GBTC vs IBIT ETF Comparison 2026: Grayscale Bitcoin Trust vs BlackRock iShares Bitcoin: AI Score, Valuation, Performance and Upside
GBTC and IBIT both provide spot Bitcoin exposure backed by physical Bitcoin holdings. The critical difference is expense ratio: IBIT at 0.25% vs GBTC's 1.50%. Over 10 years, the expense difference on a $100,000 investment compounds to over $15,000 in foregone returns (assuming 10% annual Bitcoin appreciation). For virtually all investors, IBIT or FBTC are superior to GBTC on cost. GBTC's primary remaining use case is investors with legacy positions seeking to avoid taxable events from switching.
GBTC vs IBIT — Grayscale Bitcoin Trust (the original institutional Bitcoin vehicle converted to spot ETF in 2024 with 1.50% expense ratio and legacy AUM base seeing persistent outflows) versus iShares Bitcoin Trust (BlackRock's spot Bitcoin ETF launched January 2024 at 0.25% that became the fastest-growing ETF in history — the dominant institutional Bitcoin ETF choice).
IBIT holds the edge across 4 of 5 key metrics in this comparison. IBIT has delivered stronger 1-year price return (-30.42% vs -31.31% for GBTC).
- hold legacy GBTC positions from before the 2024 ETF conversion and face large embedded capital gains that would be triggered by switching to IBIT — staying in GBTC avoids the taxable event at the cost of higher fees
- prefer Grayscale's longer institutional Bitcoin track record and DCG ecosystem familiarity for very early Bitcoin institutional investors who have specific counterparty preferences
- want to avoid moving Bitcoin custody between providers by staying with Grayscale's existing Bitcoin holdings structure rather than migrating to Coinbase-custodied IBIT
- are comfortable paying the 1.50% fee for institutional legacy reasons — though for any new money, IBIT or FBTC are more cost-efficient alternatives
- want spot Bitcoin exposure backed by BlackRock's institutional credibility — the world's largest asset manager's endorsement enables financial advisors to include Bitcoin in client portfolios
- prefer the lowest-cost institutional Bitcoin ETF at 0.25% with Coinbase as custodian — the combination of BlackRock management and Coinbase custody is the strongest institutional pairing
- are new to Bitcoin ETF investing and want the dominant, most liquid spot Bitcoin ETF for maximum institutional market depth
- are comfortable with Bitcoin's inherent 50-80% drawdown risk in bear markets and the 0.25% annual cost for the regulatory and custody convenience of an ETF structure
| Metric | GBTC | IBIT |
|---|---|---|
| ETF scorei | 32.2 | 22.6 |
| Latest closei | $59.09 | $43.35 |
| 1M returni | -9.25% | -9.18% |
| 3M returni | +19.54% | +19.88% |
| 6M returni | -5.05% | -4.52% |
| 1Y returni | -31.31% | -30.42% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | GBTC | IBIT |
|---|---|---|
| 1Y ago | $7.08K (-29.2%) started 2025-11-03 | $7.16K (-28.4%) started 2025-11-03 |
| 5Y ago | $13.05K (+30.5%) started 2021-11-03 | $16.28K (+62.8%) started 2024-01-11 |
| 10Y ago | $589.36K (+5793.6%) started 2016-11-03 | $16.28K (+62.8%) started 2024-01-11 |
Hypothetical — past performance does not guarantee future results.
| Metric | GBTC | IBIT |
|---|---|---|
| Expense ratioi | 1.50% | 0.25% |
| Total assets (AUM)i | $10.61B | $67.06B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 2.03 | 1.75 |
| 52-week change | -31.31% | -30.42% |
| Metric | GBTC | IBIT |
|---|---|---|
| 1Y returni | -31.31% | -30.42% |
| 6M returni | -5.05% | -4.52% |
| 3M returni | +19.54% | +19.88% |
| 1M returni | -9.25% | -9.18% |
| 1Y Sharpe ratio | -0.66 | -0.63 |
| Betai | 2.03 | 1.75 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +5.47% | +18.94% |
Over the past year, GBTC and IBIT have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | GBTC | IBIT |
|---|---|---|---|
| 1Y | Growthi | -29.23% | -28.38% |
| CAGRi | -29.32% | -28.46% | |
| Volatilityi | 44.61% | 44.76% | |
| Sharpe ratioi | -0.66 | -0.63 | |
| Sortino ratioi | -0.92 | -0.88 | |
| Max drawdowni | 45.49% | 45.00% | |
| Current drawdowni | 29.23% | 28.38% | |
| Avg drawdowni | 28.30% | 27.90% | |
| Ulcer Indexi | 30.12% | 29.71% | |
| Max daily dropi | 13.21% | 13.16% | |
| Max wkly dropi | 24.22% | 24.16% | |
| 5Y | Growthi | +30.51% | +62.79% |
| CAGRi | +5.47% | +18.94% | |
| Volatilityi | 59.10% | 48.55% | |
| Sharpe ratioi | 0.31 | 0.51 | |
| Sortino ratioi | 0.45 | 0.76 | |
| Max drawdowni | 85.42% | 53.30% | |
| Current drawdowni | 39.97% | 39.19% | |
| Avg drawdowni | 38.65% | 19.98% | |
| Ulcer Indexi | 46.74% | 25.55% | |
| Max daily dropi | 19.79% | 14.41% | |
| Max wkly dropi | 34.39% | 24.16% | |
| 10Y | Growthi | +5793.61% | +62.79% |
| CAGRi | +50.35% | +18.94% | |
| Volatilityi | 80.60% | 48.55% | |
| Sharpe ratioi | 0.85 | 0.51 | |
| Sortino ratioi | 1.33 | 0.76 | |
| Max drawdowni | 89.91% | 53.30% | |
| Current drawdowni | 39.97% | 39.19% | |
| Avg drawdowni | 45.37% | 19.98% | |
| Ulcer Indexi | 53.28% | 25.55% | |
| Max daily dropi | 25.64% | 14.41% | |
| Max wkly dropi | 47.49% | 24.16% |
| Category | GBTC | IBIT |
|---|---|---|
| Fund name | Grayscale Bitcoin Trust ETF | iShares Bitcoin Trust ETF |
| Type | ETF | ETF |
| Expense ratioi | 1.50% | 0.25% |
| Total assets (AUM)i | $10.61B | $67.06B |
| Dividend yieldi | 0.00% | 0.00% |
- Grayscale pioneered institutional Bitcoin access: GBTC's pre-ETF history dating to 2013 gives it the longest institutional Bitcoin track record — trust by early Bitcoin adopters and family offices
- Large AUM base from pre-ETF holdovers: GBTC still holds substantial Bitcoin from investors who haven't switched — providing scale and daily trading volume
- Grayscale/DCG brand recognition: despite the post-ETF fee disadvantage, Grayscale's institutional reputation attracts some investors preferring its longer track record over new ETF entrants
- BlackRock institutional credibility: BlackRock is the world's largest asset manager — IBIT's backing brings the full weight of institutional trust to spot Bitcoin investment, enabling financial advisors to recommend it to clients
- 0.25% expense ratio: among the lowest spot Bitcoin ETF expense ratios — significantly cheaper than GBTC's 1.50% and competitive with Fidelity's FBTC at 0.25%
- Fastest ETF growth in history: IBIT accumulated $10B+ in AUM faster than any ETF in history — reflecting institutional demand for BlackRock-backed Bitcoin exposure
- 1.50% expense ratio is 5-10x competitors: GBTC's 1.50% fee vs IBIT's 0.25% is a massive annual cost disadvantage that compounds significantly over multi-year Bitcoin holding periods
- Persistent outflows since ETF conversion: investors have moved billions from GBTC to IBIT and FBTC — GBTC AUM has declined materially since January 2024 ETF launch
- Fee reduction dependent on competitive response: Grayscale has reduced fees from original 2% but remains far more expensive than IBIT, FBTC, and other spot Bitcoin ETF competitors
- Bitcoin price volatility creates large NAV swings: IBIT's value can fall 50-80% in bear markets regardless of expense ratio or fund structure — Bitcoin itself is the primary risk
- Regulatory uncertainty: spot Bitcoin ETF approval doesn't eliminate broader crypto regulation risk — future SEC actions, taxation changes, or banking restrictions on crypto could impact IBIT
- No income, no dividends: Bitcoin ETFs like IBIT generate no income — pure price appreciation is the only return source, creating tax inefficiency in taxable accounts vs income-generating investments
Compare more than two at a time
This page is a fixed writeup on GBTC and IBIT. Our comparison engine is the interactive version: load up to five tickers, switch timeframes, and get the correlation, drawdown, and overlap analysis that a static page can't show.
Add three more names beside GBTC and IBIT, mixing stocks and ETFs in the same table — useful when the real question is which of a whole peer group to own.
AI score, forward P/E, analyst target upside, operating margin, and revenue growth are scored head-to-head, with a running tally of which ticker leads on how many metrics.
Volatility, Sharpe and Sortino ratios, maximum, current, and average drawdown, Ulcer Index, and worst single-day and single-week drops across every timeframe.
Pairwise daily-return correlation for every combination, so you can see whether two holdings actually diversify each other or just move together.
A scatter plot of forward P/E against return on equity, plus drawdown and 30-day rolling volatility charts, to separate what is cheap from what is merely beaten down.
For ETFs, a top-holdings comparison that exposes hidden overlap between funds. Every comparison exports to CSV for your own spreadsheet work.
Two comparisons a week are free without an account. A 14-day trial removes the limit and adds AI price forecasts, stock rankings, saved watchlists, and the intrinsic value calculator — no credit card required.
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.