BTCC vs SPY
Grayscale Bitcoin Covered Call 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 503 holdings.
Side-by-Side Comparison
| Metric | BTCC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $14M | $789.1B | |
| Dividend Yield | 96.32% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | -20.39% | +13.75% | |
| 1Y Return | -37.81% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 29.5% | 15.3% | |
| Max Drawdown | -44.4% | -56.5% | |
| Fund Family | Grayscale | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 2, 2025 | Jan 22, 1993 |
BTCC vs SPY Performance
Grayscale Bitcoin Covered Call ETF (BTCC) 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 BTCC returned -37.81% while SPY returned +22.91%. Year to date, BTCC is down 20.39% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
BTCC has been the more volatile fund, with annualized monthly volatility of 29.5% 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 -44.4% for BTCC 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 0.45. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BTCC 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, BTCC currently yields 96.32% against 1.01% for SPY.
Holdings Overlap
BTCC and SPY share 0 holdings out of 504 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, BTCC or SPY?
BTCC 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, BTCC or SPY?
Over the past year BTCC returned -37.81% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BTCC annualized -18.76% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BTCC or SPY?
BTCC has been the more volatile fund at 29.5% annualized versus 15.3% for SPY. Worst drawdown: BTCC -44.4% vs SPY -56.5%.
Should I hold both BTCC and SPY?
BTCC and SPY have a monthly-return correlation of 0.45, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BTCC and SPY?
BTCC and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, BTCC or SPY?
BTCC yields 96.32% while SPY yields 1.01%, so BTCC currently pays the higher dividend yield.
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