OBTC vs SPY
Osprey Bitcoin Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, OBTC or SPY?
Single Currency against Large Cap Blend.
SPY has a lower expense ratio. OBTC led over 3Y, SPY over 1Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | OBTC | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $72M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 3 | 505 |
| YTD Return | -14.82% | +12.22%Best |
| 1Y Return | -29.61% | +16.97%Best |
| 3Y Return (annualized) | +50.75%Best | +21.16% |
| 5Y Return (annualized) | +11.71% | +13.00%Best |
| Volatility (annualized) | 64.7% | 15.2%Best |
| Max Drawdown | -94.5% | -24.5%Best |
| $10,000 over 5 years | $17,396 | $18,424Best |
| Fund Family | Osprey Funds | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Single Currency | Large Cap Blend |
| Inception | Dec 19, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 12, 2021 to Sep 17, 2026 (5.6 years).
OBTC vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.6 years both funds cover.
OBTC vs SPY Performance
Osprey Bitcoin Trust (OBTC) is an ETF from Osprey Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year OBTC returned -29.61% while SPY returned +16.97%. Year to date, OBTC is down 14.82% versus a gain of 12.22% for SPY.
Over three years, OBTC compounded at +50.75% per year against +21.16% for SPY; over five years the annualized figures are +11.71% and +13.00% respectively. Across the full 6-year window we track, SPY has the edge at +14.10% annualized vs -11.94%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
OBTC has been the more volatile fund, with annualized monthly volatility of 64.7% compared with 15.2% 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 -94.5% for OBTC and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.43. They move together some of the time, and apart the rest.
Fees and Cost Over Time
OBTC charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, OBTC currently yields 0.00% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of OBTC and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, OBTC or SPY?
OBTC has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, OBTC or SPY?
Over the past year OBTC returned -29.61% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), OBTC annualized -11.94% vs +14.10% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, OBTC or SPY?
OBTC has been the more volatile fund at 64.7% annualized versus 15.2% for SPY. Worst drawdown: OBTC -94.5% vs SPY -24.5%.
Should I hold both OBTC and SPY?
OBTC and SPY have a monthly-return correlation of 0.43, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, OBTC or SPY?
OBTC yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than OBTC?
SPY has a lower expense ratio. OBTC led over 3Y, SPY over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.