GBTC vs JMUB

Comparison between Grayscale Investments LLC (GBTC, ETF) and JPMORGAN MUNICIPAL ETF (JMUB, ETF).

5-Year PerformanceGBTC has outperformed JMUB, delivering a return of +6.9% compared to +1.0%

GBTC vs JMUB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GBTC(ETF)	JMUB(ETF)
Net Assets	$8.10B	$8B
Expense Ratio	1.50%	0.18%
Max Drawdown	89.91%	14.47%
Sharpe Ratio	-1.20	0.41
5Y Beta	1.19	0.03
5Y Dividends CAGR	N/A	10.77%

Net Assets

Winner

GBTC

$8.10B

JMUB

$8B

Expense Ratio

GBTC

1.50%

Winner

JMUB

0.18%

Max Drawdown

GBTC

89.91%

Winner

JMUB

14.47%

Sharpe Ratio

GBTC

-1.20

Winner

JMUB

0.41

5Y Beta

GBTC

1.19

Winner

JMUB

0.03

5Y Dividends CAGR

GBTC

N/A

JMUB

10.77%

GBTC vs JMUB - Historical Returns

Returns include dividend reinvestment.

Period	GBTC	JMUB
1 month	+1.70%	-0.67%
3 months	-19.24%	-0.01%
6 months	-7.93%	+0.03%
1 year	-45.59%	+4.83%
5 years(CAGR)	+6.91%	+0.97%
10 years(CAGR)	+49.50%	N/A
Max(CAGR)	+53.20%	+2.92%

Winner

GBTC

+1.70%

JMUB

-0.67%

GBTC

-19.24%

Winner

JMUB

-0.01%

GBTC

-7.93%

Winner

JMUB

+0.03%

GBTC

-45.59%

Winner

JMUB

+4.83%

5Y(CAGR)

Winner

GBTC

+6.91%

JMUB

+0.97%

10Y(CAGR)

GBTC

+49.50%

JMUB

N/A

Max(CAGR)

Winner

GBTC

+53.20%

JMUB

+2.92%

GBTC vs JMUB - Annual Returns (2015 - 2026)

Returns include dividend reinvestment.

Year	GBTC	JMUB
2026	-28.29%	+0.88%
2025	-11.46%	+4.15%
2024	+100.87%	+1.90%
2023	+322.20%	+5.86%
2022	-75.81%	-7.39%
2021	-2.37%	+1.59%
2020	+301.00%	+4.88%
2019	+77.27%	+8.35%
2018	-84.05%	+2.81%
2017	+1558.98%	N/A
2016	+90.08%	N/A
2015	+50.01%	N/A

GBTC vs JMUB Drawdown Comparison

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

The maximum drawdown for JMUB was -12.50%, occurring on Mar 23, 2020. Recovery took 106 trading sessions.

The current GBTC drawdown is -48.90%. The current JMUB drawdown is -0.97%.

Rank	GBTC	JMUB
#1	-89.91% Dec 18, 2017 - Jan 5, 2021	-12.50% Mar 9, 2020 - Aug 7, 2020
#2	-86.24% Feb 19, 2021 - Mar 4, 2024	-12.06% Jul 30, 2021 - Sep 5, 2024
#3	-57.96% May 5, 2015 - Dec 8, 2015	-4.02% Feb 28, 2025 - Sep 5, 2025
#4	-53.75% Oct 6, 2025 - Jun 30, 2026	-2.55% Feb 27, 2026 - Jul 2, 2026
#5	-48.42% Aug 31, 2017 - Nov 3, 2017	-2.18% Oct 1, 2024 - Dec 4, 2024
#6	-41.48% Jun 17, 2016 - Jan 3, 2017	-2.17% Feb 12, 2021 - Jun 8, 2021
#7	-36.93% Dec 15, 2015 - Apr 21, 2016	-2.07% Dec 4, 2024 - Feb 26, 2025
#8	-36.68% Jun 6, 2017 - Aug 10, 2017	-1.82% Jul 6, 2026 - Jul 23, 2026
#9	-35.04% Mar 13, 2024 - Nov 11, 2024	-1.36% Aug 15, 2019 - Oct 9, 2019
#10	-30.26% Jan 7, 2021 - Feb 8, 2021	-1.22% Aug 11, 2020 - Nov 20, 2020
#11	-28.76% Jan 4, 2017 - May 1, 2017	-1.18% Oct 9, 2019 - Jan 3, 2020
#12	-28.45% Dec 17, 2024 - May 21, 2025	-0.55% Jun 15, 2021 - Jul 8, 2021
#13	-19.31% May 9, 2017 - May 22, 2017	-0.48% Mar 28, 2019 - Apr 29, 2019
#14	-18.18% May 9, 2016 - May 31, 2016	-0.45% Nov 11, 2025 - Nov 28, 2025
#15	-15.79% Nov 3, 2017 - Nov 20, 2017	-0.42% Sep 17, 2025 - Oct 10, 2025