Compare/Updated Oct 26, 2026, refreshed every trading day
GBTC vs IBIT
Grayscale Bitcoin Trust ETF against iShares Bitcoin Trust ETF: 3 years of returns, risk and today’s technical read, from Kavout’s own data.
IBIT did better over the 699-trading-day period: $1,000 invested on Jan 11, 2024 grew to $1,726, versus $1,540 for GBTC, a 72.6% gain versus 54.0%. IBIT also led over every listed shorter period, including one month, three months, six months, YTD and one year. Its lower 0.25% expense ratio versus GBTC’s 1.50% likely helped, while both funds provided nearly identical bitcoin exposure: daily correlation was 0.992 and GBTC moved 1.00% per 1% move in IBIT. Risk was essentially the same, with 12-month volatility of 45.0% for IBIT versus 44.9% for GBTC. IBIT’s worst drawdown was slightly smaller at 53.3%, compared with 53.8% for GBTC. The performance gap matters because IBIT delivered higher returns with comparable volatility and a much lower fee.
- Price is above its 200-day average ($57); 50-day at $62.
- RSI 48, neutral. Supertrend says buy. ADX 20, so the trend is weak.
- Price is above its 200-day average ($42); 50-day at $45.
- RSI 48, neutral. Supertrend says buy. ADX 19, so the trend is weak.
Head to head
Which has returned more, GBTC or IBIT?
GBTC beat IBIT in 7 of the last 33 months; IBIT won the other 26. The typical monthly gap was 0.12 points.
Total return by period
Which is riskier?
Both: Oct 6, 2025 to Jun 30, 2026
- 0.992
- correlation of daily moves, 3 years
- 1.00
- GBTC move per 1% in IBIT
- 1.000
- correlation, last 12 months
Month by month
Of the last 33 months. The typical gap was 0.12 points.
When did they diverge?
| Month | GBTC | IBIT | Gap |
|---|---|---|---|
| July 2024 | -2.2% | +8.9% | -11.10 pts |
| May 2024 | +14.4% | +14.8% | -0.40 pts |
| April 2025 | +14.0% | +14.3% | -0.35 pts |
| November 2025 | -17.5% | -17.3% | -0.27 pts |
Where the numbers come from. 699 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with GBTC and IBIT?
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