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 29.84%/yr vs 1.71%/yr for BCHG. Their 0.44 correlation means their historical movements had little consistent relationship.
Performance
BITC vs. BCHG - Performance Comparison
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Returns By Period
In the year-to-date period, BITC achieves a -1.76% return, which is significantly higher than BCHG's -64.44% return.
BITC
- 1D
- -2.97%
- 1M
- -1.31%
- 6M
- -1.00%
- YTD
- -1.76%
- 1Y
- -24.54%
- 3Y*
- 29.84%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 26.54%
BCHG
- 1D
- -3.85%
- 1M
- -5.77%
- 6M
- -59.37%
- YTD
- -64.44%
- 1Y
- -62.07%
- 3Y*
- 1.71%
- 5Y*
- -19.63%
- 10Y*
- —
- ALL TIME*
- -39.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $85.43K | $140.61K | $318.14K | |
| $51.18K | $64.98K | $91.15K |
BITC vs. BCHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | -1.76% | -20.46% | 97.86% | 42.71% |
BCHG Grayscale Bitcoin Cash Trust | -64.44% | -17.71% | 24.56% | 387.85% |
Correlation
The correlation between BITC and BCHG is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023 | 0.44 |
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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 | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.87 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.19 | -1.76 | +0.57 |
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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 | -27.89% | -72.98% | +45.09% |
Max Drawdown (3Y)Largest decline over 3 years | -38.51% | -93.81% | +55.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -94.67% | — |
Current DrawdownCurrent decline from peak | -32.48% | -97.27% | +64.79% |
Average DrawdownAverage peak-to-trough decline | -16.98% | -87.13% | +70.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.72% | 36.29% | -15.57% |
Volatility
BITC vs. BCHG - Volatility Comparison
The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 8.07%, while Grayscale Bitcoin Cash Trust (BCHG) has a volatility of 18.61%. 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 | 8.07% | 18.61% | -10.54% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 50.35% | -32.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.11% | 69.98% | -44.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.81% | 105.54% | -59.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.81% | 132.76% | -86.95% |
Dividends
BITC vs. BCHG - Dividend Comparison
BITC's dividend yield for the trailing twelve months is around 3.42%, 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 | 3.42% | 3.36% | 42.68% | 5.82% |
Frequently Asked Questions
BITC and BCHG have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (18.61%) compared to BITC (8.07%). In terms of maximum drawdown, BITC dropped -38.51% vs BCHG's -99.36%.
BCHG currently has the higher Sharpe Ratio (-0.91 vs -0.98), 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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