BITC vs. BITB

Last updated Jun 23, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds. BITC is actively managed, while BITB is passively managed. Over the past year, BITC returned -10.93% vs -37.80% for BITB. A 0.75 correlation means they provide meaningful diversification when combined. BITC charges 0.88%/yr vs 0.20%/yr for BITB.

Performance

BITC vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITC achieves a 7.15% return, which is significantly higher than BITB's -26.47% return.

BITC

• 1D: 0.04%
• 1M: 0.24%
• YTD: 7.15%
• 6M: 7.11%
• 1Y: -10.93%
• 3Y*: 30.44%
• 5Y*: —
• 10Y*: —

BITB

• 1D: 2.46%
• 1M: -15.00%
• YTD: -26.47%
• 6M: -27.10%
• 1Y: -37.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	7.15%	-20.46%	84.43%
BITB Bitwise Bitcoin ETF	-26.47%	-6.47%	89.74%

Correlation

The correlation between BITC and BITB is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.75

Over the past year, the correlation between BITC and BITB has dropped to 0.53 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

BITC vs. BITB — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 5
BITC Sharpe Ratio Rank: 5
BITC Sortino Ratio Rank: 5
BITC Omega Ratio Rank: 4
BITC Calmar Ratio Rank: 5
BITC Martin Ratio Rank: 6

BITB

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

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.

BITC vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise Bitcoin ETF (BITB). 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	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	-0.86	+0.42
Sortino ratio: Return per unit of downside risk	-0.48	-1.17	+0.69
Omega ratio: Gain probability vs. loss probability	0.93	0.87	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.41	-0.73	+0.31
Martin ratio: Return relative to average drawdown	-0.58	-1.25	+0.67

BITC vs. BITB - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.44, which is higher than the BITB Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BITC and BITB, 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

BITC vs. BITB - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BITB drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for BITC and BITB.

Drawdown Indicators

	BITC	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-52.04%	+13.53%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-52.04%	+25.53%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	—	—
Current Drawdown Current decline from peak	-26.36%	-48.78%	+22.42%
Average Drawdown Average peak-to-trough decline	-16.50%	-16.80%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.88%	30.39%	-11.51%

Volatility

BITC vs. BITB - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 0.34%, while Bitwise Bitcoin ETF (BITB) has a volatility of 12.90%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	12.90%	-12.56%
Volatility (6M) Calculated over the trailing 6-month period	18.68%	34.47%	-15.79%
Volatility (1Y) Calculated over the trailing 1-year period	24.96%	44.18%	-19.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.28%	50.00%	-3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.28%	50.00%	-3.72%

BITC vs. BITB - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than BITB's 0.20% expense ratio.

Dividends

BITC vs. BITB - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.14%, while BITB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITB Bitwise Bitcoin ETF	0.00%	0.00%	0.00%	0.00%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%

Frequently Asked Questions

Can I hold both BITC and BITB in my portfolio?

BITC and BITB have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITC or BITB?

BITB has higher volatility (12.90%) compared to BITC (0.34%). In terms of maximum drawdown, BITC dropped -38.51% vs BITB's -52.04%.

Which ETF is better, BITC or BITB?

On 1-year performance, BITC leads with -10.93% vs -37.80% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, BITC has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or BITB?

Over the 1-year period, BITC has performed better with a -10.93% return vs -37.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 0.88% for BITC.

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

BITC has the higher dividend yield at 3.14%, compared with 0.00% for BITB.

What is the main difference between BITC and BITB?

They also come from different issuers: Bitwise and Bitwise Asset Management. Their fees differ too: 0.88% for BITC and 0.20% for BITB.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.44 vs -0.86), 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.