BITB vs. ETHW

Last updated Aug 2, 2026

BITB (Bitwise Bitcoin ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds from Bitwise. BITB is passively managed, while ETHW is actively managed. Over the past year, BITB returned -44.51% vs -46.96% for ETHW. Their correlation of 0.82 means they have usually moved in the same direction. Both charge a 0.20% expense ratio.

Performance

BITB vs. ETHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW). 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 higher than ETHW's -37.28% return.

BITB

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

ETHW

• 1D: -3.05%
• 1M: 9.61%
• 6M: -30.30%
• YTD: -37.28%
• 1Y: -46.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.96%

*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
ETHW Bitwise Ethereum ETF	$14.26M	$11.82M	$10.86M

BITB vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-28.24%	-6.47%	36.66%
ETHW Bitwise Ethereum ETF	-37.28%	-11.26%	-4.77%

Correlation

The correlation between BITB and ETHW is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between BITB and ETHW has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

BITB vs. ETHW — 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

ETHW

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

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. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-0.75	-0.30
Sortino ratio: Return per unit of downside risk	-1.58	-0.98	-0.60
Omega ratio: Gain probability vs. loss probability	0.83	0.89	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.74	-0.13
Martin ratio: Return relative to average drawdown	-1.34	-1.11	-0.23

BITB vs. ETHW - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.05, which is lower than the ETHW Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of BITB and ETHW, 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. ETHW - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum ETHW drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for BITB and ETHW.

Drawdown Indicators

	BITB	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-67.89%	+14.56%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-67.89%	+14.56%
Current Drawdown Current decline from peak	-50.01%	-61.55%	+11.54%
Average Drawdown Average peak-to-trough decline	-18.25%	-35.20%	+16.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.64%	45.37%	-10.73%

Volatility

BITB vs. ETHW - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 9.04%, while Bitwise Ethereum ETF (ETHW) has a volatility of 13.10%. This indicates that BITB experiences smaller price fluctuations and is considered to be less risky than ETHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	13.10%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	45.97%	-12.26%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	67.15%	-22.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.38%	71.13%	-21.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.38%	71.13%	-21.75%

BITB vs. ETHW - Expense Ratio Comparison

Both BITB and ETHW have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BITB vs. ETHW - Dividend Comparison

Neither BITB nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITB and ETHW in my portfolio?

With a correlation of 0.91, BITB and ETHW 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, BITB or ETHW?

ETHW has higher volatility (13.10%) compared to BITB (9.04%). In terms of maximum drawdown, BITB dropped -53.33% vs ETHW's -67.89%.

Which ETF is better, BITB or ETHW?

On 1-year performance, BITB leads with -44.51% vs -46.96% for ETHW. Both ETFs have the same 0.20% expense ratio. 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 ETHW?

Over the 1-year period, BITB has performed better with a -44.51% return vs -46.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or ETHW?

BITB and ETHW have the same expense ratio: 0.20% per year.

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

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

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.75 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.