BlackRock's iShares Bitcoin Trust (IBIT) has outperformed Vanguard's flagship S&P 500 fund since the Bitcoin ETF began trading, according to a comparison circulated by Bloomberg senior ETF an
BlackRock's iShares Bitcoin Trust (IBIT) has outperformed Vanguard's flagship S&P 500 fund since the Bitcoin ETF began trading, according to a comparison circulated by Bloomberg senior ETF analyst Eric Balchunas, a claim that reframes the year-old spot Bitcoin product as a return leader against the most widely held U.S. equity benchmark rather than a niche crypto wrapper.
The core comparison originates from a single, named source: an X post by Eric Balchunas, who tracks exchange-traded funds for Bloomberg Intelligence. The post positions IBIT's return since its January 2024 listing above that of Vanguard's S&P 500 offering over the same window. For related coverage, see Bitcoin Options Expiry on August 28 Reaches $6.4B.
What is verifiable is the product itself. IBIT is BlackRock's spot Bitcoin exchange-traded fund, structured as the iShares Bitcoin Trust, per the iShares fund page, which holds Bitcoin directly rather than futures or equities. For related coverage, see Bitcoin ETFs Draw $2.8B in 8 Days as BTC Tests $80K.
The fund's holdings and reporting basis are documented in its regulatory filings, including the Form 10-Q covering the period ended June 30, which establishes IBIT as a reporting trust with disclosed Bitcoin holdings.
The outperformance comparison itself, however, rests on that one analyst post and was echoed in secondary coverage; it has not been independently reconstructed here from return figures, and the specific percentage-point gap between the two funds is not confirmed in the available evidence.
A "since listing" comparison is anchored to IBIT's launch, meaning the entire result is a function of Bitcoin's price path from that single starting point forward. A comparison begun a few months earlier or later can flip the ranking, so the window is not a neutral choice but the load-bearing assumption behind the claim.
The two products also measure different things. IBIT delivers spot Bitcoin exposure, while a Vanguard S&P 500 fund tracks a diversified basket of large U.S. companies, so any outperformance reflects Bitcoin's move over the window rather than a like-for-like risk comparison.
The claim lands against a stretch of heavy inflow activity into spot Bitcoin ETFs, with BlackRock's fund repeatedly cited as the dominant driver, including sessions where it accounted for the bulk of a record daily haul. That structural demand is distinct from short-term price spikes but has coincided with the period covered by the comparison.
Sustained flows have shown up across multiple stretches, from an eight-day inflow streak to a session that produced record single-day inflows, underscoring that IBIT's return story is intertwined with institutional accumulation. BlackRock has also moved to widen access, lowering an in-kind swap minimum to court larger allocators.
Outperformance over a chosen window does not make the two funds interchangeable. Bitcoin exposure carries a materially higher volatility profile than a broad equity index, so a since-listing return edge says nothing about drawdown risk or the role each product plays in a portfolio.
The narrow measurement window is the central caveat: a comparison this short can overstate a lead that a longer horizon would compress or reverse. Readers should treat the claim as a specific, source-dependent snapshot rather than evidence that a Bitcoin ETF is a substitute for an index fund.
That is the claim made in Eric Balchunas's X post and repeated in secondary coverage. It is attributed to a named Bloomberg analyst, but the specific return figures behind it are not independently confirmed in the evidence reviewed here.
A since-listing figure is tied to IBIT's January 2024 start date, so it captures only Bitcoin's path from that single point. A different start date could narrow or reverse the gap, which is why the window matters more than the headline suggests.
IBIT provides direct spot Bitcoin exposure, which historically carries far higher volatility than a diversified equity index. Higher returns over one window come with a different, larger risk profile, so the two products serve distinct objectives.
The durability of the comparison depends on continued spot Bitcoin ETF flows and Bitcoin's price relative to equities; a sustained equity rally or a Bitcoin drawdown could close the gap the claim relies on.
Additional source references: source document 1.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
The post BlackRock Bitcoin ETF Outperforms Vanguard S&P 500 Fund Since Listing was initially published on Coincu.
