GBTC vs VOO
Grayscale Bitcoin Trust ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 509 holdings.
Side-by-Side Comparison
| Metric | GBTC | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 1.50% | 0.03% | |
| AUM | $8.4B | $997.4B | |
| Dividend Yield | 0.00% | 1.08% | |
| Holdings | 1 | 509 | |
| YTD Return | -19.76% | +12.25% | |
| 1Y Return | -37.32% | +20.92% | |
| 3Y Return (annualized) | +48.47% | +21.79% | |
| 5Y Return (annualized) | +7.30% | +13.05% | |
| Volatility (annualized) | 117.5% | 14.1% | |
| Max Drawdown | -89.9% | -34.3% | |
| Fund Family | Grayscale | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Sep 25, 2013 | Sep 7, 2010 |
GBTC vs VOO Performance
Grayscale Bitcoin Trust ETF (GBTC) is a ETF from Grayscale and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year GBTC returned -37.32% while VOO returned +20.92%. Year to date, GBTC is down 19.76% versus a gain of 12.25% for VOO.
Over three years, GBTC compounded at +48.47% per year against +21.79% for VOO; over five years the annualized figures are +7.30% and +13.05% respectively. Across the full 11-year window we track, GBTC has the edge at +54.77% annualized vs +13.45%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GBTC has been the more volatile fund, with annualized monthly volatility of 117.5% compared with 14.1% for VOO. 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 -89.9% for GBTC and -34.3% for VOO. 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 0.24. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GBTC charges 1.50% per year while VOO charges 0.03%. On a $10,000 position that is $150 vs $3 annually, a gap of $147 per year that compounds over a long holding period. On income, GBTC currently yields 0.00% against 1.08% for VOO.
Frequently Asked Questions
Which is cheaper, GBTC or VOO?
GBTC has an expense ratio of 1.50% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $147 per year of difference.
Which performed better, GBTC or VOO?
Over the past year GBTC returned -37.32% vs +20.92% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (11 years), GBTC annualized +54.77% vs +13.45% for VOO. Past performance does not guarantee future results.
Which is riskier, GBTC or VOO?
GBTC has been the more volatile fund at 117.5% annualized versus 14.1% for VOO. Worst drawdown: GBTC -89.9% vs VOO -34.3%.
Should I hold both GBTC and VOO?
GBTC and VOO have a monthly-return correlation of 0.24, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, GBTC or VOO?
GBTC yields 0.00% while VOO yields 1.08%, so VOO currently pays the higher dividend yield.
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