BTFX vs SPY
CoinShares Bitcoin Leverage 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 | BTFX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.86% | 0.09% | |
| AUM | $7M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | -40.83% | +13.68% | |
| 1Y Return | -51.50% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 92.3% | 15.3% | |
| Max Drawdown | -62.3% | -56.5% | |
| Fund Family | Valkyrie Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 21, 2024 | Jan 22, 1993 |
BTFX vs SPY Performance
CoinShares Bitcoin Leverage ETF (BTFX) 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 BTFX returned -51.50% while SPY returned +21.53%. Year to date, BTFX is down 40.83% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
BTFX has been the more volatile fund, with annualized monthly volatility of 92.3% 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 -62.3% for BTFX 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
BTFX charges 1.86% per year while SPY charges 0.09%. On a $10,000 position that is $186 vs $9 annually, a gap of $177 per year that compounds over a long holding period. On income, BTFX currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
BTFX 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, BTFX or SPY?
BTFX has an expense ratio of 1.86% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $177 per year of difference.
Which performed better, BTFX or SPY?
Over the past year BTFX returned -51.50% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), BTFX annualized +15.44% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BTFX or SPY?
BTFX has been the more volatile fund at 92.3% annualized versus 15.3% for SPY. Worst drawdown: BTFX -62.3% vs SPY -56.5%.
Should I hold both BTFX and SPY?
BTFX 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 BTFX and SPY?
BTFX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, BTFX or SPY?
BTFX yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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