Performance Chart Methodology — Base-100 Indexed Returns
The Performance Chart displays cumulative returns indexed to 100 at each fund’s inception date, not absolute share prices. This base-100 methodology enables direct return comparison across funds with different share prices and launch dates — analogous to Bloomberg’s Total Return Index or Morningstar’s growth-of-$10,000 chart.
How to read the chart:
- 100 = each fund’s first trading day price (the baseline)
- Above 100 = cumulative appreciation since inception
- Below 100 = cumulative loss since inception
Values above 100 do not indicate a premium to spot Bitcoin. They reflect price appreciation since each ETF’s launch date. The BTC/USD line serves as the performance benchmark — any gap between an ETF line and the BTC line represents tracking error relative to spot Bitcoin.
Expense Ratio Drag:
ETFs with higher expense ratios will drift below the BTC line over time as management fees compound annually. GBTC’s 1.50% annual fee produces the most visible drag. Lower-cost funds (BITB 0.20%, MSBT 0.14%) exhibit materially tighter tracking to the BTC baseline, making fee comparison one of the most actionable insights this chart provides.
Premium/Discount to NAV — A Separate Concept:
The chart does not show premium or discount to net asset value. That metric — measuring whether today’s share price is trading above or below the fund’s underlying Bitcoin holdings — is displayed separately in the Data Table, in the Prem/Disc column, updated in real time during market hours. A persistent premium or discount exceeding ±0.10% may indicate an arbitrage opportunity or a liquidity constraint in the creation/redemption mechanism.
All price data sourced from Polygon.io. Past performance is not indicative of future results. This dashboard is for informational purposes only and does not constitute investment advice.