BITC vs. BITW

Last updated Jun 24, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds from Bitwise. BITC is actively managed, while BITW is passively managed. Over the past 3 years, BITC returned 28.98%/yr vs 52.08%/yr for BITW. A 0.68 correlation means they provide meaningful diversification when combined. BITC charges 0.88%/yr vs 0.75%/yr for BITW.

Performance

BITC vs. BITW - Performance Comparison

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

Returns By Period

In the year-to-date period, BITC achieves a 3.58% return, which is significantly higher than BITW's -32.35% return.

BITC

• 1D: -3.33%
• 1M: -3.10%
• YTD: 3.58%
• 6M: 3.49%
• 1Y: -13.86%
• 3Y*: 28.98%
• 5Y*: —
• 10Y*: —

BITW

• 1D: -3.24%
• 1M: -17.92%
• YTD: -32.35%
• 6M: -32.63%
• 1Y: -35.22%
• 3Y*: 52.08%
• 5Y*: 1.78%
• 10Y*: —

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

BITC vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.58%	-20.46%	97.86%	42.71%
BITW Bitwise 10 Crypto Index ETF	-32.35%	-2.63%	160.69%	125.19%

Correlation

The correlation between BITC and BITW is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023	0.68

The correlation between BITC and BITW shifts across timeframes, from 0.51 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITC vs. BITW — 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: 4
BITC Omega Ratio Rank: 4
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 6

BITW

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

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. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise 10 Crypto Index ETF (BITW). 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	BITW	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	-0.71	+0.15
Sortino ratio: Return per unit of downside risk	-0.65	-0.86	+0.21
Omega ratio: Gain probability vs. loss probability	0.90	0.90	0.00
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.64	+0.11
Martin ratio: Return relative to average drawdown	-0.73	-1.08	+0.35

BITC vs. BITW - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.55, which is comparable to the BITW Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of BITC and BITW, 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. BITW - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BITC and BITW.

Drawdown Indicators

	BITC	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-96.46%	+57.95%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-55.51%	+29.00%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	-55.51%	+17.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-91.93%	—
Current Drawdown Current decline from peak	-28.82%	-71.40%	+42.58%
Average Drawdown Average peak-to-trough decline	-16.51%	-69.56%	+53.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.94%	32.56%	-13.62%

Volatility

BITC vs. BITW - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 3.42%, while Bitwise 10 Crypto Index ETF (BITW) has a volatility of 14.10%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than BITW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	14.10%	-10.68%
Volatility (6M) Calculated over the trailing 6-month period	19.00%	37.34%	-18.34%
Volatility (1Y) Calculated over the trailing 1-year period	25.12%	49.87%	-24.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.29%	65.59%	-19.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.29%	108.35%	-62.06%

BITC vs. BITW - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than BITW's 0.75% expense ratio.

Dividends

BITC vs. BITW - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.25%, while BITW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.25%	3.36%	42.68%	5.82%
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITC and BITW in my portfolio?

BITC and BITW have a correlation of 0.51, 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 BITW?

BITW has higher volatility (14.10%) compared to BITC (3.42%). In terms of maximum drawdown, BITC dropped -38.51% vs BITW's -96.46%.

Which ETF is better, BITC or BITW?

On 3-year performance, BITW leads with 52.08% vs 28.98% for BITC. On fees, BITW is cheaper at 0.75% per year. On volatility, BITC has been the lower-risk option at 3.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or BITW?

Over the 3-year period, BITW has performed better with a 52.08% return vs 28.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or BITW?

BITW is cheaper with a 0.75% expense ratio, compared with 0.88% for BITC.

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

BITC has the higher dividend yield at 3.25%, compared with 0.00% for BITW.

What is the main difference between BITC and BITW?

Their fees differ too: 0.88% for BITC and 0.75% for BITW.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.55 vs -0.71), 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.