BITC vs. BCHG
BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) is Cryptocurrency fund actively managed by Bitwise, while BCHG (Grayscale Bitcoin Cash Trust) is a stock. Over the past 3 years, BITC returned 28.98%/yr vs 2.99%/yr for BCHG. At a 0.44 correlation, their price movements are largely independent.
Performance
BITC vs. BCHG - Performance Comparison
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Returns By Period
In the year-to-date period, BITC achieves a 3.58% return, which is significantly higher than BCHG's -67.13% return.
BITC
- 1D
- -3.33%
- 1M
- -3.10%
- YTD
- 3.58%
- 6M
- 3.49%
- 1Y
- -13.86%
- 3Y*
- 28.98%
- 5Y*
- —
- 10Y*
- —
BCHG
- 1D
- -3.40%
- 1M
- -45.90%
- YTD
- -67.13%
- 6M
- -66.82%
- 1Y
- -57.10%
- 3Y*
- 2.99%
- 5Y*
- -38.98%
- 10Y*
- —
BITC vs. BCHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.58% | -20.46% | 97.86% | 42.71% |
BCHG Grayscale Bitcoin Cash Trust | -67.13% | -17.71% | 24.56% | 387.85% |
Correlation
The correlation between BITC and BCHG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023 | 0.44 |
The correlation between BITC and BCHG shifts across timeframes, from 0.34 (1 year) to 0.44 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BITC vs. BCHG — Risk / Return Rank
BITC
BCHG
BITC vs. BCHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Grayscale Bitcoin Cash Trust (BCHG). 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.
| BITC | BCHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.86 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.80 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.73 | -1.98 | +1.25 |
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Drawdowns
BITC vs. BCHG - Drawdown Comparison
The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BCHG drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for BITC and BCHG.
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Drawdown Indicators
| BITC | BCHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.51% | -99.36% | +60.85% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -71.37% | +44.86% |
Max Drawdown (3Y)Largest decline over 3 years | -38.51% | -93.44% | +54.93% |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.62% | — |
Current DrawdownCurrent decline from peak | -28.82% | -97.48% | +68.66% |
Average DrawdownAverage peak-to-trough decline | -16.51% | -86.95% | +70.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.94% | 28.80% | -9.86% |
Volatility
BITC vs. BCHG - Volatility Comparison
The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 3.42%, while Grayscale Bitcoin Cash Trust (BCHG) has a volatility of 23.92%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than BCHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITC | BCHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 23.92% | -20.50% |
Volatility (6M)Calculated over the trailing 6-month period | 19.00% | 49.60% | -30.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.12% | 70.57% | -45.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.29% | 108.27% | -61.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.29% | 133.68% | -87.39% |
Dividends
BITC vs. BCHG - Dividend Comparison
BITC's dividend yield for the trailing twelve months is around 3.25%, while BCHG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | 0.00% | 0.00% | 0.00% | 0.00% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.25% | 3.36% | 42.68% | 5.82% |
Frequently Asked Questions
BITC and BCHG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (23.92%) compared to BITC (3.42%). In terms of maximum drawdown, BITC dropped -38.51% vs BCHG's -99.36%.
BITC currently has the higher Sharpe Ratio (-0.55 vs -0.81), 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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