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GBTC vs SPY

Comparison between Grayscale Investments LLC (GBTC, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed GBTC, delivering a return of +13.2% compared to +11.7%

GBTC vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Net Assets
GBTC
$11B
Winner
SPY
$784B
Expense Ratio
GBTC
1.50%
Winner
SPY
0.09%
Max Drawdown
GBTC
89.91%
Winner
SPY
56.47%
Sharpe Ratio
GBTC
-1.04
Winner
SPY
1.54
5Y Beta
GBTC
1.28
Winner
SPY
1.00
P/E Ratio
GBTC
N/A
SPY
27.62
Forward P/E
GBTC
N/A
SPY
21.11
5Y Dividends CAGR
GBTC
N/A
SPY
6.00%
5Y EPS CAGR
GBTC
N/A
SPY
25.30%
Debt to Equity
GBTC
N/A
SPY
31.11%
P/S Ratio
GBTC
N/A
SPY
3.49
P/B Ratio
GBTC
N/A
SPY
5.30

GBTC vs SPY - Holdings Comparison

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

GBTC's top 25 holdings weight is 12.55%. SPY's top 25 holdings weight is 51.24%.

RankGBTCSPY
#1
GRAYSCALE BITCOIN MINI TRUST (BTC) (BTC) - 12.55%
NVIDIA CORP (NVDA) - 7.81%
#2N/A
APPLE INC (AAPL) - 6.81%
#3N/A
MICROSOFT CORP (MSFT) - 4.53%
#4N/A
AMAZON.COM INC (AMZN) - 3.72%
#5N/A
ALPHABET INC CLASS A (GOOGL) - 3.39%
#6N/A
BROADCOM INC (AVGO) - 2.77%
#7N/A
ALPHABET INC CLASS C (GOOG) - 2.72%
#8N/A
META PLATFORMS INC CLASS A (META) - 2.03%
#9N/A
MICRON TECHNOLOGY INC (MU) - 1.78%
#10N/A
TESLA INC (TSLA) - 1.76%
#11N/A
BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.41%
#12N/A
JPMORGAN CHASE & CO (JPM) - 1.38%
#13N/A
ELI LILLY AND CO (LLY) - 1.38%
#14N/A
ADVANCED MICRO DEVICES INC (AMD) - 1.28%
#15N/A
EXXON MOBIL CORP (XOM) - 0.92%
#16N/A
JOHNSON & JOHNSON (JNJ) - 0.88%
#17N/A
VISA INC CLASS A (V) - 0.87%
#18N/A
INTEL CORP (INTC) - 0.85%
#19N/A
WALMART INC (WMT) - 0.82%
#20N/A
CISCO SYSTEMS INC (CSCO) - 0.73%
#21N/A
LAM RESEARCH CORP (LRCX) - 0.71%
#22N/A
APPLIED MATERIALS INC (AMAT) - 0.70%
#23N/A
CATERPILLAR INC (CAT) - 0.68%
#24N/A
COSTCO WHOLESALE CORP (COST) - 0.68%
#25N/A
MASTERCARD INC CLASS A (MA) - 0.63%
Total Holdings1505

GBTC vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
GBTC
-17.84%
Winner
SPY
-1.37%
3M
GBTC
-12.12%
Winner
SPY
+12.22%
6M
GBTC
-29.42%
Winner
SPY
+7.20%
1Y
GBTC
-40.53%
Winner
SPY
+23.58%
5Y(CAGR)
GBTC
+11.71%
Winner
SPY
+13.19%
10Y(CAGR)
Winner
GBTC
+85.86%
SPY
+15.12%
Max(CAGR)
Winner
GBTC
+89.57%
SPY
+8.44%

GBTC vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearGBTCSPY
2026-31.07%+7.95%
2025-11.46%+18.00%
2024+100.87%+25.59%
2023+322.20%+26.72%
2022-75.81%-18.64%
2021-2.37%+30.52%
2020+301.00%+17.28%
2019+77.27%+31.09%
2018-84.05%-5.24%
2017+17455.31%+20.78%
2016+90.08%+13.59%
2015+50.01%+1.31%
2014N/A+14.56%
2013N/A+29.00%
2012N/A+14.17%
2011N/A+0.85%
2010N/A+13.14%
2009N/A+22.67%
2008N/A-36.25%
2007N/A+5.32%
2006N/A+13.85%
2005N/A+5.32%
2004N/A+10.75%
2003N/A+24.18%
2002N/A-22.42%
2001N/A-10.13%
2000N/A-8.84%
1999N/A+8.61%

GBTC vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current GBTC drawdown is -50.88%. The current SPY drawdown is -3.18%.

RankGBTCSPY
#1-89.91%
Dec 18, 2017 - Jan 5, 2021		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-86.24%
Feb 19, 2021 - Mar 4, 2024		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-57.96%
May 5, 2015 - Dec 8, 2015		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-52.45%
Oct 6, 2025 - Jun 5, 2026		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-48.42%
Aug 31, 2017 - Nov 3, 2017		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-41.48%
Jun 17, 2016 - Jan 3, 2017		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-36.93%
Dec 15, 2015 - Apr 21, 2016		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-36.68%
Jun 6, 2017 - Aug 10, 2017		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-35.04%
Mar 13, 2024 - Nov 11, 2024		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-30.26%
Jan 7, 2021 - Feb 8, 2021		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-28.76%
Jan 4, 2017 - May 1, 2017		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-28.45%
Dec 17, 2024 - May 21, 2025		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-19.31%
May 9, 2017 - May 22, 2017		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-18.18%
May 9, 2016 - May 31, 2016		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-15.79%
Nov 3, 2017 - Nov 20, 2017		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between GBTC and SPY is 0.91 which considered as a very strong positive correlation - the stocks move almost identically together.

0.91
-101

Dividend Comparison (1999 - 2026)

GBTC vs SPY dividend yield comparison.

YearGBTCSPY
20260.00%0.50%
20250.00%1.07%
20240.00%1.21%
20230.00%1.40%
20220.00%1.65%
20210.00%1.20%
20200.00%1.52%
20190.00%1.75%
20180.00%2.04%
2017510.95%1.80%
20160.00%2.03%
20150.00%2.06%
20140.00%1.87%
20130.00%1.81%
20120.00%2.18%
20110.00%2.05%
20100.00%1.80%
20090.00%1.95%
20080.00%3.02%
20070.00%1.85%
20060.00%1.73%
20050.00%1.73%
20040.00%1.82%
20030.00%1.47%
20020.00%1.70%
20010.00%1.25%
20000.00%1.15%
19990.00%0.24%

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