BITB vs. SHLD

Last updated Jun 14, 2026

BITB (Bitwise Bitcoin ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, BITB returned -39.67% vs 8.26% for SHLD. At a 0.29 correlation, their price movements are largely independent. BITB charges 0.20%/yr vs 0.50%/yr for SHLD.

Performance

BITB vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITB achieves a -27.42% return, which is significantly lower than SHLD's -1.50% return.

BITB

• 1D: 0.03%
• 1M: -19.63%
• YTD: -27.42%
• 6M: -29.61%
• 1Y: -39.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.04%
• 1M: 2.37%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITB vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-27.42%	-6.47%	89.74%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	33.82%

Correlation

The correlation between BITB and SHLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.29

Return for Risk

BITB vs. SHLD — Risk / Return Rank

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

BITB

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

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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.

BITB vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	0.43	-1.35
Sortino ratio: Return per unit of downside risk	-1.31	0.78	-2.09
Omega ratio: Gain probability vs. loss probability	0.85	1.09	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.78	0.52	-1.30
Martin ratio: Return relative to average drawdown	-1.37	1.28	-2.66

BITB vs. SHLD - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -0.93, which is lower than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of BITB and SHLD, 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. SHLD - Drawdown Comparison

The maximum BITB drawdown since its inception was -52.04%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for BITB and SHLD.

Drawdown Indicators

	BITB	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-52.04%	-20.10%	-31.94%
Max Drawdown (1Y) Largest decline over 1 year	-52.04%	-20.10%	-31.94%
Current Drawdown Current decline from peak	-49.44%	-18.20%	-31.24%
Average Drawdown Average peak-to-trough decline	-16.54%	-3.34%	-13.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.62%	8.12%	+21.50%

Volatility

BITB vs. SHLD - Volatility Comparison

Bitwise Bitcoin ETF (BITB) has a higher volatility of 11.94% compared to Global X Defense Tech ETF (SHLD) at 9.05%. This indicates that BITB's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	9.05%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	19.94%	+14.46%
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	24.55%	+19.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.04%	21.29%	+28.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.04%	21.29%	+28.75%

BITB vs. SHLD - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

BITB vs. SHLD - Dividend Comparison

BITB has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
BITB Bitwise Bitcoin ETF	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both BITB and SHLD in my portfolio?

BITB and SHLD have a correlation of 0.39, 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 SHLD?

BITB has higher volatility (11.94%) compared to SHLD (9.05%). In terms of maximum drawdown, BITB dropped -52.04% vs SHLD's -20.10%.

Which ETF is better, BITB or SHLD?

On 1-year performance, SHLD leads with 8.26% vs -39.67% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, SHLD has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or SHLD?

Over the 1-year period, SHLD has performed better with a 8.26% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or SHLD?

BITB is cheaper with a 0.20% expense ratio, compared with 0.50% for SHLD.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.00% for BITB.

What is the main difference between BITB and SHLD?

BITB is categorized as Cryptocurrency, while SHLD is Aerospace & Defense. BITB tracks CME CF Bitcoin Reference Rate - New York Variant, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: Bitwise Asset Management and Global X. Their fees differ too: 0.20% for BITB and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.43 vs -0.93), 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.