IBIT vs GBTC: returns, risk and drawdowns compared
iShares Bitcoin Trust ETF against Grayscale Bitcoin Trust ETF, over the same 3 years (October 2022 to October 2026) with dividends reinvested.
Data updated October 2026
IBIT
iShares Bitcoin Trust ETF
10,000 became
17,771
- A year on average
- +17.9%
- Annual volatility
- 49.8%
- Deepest fall
- −49.8%
- Worst month
- −21.7%
GBTC
Grayscale Bitcoin Trust ETF
10,000 became
20,788
- A year on average
- +23.3%
- Annual volatility
- 60.1%
- Deepest fall
- −50.4%
- Worst month
- −24.6%
GBTC came out ahead by 5.4 percentage points a year from October 2022 to October 2026. GBTC swung more (60.1% against 49.8% a year). The correlation of monthly returns was 0.57: they moved together only in part.
Growth of 10,000: IBIT vs GBTC
Falls from the previous high
Month-end values. Deepest fall: IBIT −49.8%, GBTC −50.4%.
All the figures
| IBIT | GBTC | |
|---|---|---|
| Annual return (CAGR) | +17.9% | +23.3% |
| Total return | +78% | +108% |
| Annual volatility | 49.8% | 60.1% |
| Deepest fall (month-end) | −49.8% | −50.4% |
| Worst month | −21.7% | −24.6% |
| Best month | +45.8% | +46.6% |
| Positive months | 55% | 52% |
| Best year | 2024: +141.9% | 2023: +317.6% |
| Worst year | 2023: −30.1% | 2025: −7.6% |
| 1-year return | −24.6% | −27.9% |
| 5 years, a year | — | +3.9% |
| 10 years, a year | — | +11.9% |
| Trading currency | USD | USD |
First nine rows: the same 42 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half IBIT, half GBTC
| IBIT alone | GBTC alone | 50/50 | |
|---|---|---|---|
| A year on average | +17.9% | +23.3% | +24.0% |
| Annual volatility | 49.8% | 60.1% | 48.8% |
| Deepest fall (month-end) | −49.8% | −50.4% | −50.1% |
| Worst month | −21.7% | −24.6% | −21.7% |
Because the two did not always move together, the mix swung less than the average of the two (48.8% against 54.9%). Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, IBIT or GBTC?
From October 2022 to October 2026, IBIT returned +17.9% a year and GBTC +23.3% a year, with dividends reinvested. Past returns do not predict future returns.
Which is riskier, IBIT or GBTC?
Over the same months annual volatility was 49.8% for IBIT and 60.1% for GBTC; the deepest fall from a month-end high was 49.8% and 50.4%, and the worst single month −21.7% and −24.6%.
How correlated are IBIT and GBTC?
The correlation of their monthly returns was 0.57: they moved together only in part. Combining them has historically given some diversification.
What about holding both IBIT and GBTC?
Half in each, rebalanced every month, returned +24.0% a year over the same period, with 48.8% annual volatility and a deepest month-end fall of 50.1%.
More comparisons
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.