BCHG vs. BITX
BCHG (Grayscale Bitcoin Cash Trust) is a stock, while BITX (2x Bitcoin Strategy ETF) is Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%). Over the past year, BCHG returned -61.18% vs -78.67% for BITX. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
BCHG vs. BITX - 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 BITX's -61.72% return.
BCHG
- 1D
- 2.99%
- 1M
- -42.26%
- YTD
- -68.06%
- 6M
- -66.99%
- 1Y
- -61.18%
- 3Y*
- -6.07%
- 5Y*
- -38.04%
- 10Y*
- —
BITX
- 1D
- -2.13%
- 1M
- -40.88%
- YTD
- -61.72%
- 6M
- -61.62%
- 1Y
- -78.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BCHG vs. BITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | -68.06% | -17.71% | 24.56% | 153.15% |
BITX 2x Bitcoin Strategy ETF | -61.72% | -38.71% | 163.41% | 46.18% |
Correlation
The correlation between BCHG and BITX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.57 |
The correlation between BCHG and BITX shifts across timeframes, from 0.57 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BCHG vs. BITX — Risk / Return Rank
BCHG
BITX
BCHG vs. BITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Cash Trust (BCHG) and 2x Bitcoin Strategy ETF (BITX). 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 | BITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.81 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.95 | +0.11 |
| Martin ratioReturn relative to average drawdown | -2.07 | -1.46 | -0.61 |
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Drawdowns
BCHG vs. BITX - Drawdown Comparison
The maximum BCHG drawdown since its inception was -99.36%, which is greater than BITX's maximum drawdown of -83.08%. Use the drawdown chart below to compare losses from any high point for BCHG and BITX.
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Drawdown Indicators
| BCHG | BITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -83.08% | -16.28% |
Max Drawdown (1Y)Largest decline over 1 year | -72.98% | -83.08% | +10.10% |
Max Drawdown (3Y)Largest decline over 3 years | -93.81% | -83.08% | -10.73% |
Max Drawdown (5Y)Largest decline over 5 years | -97.62% | — | — |
Current DrawdownCurrent decline from peak | -97.55% | -83.08% | -14.47% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -32.64% | -54.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.52% | 53.73% | -24.21% |
Volatility
BCHG vs. BITX - Volatility Comparison
The current volatility for Grayscale Bitcoin Cash Trust (BCHG) is 23.91%, while 2x Bitcoin Strategy ETF (BITX) has a volatility of 26.48%. This indicates that BCHG experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCHG | BITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.91% | 26.48% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 48.61% | 69.36% | -20.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.61% | 88.09% | -17.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 107.81% | 98.17% | +9.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 133.62% | 98.17% | +35.45% |
Dividends
BCHG vs. BITX - Dividend Comparison
BCHG has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 41.63%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | 0.00% | 0.00% | 0.00% |
BITX 2x Bitcoin Strategy ETF | 41.63% | 21.69% | 10.70% |
Frequently Asked Questions
BCHG and BITX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (26.48%) compared to BCHG (23.91%). In terms of maximum drawdown, BCHG dropped -99.36% vs BITX's -83.08%.
BCHG currently has the higher Sharpe Ratio (-0.87 vs -0.90), 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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