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All Bitcoin ETFs 1-year returns lag BTCUSD return

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All Bitcoin ETFs 1-year returns lag BTCUSD return

As you can see in the attached image, the 1-year returns for all major bitcoin ETFs including Fidelity, iShares, Grayscale lag behind BTCUSD returns. Is this only because of the ETF expense ratio? At minimum there is a 5%/year lag (FBTC,IBIT) whereas grayscale GBTC is lagging 27% behind BTCUSD.

This is really surprising! What explains this?

https://preview.redd.it/ryyb2srojpbf1.png?width=686&format=png&auto=webp&s=b1c7e4a88cad14189c9b82d3705ffe9e998a65a5

submitted by /u/Training-Rip6463
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