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BCHG vs. INDEX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BCHG vs. INDEX

Last updated Jun 4, 2026

BCHG (Grayscale Bitcoin Cash Trust) is a stock, while INDEX (Index Funds S&P 500 Equal Weight) is Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, BCHG returned -38.75%/yr vs 11.61%/yr for INDEX. At a 0.26 correlation, their price movements are largely independent.

Performance

BCHG vs. INDEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Cash Trust (BCHG) and Index Funds S&P 500 Equal Weight (INDEX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, BCHG achieves a -58.88% return, which is significantly lower than INDEX's 11.54% return.

BCHG

1D
-11.79%
1M
-42.88%
YTD
-58.88%
6M
-61.63%
1Y
-42.88%
3Y*
27.85%
5Y*
-38.75%
10Y*
—

INDEX

1D
0.14%
1M
5.79%
YTD
11.54%
6M
11.59%
1Y
28.87%
3Y*
21.01%
5Y*
11.61%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BCHG vs. INDEX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
BCHG
Grayscale Bitcoin Cash Trust		-58.88%-17.71%24.56%1,039.19%-87.55%-87.96%80.81%
INDEX
Index Funds S&P 500 Equal Weight		11.54%17.77%24.73%10.58%-11.84%29.10%16.36%

Correlation

The correlation between BCHG and INDEX 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

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Aug 19, 2020

0.26

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Grayscale Bitcoin Cash Trust

Index Funds S&P 500 Equal Weight

Often compared with BCHG:
BCHG vs. BITCBCHG vs. AMZNBCHG vs. BTC-USDBCHG vs. AVGOBCHG vs. BITOBCHG vs. NVDABCHG vs. BTCE.DE
Often compared with INDEX:
INDEX vs. VOOINDEX vs. VIGAXINDEX vs. NYTINDEX vs. BCSINDEX vs. VMIAXINDEX vs. OAKIXINDEX vs. OAKLX

Return for Risk

BCHG vs. INDEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BCHG
BCHG Risk / Return Rank: 1313
Overall Rank
BCHG Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
BCHG Sortino Ratio Rank: 1616
Sortino Ratio Rank
BCHG Omega Ratio Rank: 1818
Omega Ratio Rank
BCHG Calmar Ratio Rank: 1616
Calmar Ratio Rank
BCHG Martin Ratio Rank: 22
Martin Ratio Rank
INDEX
INDEX Risk / Return Rank: 7373
Overall Rank
INDEX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
INDEX Sortino Ratio Rank: 6868
Sortino Ratio Rank
INDEX Omega Ratio Rank: 6767
Omega Ratio Rank
INDEX Calmar Ratio Rank: 7373
Calmar Ratio Rank
INDEX Martin Ratio Rank: 8383
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCHG vs. INDEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Cash Trust (BCHG) and Index Funds S&P 500 Equal Weight (INDEX). 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.

BCHGINDEXDifference
Sharpe ratioReturn per unit of total volatility
-0.62
2.52

-3.14

Sortino ratioReturn per unit of downside risk
-0.67
3.43

-4.10

Omega ratioGain probability vs. loss probability

0.93

1.46

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.67

3.33

-4.00

Martin ratioReturn relative to average drawdown

-1.77

15.62

-17.40

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCHG vs. INDEX - Sharpe Ratio Comparison

The current BCHG Sharpe Ratio is -0.62, which is lower than the INDEX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BCHG and INDEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BCHGINDEXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.62

2.52

-3.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

0.70

-1.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.71

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.23

0.63

-0.85

Drawdowns

BCHG vs. INDEX - Drawdown Comparison

The maximum BCHG drawdown since its inception was -99.36%, which is greater than INDEX's maximum drawdown of -38.82%. Use the drawdown chart below to compare losses from any high point for BCHG and INDEX.

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Drawdown Indicators

BCHGINDEXDifference

Max Drawdown

Largest peak-to-trough decline

-99.36%

-38.82%

-60.54%

Max Drawdown (1Y)

Largest decline over 1 year

-64.18%

-8.93%

-55.25%

Max Drawdown (3Y)

Largest decline over 3 years

-91.79%

-18.75%

-73.04%

Max Drawdown (5Y)

Largest decline over 5 years

-98.25%

-21.52%

-76.73%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.82%

—

Current Drawdown

Current decline from peak

-96.84%

0.00%

-96.84%

Average Drawdown

Average peak-to-trough decline

-86.50%

-4.63%

-81.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

24.21%

1.90%

+22.31%

Volatility

BCHG vs. INDEX - Volatility Comparison

Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 21.32% compared to Index Funds S&P 500 Equal Weight (INDEX) at 2.83%. This indicates that BCHG's price experiences larger fluctuations and is considered to be riskier than INDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BCHGINDEXDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.32%

2.83%

+18.49%

Volatility (6M)

Calculated over the trailing 6-month period

49.29%

8.96%

+40.33%

Volatility (1Y)

Calculated over the trailing 1-year period

69.91%

11.81%

+58.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

108.72%

16.76%

+91.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

132.16%

18.65%

+113.51%

Dividends

BCHG vs. INDEX - Dividend Comparison

BCHG has not paid dividends to shareholders, while INDEX's dividend yield for the trailing twelve months is around 0.93%.

PositionTTM202520242023202220212020201920182017
BCHG
Grayscale Bitcoin Cash Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
INDEX
Index Funds S&P 500 Equal Weight		0.93%1.04%1.97%1.56%3.25%1.81%1.53%1.61%3.09%1.15%

Frequently Asked Questions

BCHG and INDEX 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 (21.32%) compared to INDEX (2.83%). In terms of maximum drawdown, BCHG dropped -99.36% vs INDEX's -38.82%.

INDEX currently has the higher Sharpe Ratio (2.52 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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