BETH vs. BITW

Last updated Jun 24, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds. BETH is actively managed, while BITW is passively managed. Over the past year, BETH returned -40.77% vs -35.22% for BITW. Their correlation of 0.86 suggests significant overlap in exposure. BETH charges 0.95%/yr vs 0.75%/yr for BITW.

Performance

BETH vs. BITW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Bitwise 10 Crypto Index ETF (BITW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BETH having a -32.64% return and BITW slightly higher at -32.35%.

BETH

• 1D: -3.37%
• 1M: -18.22%
• YTD: -32.64%
• 6M: -32.87%
• 1Y: -40.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITW

• 1D: -3.24%
• 1M: -17.92%
• YTD: -32.35%
• 6M: -32.63%
• 1Y: -35.22%
• 3Y*: 52.08%
• 5Y*: 1.78%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BETH vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-32.64%	-11.20%	85.03%	39.34%
BITW Bitwise 10 Crypto Index ETF	-32.35%	-2.63%	160.69%	94.18%

Correlation

The correlation between BETH and BITW is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.86

The correlation between BETH and BITW shifts across timeframes, from 0.86 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BETH vs. BITW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BETH

BETH Risk / Return Rank: 3
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 3
BETH Omega Ratio Rank: 3
BETH Calmar Ratio Rank: 3
BETH Martin Ratio Rank: 3

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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.

BETH vs. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Bitwise 10 Crypto Index ETF (BITW). 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.

	BETH	BITW	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.71	-0.15
Sortino ratio: Return per unit of downside risk	-1.18	-0.86	-0.32
Omega ratio: Gain probability vs. loss probability	0.87	0.90	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.64	-0.09
Martin ratio: Return relative to average drawdown	-1.24	-1.08	-0.15

BETH vs. BITW - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.86, which is comparable to the BITW Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of BETH and BITW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BETH vs. BITW - Drawdown Comparison

The maximum BETH drawdown since its inception was -56.03%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BETH and BITW.

Drawdown Indicators

	BETH	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-96.46%	+40.43%
Max Drawdown (1Y) Largest decline over 1 year	-56.03%	-55.51%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-91.93%	—
Current Drawdown Current decline from peak	-54.48%	-71.40%	+16.92%
Average Drawdown Average peak-to-trough decline	-18.31%	-69.56%	+51.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.01%	32.56%	+0.45%

Volatility

BETH vs. BITW - Volatility Comparison

ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Bitwise 10 Crypto Index ETF (BITW) have volatilities of 13.75% and 14.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETH	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	14.10%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	36.61%	37.34%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	47.49%	49.87%	-2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.18%	65.59%	-14.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.18%	108.35%	-57.17%

BETH vs. BITW - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is higher than BITW's 0.75% expense ratio.

Dividends

BETH vs. BITW - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 60.67%, while BITW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	60.67%	57.68%	19.71%	0.36%
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETH and BITW in my portfolio?

With a correlation of 0.98, BETH and BITW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BETH or BITW?

BITW has higher volatility (14.10%) compared to BETH (13.75%). In terms of maximum drawdown, BETH dropped -56.03% vs BITW's -96.46%.

Which ETF is better, BETH or BITW?

On 1-year performance, BITW leads with -35.22% vs -40.77% for BETH. On fees, BITW is cheaper at 0.75% per year. On volatility, BETH has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETH or BITW?

Over the 1-year period, BITW has performed better with a -35.22% return vs -40.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETH or BITW?

BITW is cheaper with a 0.75% expense ratio, compared with 0.95% for BETH.

Which ETF pays a higher dividend yield, BETH or BITW?

BETH has the higher dividend yield at 60.67%, compared with 0.00% for BITW.

What is the main difference between BETH and BITW?

They also come from different issuers: ProShares and Bitwise. Their fees differ too: 0.95% for BETH and 0.75% for BITW.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.71 vs -0.86), 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.