BCHG vs. BITC
BCHG (Grayscale Bitcoin Cash Trust) is a stock, while BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) is Cryptocurrency fund actively managed by Bitwise. Over the past 3 years, BCHG returned -3.43%/yr vs 29.65%/yr for BITC. At a 0.44 correlation, their price movements are largely independent.
Performance
BCHG vs. BITC - Performance Comparison
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Returns By Period
In the year-to-date period, BCHG achieves a -62.27% return, which is significantly lower than BITC's 0.52% return.
BCHG
- 1D
- -3.55%
- 1M
- 1.75%
- 6M
- -61.10%
- YTD
- -62.27%
- 1Y
- -58.21%
- 3Y*
- -3.43%
- 5Y*
- -31.22%
- 10Y*
- —
BITC
- 1D
- -1.09%
- 1M
- -6.07%
- 6M
- -4.95%
- YTD
- 0.52%
- 1Y
- -24.66%
- 3Y*
- 29.65%
- 5Y*
- —
- 10Y*
- —
BCHG vs. BITC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | -62.27% | -17.71% | 24.56% | 387.85% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 0.52% | -20.46% | 97.86% | 42.71% |
Correlation
The correlation between BCHG and BITC is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023 | 0.44 |
The correlation between BCHG and BITC shifts across timeframes, from 0.33 (1 year) to 0.45 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BCHG vs. BITC — Risk / Return Rank
BCHG
BITC
BCHG vs. BITC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Cash Trust (BCHG) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BCHG | BITC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.80 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.89 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.74 | -1.23 | -0.51 |
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Drawdowns
BCHG vs. BITC - Drawdown Comparison
The maximum BCHG drawdown since its inception was -99.36%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for BCHG and BITC.
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Drawdown Indicators
| BCHG | BITC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -38.51% | -60.85% |
Max Drawdown (1Y)Largest decline over 1 year | -72.98% | -27.89% | -45.09% |
Max Drawdown (3Y)Largest decline over 3 years | -93.81% | -38.51% | -55.30% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | — | — |
Current DrawdownCurrent decline from peak | -97.10% | -30.91% | -66.19% |
Average DrawdownAverage peak-to-trough decline | -87.06% | -16.80% | -70.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.39% | 20.05% | +13.34% |
Volatility
BCHG vs. BITC - Volatility Comparison
Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 20.57% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 7.99%. This indicates that BCHG's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCHG | BITC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.57% | 7.99% | +12.58% |
Volatility (6M)Calculated over the trailing 6-month period | 50.69% | 19.23% | +31.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.67% | 24.93% | +45.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 107.92% | 46.02% | +61.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 133.18% | 46.02% | +87.16% |
Dividends
BCHG vs. BITC - Dividend Comparison
BCHG has not paid dividends to shareholders, while BITC's dividend yield for the trailing twelve months is around 3.34%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | 0.00% | 0.00% | 0.00% | 0.00% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.34% | 3.36% | 42.68% | 5.82% |
Frequently Asked Questions
BCHG and BITC have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (20.57%) compared to BITC (7.99%). In terms of maximum drawdown, BCHG dropped -99.36% vs BITC's -38.51%.
BCHG currently has the higher Sharpe Ratio (-0.83 vs -1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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