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 -6.07%/yr vs 28.25%/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 -68.06% return, which is significantly lower than BITC's -0.51% return.
BCHG
- 1D
- 2.99%
- 1M
- -42.26%
- YTD
- -68.06%
- 6M
- -66.99%
- 1Y
- -61.18%
- 3Y*
- -6.07%
- 5Y*
- -38.04%
- 10Y*
- —
BITC
- 1D
- 0.15%
- 1M
- -6.81%
- YTD
- -0.51%
- 6M
- -0.58%
- 1Y
- -17.30%
- 3Y*
- 28.25%
- 5Y*
- —
- 10Y*
- —
BCHG vs. BITC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | -68.06% | -17.71% | 24.56% | 387.85% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | -0.51% | -20.46% | 97.86% | 42.71% |
Correlation
The correlation between BCHG and BITC is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
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 |
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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 | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.87 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.65 | -0.19 |
| Martin ratioReturn relative to average drawdown | -2.07 | -0.91 | -1.17 |
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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% | -26.51% | -46.47% |
Max Drawdown (3Y)Largest decline over 3 years | -93.81% | -38.51% | -55.30% |
Max Drawdown (5Y)Largest decline over 5 years | -97.62% | — | — |
Current DrawdownCurrent decline from peak | -97.55% | -31.62% | -65.93% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -16.55% | -70.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.52% | 19.08% | +10.44% |
Volatility
BCHG vs. BITC - Volatility Comparison
Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 23.91% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 5.29%. 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 | 23.91% | 5.29% | +18.62% |
Volatility (6M)Calculated over the trailing 6-month period | 48.61% | 19.46% | +29.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.61% | 25.45% | +45.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 107.81% | 46.30% | +61.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 133.62% | 46.30% | +87.32% |
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 3.38%.
| 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 | 3.38% | 3.36% | 42.68% | 5.82% |
Frequently Asked Questions
BCHG and BITC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (23.91%) compared to BITC (5.29%). In terms of maximum drawdown, BCHG dropped -99.36% vs BITC's -38.51%.
BITC currently has the higher Sharpe Ratio (-0.68 vs -0.87), 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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