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 27.85%/yr vs 36.02%/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 -58.88% return, which is significantly lower than BITC's 6.98% return.
BCHG
- 1D
- -11.79%
- 1M
- -42.88%
- YTD
- -58.88%
- 6M
- -61.63%
- 1Y
- -42.88%
- 3Y*
- 27.85%
- 5Y*
- -38.75%
- 10Y*
- —
BITC
- 1D
- -0.00%
- 1M
- -4.31%
- YTD
- 6.98%
- 6M
- -1.22%
- 1Y
- -15.09%
- 3Y*
- 36.02%
- 5Y*
- —
- 10Y*
- —
BCHG vs. BITC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | -58.88% | -17.71% | 24.56% | 390.12% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 6.98% | -20.46% | 97.86% | 42.29% |
Correlation
The correlation between BCHG and BITC is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 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.
| BCHG | BITC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.90 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.57 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.77 | -0.82 | -0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BCHG | BITC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.62 | -0.59 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.68 | -0.90 |
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 | -64.18% | -26.51% | -37.67% |
Max Drawdown (3Y)Largest decline over 3 years | -91.79% | -38.51% | -53.28% |
Max Drawdown (5Y)Largest decline over 5 years | -98.25% | — | — |
Current DrawdownCurrent decline from peak | -96.84% | -26.48% | -70.36% |
Average DrawdownAverage peak-to-trough decline | -86.50% | -16.37% | -70.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.21% | 18.37% | +5.84% |
Volatility
BCHG vs. BITC - Volatility Comparison
Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 21.32% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.39%. 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 | 21.32% | 6.39% | +14.93% |
Volatility (6M)Calculated over the trailing 6-month period | 49.29% | 19.98% | +29.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.91% | 25.54% | +44.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.72% | 46.65% | +62.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 132.16% | 46.65% | +85.51% |
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 3.14%.
| 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 | 3.14% | 3.36% | 42.68% | 5.82% |
Frequently Asked Questions
BCHG and BITC have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (21.32%) compared to BITC (6.39%). In terms of maximum drawdown, BCHG dropped -99.36% vs BITC's -38.51%.
BITC currently has the higher Sharpe Ratio (-0.59 vs -0.62), 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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