BFAP vs. BTC

Last updated Aug 5, 2026

BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BFAP returned -29.14% vs -44.13% for BTC. Their 0.96 correlation means they have historically moved very closely together. BFAP charges 0.90%/yr vs 0.15%/yr for BTC.

Performance

BFAP vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) and Grayscale Bitcoin Mini Trust ETF (BTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFAP achieves a -21.35% return, which is significantly higher than BTC's -26.67% return.

BFAP

• 1D: 0.25%
• 1M: 1.78%
• 6M: -13.09%
• YTD: -21.35%
• 1Y: -29.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -10.97%

BTC

• 1D: 0.60%
• 1M: 4.49%
• 6M: -15.95%
• YTD: -26.67%
• 1Y: -44.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	$15.29K	$11.99K	$25.71K
BTC Grayscale Bitcoin Mini Trust ETF	$39.83M	$40.30M	$54.51M

BFAP vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-21.35%	8.90%
BTC Grayscale Bitcoin Mini Trust ETF	-26.67%	6.66%

Correlation

The correlation between BFAP and BTC is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.96

The correlation between BFAP and BTC has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

BFAP vs. BTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 0
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 2

BTC

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BFAP vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	BFAP	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-1.36	-1.00	-0.36
Sortino ratio: Return per unit of downside risk	-1.92	-1.47	-0.45
Omega ratio: Gain probability vs. loss probability	0.77	0.84	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.83	-0.03
Martin ratio: Return relative to average drawdown	-1.37	-1.27	-0.10

BFAP vs. BTC - Sharpe Ratio Comparison

The current BFAP Sharpe Ratio is -1.36, which is lower than the BTC Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of BFAP and BTC, 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

BFAP vs. BTC - Drawdown Comparison

The maximum BFAP drawdown since its inception was -34.15%, smaller than the maximum BTC drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for BFAP and BTC.

Drawdown Indicators

	BFAP	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-34.15%	-53.30%	+19.15%
Max Drawdown (1Y) Largest decline over 1 year	-34.15%	-53.30%	+19.15%
Current Drawdown Current decline from peak	-31.65%	-48.89%	+17.24%
Average Drawdown Average peak-to-trough decline	-13.41%	-19.50%	+6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.36%	34.87%	-13.51%

Volatility

BFAP vs. BTC - Volatility Comparison

The current volatility for FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) is 3.75%, while Grayscale Bitcoin Mini Trust ETF (BTC) has a volatility of 8.13%. This indicates that BFAP experiences smaller price fluctuations and is considered to be less risky than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFAP	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	8.13%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	33.02%	-19.24%
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	44.32%	-22.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	47.45%	-27.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	47.45%	-27.47%

BFAP vs. BTC - Expense Ratio Comparison

BFAP has a 0.90% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

BFAP vs. BTC - Dividend Comparison

BFAP's dividend yield for the trailing twelve months is around 24.12%, while BTC has not paid dividends to shareholders.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.12%	18.97%
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BFAP and BTC in my portfolio?

With a correlation of 0.97, BFAP and BTC 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, BFAP or BTC?

BTC has higher volatility (8.13%) compared to BFAP (3.75%). In terms of maximum drawdown, BFAP dropped -34.15% vs BTC's -53.30%.

Which ETF is better, BFAP or BTC?

On 1-year performance, BFAP leads with -29.14% vs -44.13% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BFAP has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BFAP or BTC?

Over the 1-year period, BFAP has performed better with a -29.14% return vs -44.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BFAP or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.90% for BFAP.

Which ETF pays a higher dividend yield, BFAP or BTC?

BFAP has the higher dividend yield at 24.12%, compared with 0.00% for BTC.

What is the main difference between BFAP and BTC?

They also come from different issuers: First Trust and Grayscale. Their fees differ too: 0.90% for BFAP and 0.15% for BTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-1.00 vs -1.36), 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.