GBTC vs SPTL

Comparison between Grayscale Investments LLC (GBTC, ETF) and SPDR(R) PORTFOLIO LONG TERM TREASURY ETF (SPTL, ETF).

5-Year PerformanceGBTC has outperformed SPTL, delivering a return of +5.9% compared to -5.1%

GBTC vs SPTL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GBTC(ETF)	SPTL(ETF)
Net Assets	$11B	$11B
Expense Ratio	1.50%	0.03%
Max Drawdown	89.91%	50.17%
Sharpe Ratio	-0.32	-0.03
5Y Beta	1.29	0.05
5Y Dividends CAGR	N/A	10.44%

Net Assets

GBTC

$11B

SPTL

$11B

Expense Ratio

GBTC

1.50%

Winner

SPTL

0.03%

Max Drawdown

GBTC

89.91%

Winner

SPTL

50.17%

Sharpe Ratio

GBTC

-0.32

Winner

SPTL

-0.03

5Y Beta

GBTC

1.29

Winner

SPTL

0.05

5Y Dividends CAGR

GBTC

N/A

SPTL

10.44%

GBTC vs SPTL - Historical Returns

Returns include dividend reinvestment.

Period	GBTC	SPTL
1 month	+12.23%	-0.45%
3 months	+12.90%	-0.51%
6 months	-23.36%	-1.19%
1 year	-22.09%	+4.09%
5 years(CAGR)	+5.85%	-5.13%
10 years(CAGR)	+55.73%	-0.88%
Max(CAGR)	+57.73%	+3.31%

Winner

GBTC

+12.23%

SPTL

-0.45%

Winner

GBTC

+12.90%

SPTL

-0.51%

GBTC

-23.36%

Winner

SPTL

-1.19%

GBTC

-22.09%

Winner

SPTL

+4.09%

5Y(CAGR)

Winner

GBTC

+5.85%

SPTL

-5.13%

10Y(CAGR)

Winner

GBTC

+55.73%

SPTL

-0.88%

Max(CAGR)

Winner

GBTC

+57.73%

SPTL

+3.31%

GBTC vs SPTL - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	GBTC	SPTL
2026	-11.16%	+0.30%
2025	-11.46%	+5.24%
2024	+100.87%	-5.65%
2023	+322.20%	+1.56%
2022	-75.81%	-27.72%
2021	-2.37%	-4.85%
2020	+301.00%	+16.63%
2019	+77.27%	+13.32%
2018	-84.05%	-0.37%
2017	+1558.98%	+8.59%
2016	+90.08%	+0.30%
2015	+50.01%	-2.28%
2014	N/A	+24.75%
2013	N/A	-11.41%
2012	N/A	+4.22%
2011	N/A	+30.74%
2010	N/A	+8.86%
2009	N/A	-11.11%
2008	N/A	+22.95%
2007	N/A	+9.65%

GBTC vs SPTL Drawdown Comparison

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

The maximum drawdown for SPTL was -46.19%, occurring on Oct 19, 2023. This drawdown has not yet recovered.

The current GBTC drawdown is -36.70%. The current SPTL drawdown is -36.56%.

Rank	GBTC	SPTL
#1	-89.91% Dec 18, 2017 - Jan 5, 2021	-46.19% Aug 4, 2020 - Oct 19, 2023
#2	-86.24% Feb 19, 2021 - Mar 4, 2024	-18.61% Dec 18, 2008 - Aug 16, 2010
#3	-57.96% May 5, 2015 - Dec 8, 2015	-18.34% Jul 25, 2012 - Dec 8, 2014
#4	-49.55% Oct 6, 2025 - Feb 5, 2026	-17.07% Jul 8, 2016 - Jun 20, 2019
#5	-48.42% Aug 31, 2017 - Nov 3, 2017	-14.98% Mar 9, 2020 - Aug 4, 2020
#6	-41.48% Jun 17, 2016 - Jan 3, 2017	-14.50% Jan 30, 2015 - Feb 11, 2016
#7	-36.93% Dec 15, 2015 - Apr 21, 2016	-14.11% Aug 31, 2010 - Aug 4, 2011
#8	-36.68% Jun 6, 2017 - Aug 10, 2017	-9.52% Oct 3, 2011 - Dec 19, 2011
#9	-35.04% Mar 13, 2024 - Nov 11, 2024	-8.87% Dec 19, 2011 - May 15, 2012
#10	-30.26% Jan 7, 2021 - Feb 8, 2021	-8.02% Aug 28, 2019 - Feb 20, 2020
#11	-28.76% Jan 4, 2017 - May 1, 2017	-7.07% Sep 16, 2008 - Nov 19, 2008
#12	-28.45% Dec 17, 2024 - May 21, 2025	-6.73% Mar 20, 2008 - Sep 5, 2008
#13	-19.31% May 9, 2017 - May 22, 2017	-4.57% Nov 26, 2007 - Jan 15, 2008
#14	-18.18% May 9, 2016 - May 31, 2016	-4.45% Feb 11, 2016 - Jun 3, 2016
#15	-15.79% Nov 3, 2017 - Nov 20, 2017	-4.31% Sep 22, 2011 - Oct 3, 2011

Correlation

Correlation between GBTC and SPTL is -0.20 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.20

-101

Dividend Comparison (2007 - 2026)

GBTC vs SPTL dividend yield comparison.

Year	GBTC	SPTL
2026	0.00%	1.38%
2025	0.00%	4.12%
2024	0.00%	4.04%
2023	0.00%	3.24%
2022	0.00%	2.75%
2021	0.00%	1.68%
2020	0.00%	1.71%
2019	0.00%	2.45%
2018	0.00%	2.69%
2017	5.61%	2.53%
2016	0.00%	2.56%
2015	0.00%	2.60%
2014	0.00%	2.64%
2013	0.00%	2.98%
2012	0.00%	2.59%
2011	0.00%	3.01%
2010	0.00%	3.92%
2009	0.00%	4.27%
2008	0.00%	3.86%
2007	0.00%	2.65%