BPI vs SPY
Grayscale Bitcoin Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BPI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $2M | $821.1B | |
| Dividend Yield | 30.80% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | -12.02% | +13.21% | |
| 1Y Return | -28.81% | +19.87% | |
| 3Y Return (annualized) | - | +21.16% | |
| 5Y Return (annualized) | - | +12.74% | |
| Volatility (annualized) | 39.3% | 15.3% | |
| Max Drawdown | -49.2% | -56.5% | |
| Fund Family | Grayscale | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 2, 2025 | Jan 22, 1993 |
BPI vs SPY Performance
Grayscale Bitcoin Premium Income ETF (BPI) is a ETF from Grayscale and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BPI returned -28.81% while SPY returned +19.87%. Year to date, BPI is down 12.02% versus a gain of 13.21% for SPY.
Risk: Volatility and Drawdowns
BPI has been the more volatile fund, with annualized monthly volatility of 39.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -49.2% for BPI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.47. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BPI charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, BPI currently yields 30.80% against 1.01% for SPY.
Holdings Overlap
BPI and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BPI or SPY?
BPI has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $56 per year of difference.
Which performed better, BPI or SPY?
Over the past year BPI returned -28.81% vs +19.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BPI annualized -8.26% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, BPI or SPY?
BPI has been the more volatile fund at 39.3% annualized versus 15.3% for SPY. Worst drawdown: BPI -49.2% vs SPY -56.5%.
Should I hold both BPI and SPY?
BPI and SPY have a monthly-return correlation of 0.47, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BPI and SPY?
BPI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, BPI or SPY?
BPI yields 30.80% while SPY yields 1.01%, so BPI currently pays the higher dividend yield.
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