OBTC vs SPY
OBTC vs SPY
Osprey Bitcoin Trust 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 | OBTC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.09% | |
| AUM | $61M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | -27.58% | +13.79% | |
| 1Y Return | -35.85% | +23.66% | |
| 3Y Return (annualized) | +42.05% | +21.40% | |
| 5Y Return (annualized) | +4.57% | +13.37% | |
| Volatility (annualized) | 64.4% | 15.3% | |
| Max Drawdown | -94.5% | -56.5% | |
| Fund Family | Osprey Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 19, 2025 | Jan 22, 1993 |
OBTC vs SPY Performance
Osprey Bitcoin Trust (OBTC) is a ETF from Osprey Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year OBTC returned -35.85% while SPY returned +23.66%. Year to date, OBTC is down 27.58% versus a gain of 13.79% for SPY.
Over three years, OBTC compounded at +42.05% per year against +21.40% for SPY; over five years the annualized figures are +4.57% and +13.37% respectively. Across the full 6-year window we track, SPY has the edge at +8.85% annualized vs -14.73%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
OBTC has been the more volatile fund, with annualized monthly volatility of 64.4% 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 -94.5% for OBTC 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 0.43. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% for SPY.
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. On a $10,000 investment, that is $40 per year of difference.
Which performed better, OBTC or SPY?
Over the past year OBTC returned -35.85% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), OBTC annualized -14.73% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, OBTC or SPY?
OBTC has been the more volatile fund at 64.4% annualized versus 15.3% for SPY. Worst drawdown: OBTC -94.5% vs SPY -56.5%.
Should I hold both OBTC and SPY?
OBTC and SPY have a monthly-return correlation of 0.43, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, OBTC or SPY?
OBTC yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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