+47.56%
2024	+100.87%	-29.28%
2023	+322.20%	+43.35%
2022	-75.81%	+15.27%
2021	-2.37%	-16.14%
2020	+301.00%	-21.91%
2019	+77.27%	+19.99%
2018	-84.05%	-5.44%
2017	+1558.98%	+19.64%
2016	+90.08%	+70.58%
2015	+50.01%	-39.75%
2014	N/A	-12.60%
2013	N/A	-19.00%
2012	N/A	-3.47%
2011	N/A	-24.86%
2010	N/A	+4.14%
2009	N/A	+111.52%
2008	N/A	-54.44%
2007	N/A	+75.33%
2006	N/A	+37.30%
2005	N/A	+56.74%
2004	N/A	+31.07%
2003	N/A	+114.62%
2002	N/A	-37.59%
2001	N/A	-19.73%
2000	N/A	-10.93%

GBTC vs EWZ Drawdown Comparison

The maximum drawdown for GBTC was -89.91%, occurring on Dec 14, 2018. Recovery took 766 trading sessions.

The maximum drawdown for EWZ was -77.27%, occurring on Jan 21, 2016. This drawdown has not yet recovered.

The current GBTC drawdown is -36.21%. The current EWZ drawdown is -16.01%.

Rank	GBTC	EWZ
#1	-89.91% Dec 18, 2017 - Jan 5, 2021	-77.27% May 20, 2008 - Jan 21, 2016
#2	-86.24% Feb 19, 2021 - Mar 4, 2024	-72.20% Sep 7, 2000 - Jan 12, 2004
#3	-57.96% May 5, 2015 - Dec 8, 2015	-33.32% Jan 12, 2004 - Oct 1, 2004
#4	-49.55% Oct 6, 2025 - Feb 5, 2026	-32.06% May 9, 2006 - Dec 27, 2006
#5	-48.42% Aug 31, 2017 - Nov 3, 2017	-26.52% Jul 23, 2007 - Sep 24, 2007
#6	-41.48% Jun 17, 2016 - Jan 3, 2017	-18.43% Nov 8, 2007 - Feb 25, 2008
#7	-36.93% Dec 15, 2015 - Apr 21, 2016	-17.11% Mar 4, 2005 - Jul 21, 2005
#8	-36.68% Jun 6, 2017 - Aug 10, 2017	-15.20% Feb 27, 2008 - Apr 21, 2008
#9	-35.04% Mar 13, 2024 - Nov 11, 2024	-13.94% Oct 3, 2005 - Nov 23, 2005
#10	-30.26% Jan 7, 2021 - Feb 8, 2021	-13.40% Feb 22, 2007 - Mar 29, 2007
#11	-28.76% Jan 4, 2017 - May 1, 2017	-12.26% Mar 2, 2006 - Apr 19, 2006
#12	-28.45% Dec 17, 2024 - May 21, 2025	-10.97% Dec 31, 2004 - Feb 4, 2005
#13	-19.31% May 9, 2017 - May 22, 2017	-9.52% Dec 6, 2005 - Jan 4, 2006
#14	-18.18% May 9, 2016 - May 31, 2016	-8.15% Jun 1, 2007 - Jun 15, 2007
#15	-15.79% Nov 3, 2017 - Nov 20, 2017	-7.88% Aug 10, 2005 - Aug 31, 2005

Correlation

Correlation between GBTC and EWZ is 0.50 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.50

-101

Dividend Comparison (2000 - 2025)

GBTC vs EWZ dividend yield comparison.

Year	GBTC	EWZ
2025	0.00%	5.19%
2024	0.00%	8.91%
2023	0.00%	5.66%
2022	0.00%	12.59%
2021	0.00%	9.87%
2020	0.00%	1.71%
2019	0.00%	2.54%
2018	0.00%	2.89%
2017	5.61%	1.71%
2016	0.00%	1.81%
2015	0.00%	4.08%
2014	0.00%	3.78%
2013	0.00%	3.22%
2012	0.00%	2.80%
2011	0.00%	2.62%
2010	0.00%	3.63%
2009	0.00%	3.65%
2008	0.00%	6.17%
2007	0.00%	1.49%
2006	0.00%	2.01%
2005	0.00%	1.75%
2004	0.00%	2.07%
2003	0.00%	1.59%
2002	0.00%	1.38%
2001	0.00%	5.02%
2000	0.00%	2.24%