Grayscale Bitcoin Covered Call ETF (BTCC) Performance
BTCC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −12.2% since Dec 31, 2025
- 1 year
- −25.5% total return
- Since first price
- −17.8% since 2025
BTCC trailing returns vs SPY, QQQ, AGG
| Period | BTCC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.6% | −5.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +10.3% | −1.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.1% | −24.4% | +7.8% | +8.4% | −1.5% |
| YTD | −12.2% | −39.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −25.5% | −54.2% | +14.4% | +15.9% | −1.1% |
| Since inceptionApr 2, 2025 | −17.8% | −63.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BTCC vs SPY
From Apr 2, 2025: BTCC grew to $8,223, SPY to $13,686.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BTCC returns by calendar year
2026 is year to date.
BTCC annual returns table
| Year | BTCC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −12.2% | −32.0% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BTCC largest drawdowns
Now 32.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 13, 2025 | −44.4% | Feb 5, 2026 | not yet | 6 months | 1.2 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
BTCC risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | −16.0% |
| Volatility (annualized) | 29.9% |
| Sharpe ratio | -0.56 |
| Sortino ratio | -0.66 |
| Best month | +11.5% |
| Worst month | −18.2% |
| Best 12 months | −19.1% |
| Worst 12 months | −39.5% |
| Positive months | 53% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BTCC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 7 | −39.5% | −29.3% | −19.1% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
BTCC performance overview
Grayscale Bitcoin Covered Call ETF (BTCC) returned −25.5% over the past year, with distributions reinvested. Since its first recorded price on Apr 2, 2025 it has returned −17.8%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −44.4%, from Aug 13, 2025 to Feb 5, 2026; the fund has not yet regained that high. Volatility has been 29.9% a year.
Related: BTCC chart, BTCC dividends. See the BTCC overview for the latest quote and fund facts.
BTCC performance FAQ
What is the BTCC return over the past year?
BTCC returned −25.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 54.2%.
How much would $10,000 invested in BTCC be worth?
$10,000 invested in BTCC at its first recorded close on April 2, 2025 would be worth about $8,223 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of BTCC?
The largest peak-to-trough decline was −44.4% between August 13, 2025 and February 5, 2026. It has not yet recovered to that high; it is 32.8% below its peak.
How volatile is BTCC?
Over the past history BTCC had an annualized volatility of 29.9% and a Sharpe ratio of -0.56 (excess return over 1–3 month T-bills per unit of risk).