BTF vs SPY
CoinShares Bitcoin and Ether 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 | BTF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.27% | 0.09% | |
| AUM | $14M | $789.1B | |
| Dividend Yield | 247.08% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | -35.75% | +13.75% | |
| 1Y Return | -52.85% | +22.91% | |
| 3Y Return (annualized) | +11.08% | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 59.7% | 15.3% | |
| Max Drawdown | -77.5% | -56.5% | |
| Fund Family | Valkyrie Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 21, 2021 | Jan 22, 1993 |
BTF vs SPY Performance
CoinShares Bitcoin and Ether ETF (BTF) is a ETF from Valkyrie Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BTF returned -52.85% while SPY returned +22.91%. Year to date, BTF is down 35.75% versus a gain of 13.75% for SPY.
Over three years, BTF compounded at +11.08% per year against +21.67% for SPY. Across the full 5-year window we track, SPY has the edge at +8.85% annualized vs -9.19%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BTF has been the more volatile fund, with annualized monthly volatility of 59.7% 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 -77.5% for BTF 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 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BTF charges 1.27% per year while SPY charges 0.09%. On a $10,000 position that is $127 vs $9 annually, a gap of $118 per year that compounds over a long holding period. On income, BTF currently yields 247.08% against 1.01% for SPY.
Holdings Overlap
BTF 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, BTF or SPY?
BTF has an expense ratio of 1.27% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $118 per year of difference.
Which performed better, BTF or SPY?
Over the past year BTF returned -52.85% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), BTF annualized -9.19% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BTF or SPY?
BTF has been the more volatile fund at 59.7% annualized versus 15.3% for SPY. Worst drawdown: BTF -77.5% vs SPY -56.5%.
Should I hold both BTF and SPY?
BTF and SPY have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BTF and SPY?
BTF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, BTF or SPY?
BTF yields 247.08% while SPY yields 1.01%, so BTF currently pays the higher dividend yield.
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