BITB vs. BTC-USD
BITB (Bitwise Bitcoin ETF) is Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, BITB returned -44.51% vs -43.83% for BTC-USD. Their 0.72 correlation means they have sometimes moved together and sometimes differently.
Performance
BITB vs. BTC-USD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BITB having a -28.24% return and BTC-USD slightly higher at -27.75%.
BITB
- 1D
- -2.87%
- 1M
- 2.34%
- 6M
- -25.01%
- YTD
- -28.24%
- 1Y
- -44.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.94%
BTC-USD
- 1D
- 0.72%
- 1M
- 1.12%
- 6M
- -17.79%
- YTD
- -27.75%
- 1Y
- -43.83%
- 3Y*
- 29.40%
- 5Y*
- 10.61%
- 10Y*
- 59.66%
- ALL TIME*
- 87.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.99M | $39.08M | $56.07M | |
BTC-USD Bitcoin | $1569.44T | $1598.63T | $2087.37T |
BITB vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITB Bitwise Bitcoin ETF | -28.24% | -6.47% | 89.74% |
BTC-USD Bitcoin | -27.75% | -6.27% | 100.05% |
Correlation
The correlation between BITB and BTC-USD is 0.73, 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. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.72 |
The correlation between BITB and BTC-USD has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
BITB vs. BTC-USD — Risk / Return Rank
BITB
BTC-USD
BITB vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.85 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.83 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.27 | -0.07 |
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Drawdowns
BITB vs. BTC-USD - Drawdown Comparison
The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITB and BTC-USD.
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Drawdown Indicators
| BITB | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -85.30% | +31.97% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | -53.08% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -50.01% | -49.31% | -0.70% |
Average DrawdownAverage peak-to-trough decline | -18.25% | -42.73% | +24.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.64% | 24.94% | +9.70% |
Volatility
BITB vs. BTC-USD - Volatility Comparison
Bitwise Bitcoin ETF (BITB) has a higher volatility of 9.04% compared to Bitcoin (BTC-USD) at 8.45%. This indicates that BITB's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITB | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.04% | 8.45% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 33.72% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.37% | 35.86% | +8.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.38% | 43.65% | +5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.38% | 56.22% | -6.84% |
Frequently Asked Questions
BITB and BTC-USD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITB has higher volatility (9.04%) compared to BTC-USD (8.45%). In terms of maximum drawdown, BITB dropped -53.33% vs BTC-USD's -85.30%.
BTC-USD currently has the higher Sharpe Ratio (-1.02 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.
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