BITB vs. BITQ

Last updated Aug 2, 2026

BITB (Bitwise Bitcoin ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. Both are passively managed. Over the past year, BITB returned -44.51% vs 20.58% for BITQ. Their 0.72 correlation means they have sometimes moved together and sometimes differently. BITB charges 0.20%/yr vs 0.85%/yr for BITQ.

Performance

BITB vs. BITQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Bitwise Crypto Industry Innovators ETF (BITQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITB achieves a -28.24% return, which is significantly lower than BITQ's 14.35% return.

BITB

• 1D: -2.87%
• 1M: 2.34%
• 6M: -25.01%
• YTD: -28.24%
• 1Y: -44.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.94%

BITQ

• 1D: -3.47%
• 1M: -4.20%
• 6M: 7.60%
• YTD: 14.35%
• 1Y: 20.58%
• 3Y*: 33.54%
• 5Y*: 1.06%
• 10Y*: —
• ALL TIME*: -0.45%

*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)
BITB Bitwise Bitcoin ETF	$37.99M	$39.08M	$56.07M
BITQ Bitwise Crypto Industry Innovators ETF	$2.41M	$2.10M	$3.18M

BITB vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-28.24%	-6.47%	89.74%
BITQ Bitwise Crypto Industry Innovators ETF	14.35%	18.00%	52.91%

Correlation

The correlation between BITB and BITQ is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.72

The correlation between BITB and BITQ has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

BITB vs. BITQ — Risk / Return Rank

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

BITB

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

BITQ

BITQ Risk / Return Rank: 17
BITQ Sharpe Ratio Rank: 15
BITQ Sortino Ratio Rank: 20
BITQ Omega Ratio Rank: 19
BITQ Calmar Ratio Rank: 15
BITQ Martin Ratio Rank: 15

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.

BITB vs. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

	BITB	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	0.20	-1.24
Sortino ratio: Return per unit of downside risk	-1.58	0.71	-2.29
Omega ratio: Gain probability vs. loss probability	0.83	1.08	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.87	0.26	-1.13
Martin ratio: Return relative to average drawdown	-1.34	0.53	-1.86

BITB vs. BITQ - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.05, which is lower than the BITQ Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of BITB and BITQ, 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

BITB vs. BITQ - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for BITB and BITQ.

Drawdown Indicators

	BITB	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-90.32%	+36.99%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-44.99%	-8.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-50.01%	-29.70%	-20.31%
Average Drawdown Average peak-to-trough decline	-18.25%	-51.99%	+33.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.64%	22.41%	+12.23%

Volatility

BITB vs. BITQ - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 9.04%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 19.68%. This indicates that BITB experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	19.68%	-10.64%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	44.50%	-10.79%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	59.30%	-14.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.38%	67.22%	-17.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.38%	67.16%	-17.78%

BITB vs. BITQ - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than BITQ's 0.85% expense ratio.

Dividends

BITB vs. BITQ - Dividend Comparison

Neither BITB nor BITQ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITB Bitwise Bitcoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%

Frequently Asked Questions

Can I hold both BITB and BITQ in my portfolio?

BITB and BITQ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITB or BITQ?

BITQ has higher volatility (19.68%) compared to BITB (9.04%). In terms of maximum drawdown, BITB dropped -53.33% vs BITQ's -90.32%.

Which ETF is better, BITB or BITQ?

On 1-year performance, BITQ leads with 20.58% vs -44.51% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 9.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or BITQ?

Over the 1-year period, BITQ has performed better with a 20.58% return vs -44.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or BITQ?

BITB is cheaper with a 0.20% expense ratio, compared with 0.85% for BITQ.

Which ETF pays a higher dividend yield, BITB or BITQ?

BITB and BITQ have nearly identical dividend yields, around 0.00%.

What is the main difference between BITB and BITQ?

BITB is categorized as Cryptocurrency, while BITQ is Blockchain. BITB tracks CME CF Bitcoin Reference Rate - New York Variant, while BITQ tracks Bitwise Crypto Innovators 30 Index. Their fees differ too: 0.20% for BITB and 0.85% for BITQ.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (0.20 vs -1.05), 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.