BITC vs. BTC

Last updated Jun 4, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITC returned -15.09% vs -38.61% for BTC. A 0.69 correlation means they provide meaningful diversification when combined. BITC charges 0.88%/yr vs 0.15%/yr for BTC.

Performance

BITC vs. BTC - Performance Comparison

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

Returns By Period

In the year-to-date period, BITC achieves a 6.98% return, which is significantly higher than BTC's -25.36% return.

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

BTC

• 1D: -2.73%
• 1M: -18.40%
• YTD: -25.36%
• 6M: -29.74%
• 1Y: -38.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	42.81%
BTC Grayscale Bitcoin Mini Trust ETF	-25.36%	-7.50%	44.64%

Correlation

The correlation between BITC and BTC is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.69

The correlation between BITC and BTC shifts across timeframes, from 0.56 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITC vs. BTC — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

BTC

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

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. BTC - 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 Mini Trust ETF (BTC). 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.

	BITC	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	-0.89	+0.29
Sortino ratio: Return per unit of downside risk	-0.71	-1.22	+0.51
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.57	-0.78	+0.21
Martin ratio: Return relative to average drawdown	-0.82	-1.36	+0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITC vs. BTC - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.59, which is higher than the BTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BITC and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITC	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	-0.89	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	-0.00	+0.68

Drawdowns

BITC vs. BTC - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BTC drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for BITC and BTC.

Drawdown Indicators

	BITC	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-49.34%	+10.83%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-49.34%	+22.83%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	—	—
Current Drawdown Current decline from peak	-26.48%	-47.98%	+21.50%
Average Drawdown Average peak-to-trough decline	-16.37%	-16.61%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	28.38%	-10.01%

Volatility

BITC vs. BTC - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 6.39%, while Grayscale Bitcoin Mini Trust ETF (BTC) has a volatility of 9.40%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	9.40%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	34.45%	-14.47%
Volatility (1Y) Calculated over the trailing 1-year period	25.54%	43.69%	-18.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.65%	48.30%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.65%	48.30%	-1.65%

BITC vs. BTC - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

BITC vs. BTC - Dividend Comparison

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

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITC and BTC in my portfolio?

BITC and BTC have a correlation of 0.56, 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 BTC?

BTC has higher volatility (9.40%) compared to BITC (6.39%). In terms of maximum drawdown, BITC dropped -38.51% vs BTC's -49.34%.

Which ETF is better, BITC or BTC?

On 1-year performance, BITC leads with -15.09% vs -38.61% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BITC has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or BTC?

Over the 1-year period, BITC has performed better with a -15.09% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.88% for BITC.

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

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

What is the main difference between BITC and BTC?

They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.88% for BITC and 0.15% for BTC.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.59 vs -0.89), 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.