BITC vs. BTC-USD
BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) is Cryptocurrency fund actively managed by Bitwise, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, BITC returned 29.77%/yr vs 28.74%/yr for BTC-USD. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
BITC vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BITC achieves a 1.63% return, which is significantly higher than BTC-USD's -26.24% return.
BITC
- 1D
- 0.51%
- 1M
- -5.09%
- 6M
- -6.56%
- YTD
- 1.63%
- 1Y
- -22.02%
- 3Y*
- 29.77%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -0.69%
- 1M
- -2.62%
- 6M
- -33.43%
- YTD
- -26.24%
- 1Y
- -45.20%
- 3Y*
- 28.74%
- 5Y*
- 15.51%
- 10Y*
- 57.66%
BITC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 1.63% | -20.46% | 97.86% | 42.71% |
BTC-USD Bitcoin | -26.24% | -6.27% | 120.76% | 51.99% |
Correlation
The correlation between BITC and BTC-USD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023 | 0.58 |
Over the past year, the correlation between BITC and BTC-USD has dropped to 0.37 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.
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Return for Risk
BITC vs. BTC-USD — Risk / Return Rank
BITC
BTC-USD
BITC vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.85 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.10 | -1.38 | +0.27 |
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Drawdowns
BITC vs. BTC-USD - Drawdown Comparison
The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITC and BTC-USD.
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Drawdown Indicators
| BITC | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.51% | -85.30% | +46.79% |
Max Drawdown (1Y)Largest decline over 1 year | -27.89% | -53.08% | +25.19% |
Max Drawdown (3Y)Largest decline over 3 years | -38.51% | -53.08% | +14.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -30.16% | -48.25% | +18.09% |
Average DrawdownAverage peak-to-trough decline | -16.79% | -42.57% | +25.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.99% | 29.20% | -9.21% |
Volatility
BITC vs. BTC-USD - Volatility Comparison
The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 7.95%, while Bitcoin (BTC-USD) has a volatility of 9.75%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 9.75% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 19.48% | 34.90% | -15.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.05% | 35.75% | -10.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.04% | 43.96% | +2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.04% | 56.34% | -10.30% |
Frequently Asked Questions
BITC and BTC-USD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (9.75%) compared to BITC (7.95%). In terms of maximum drawdown, BITC dropped -38.51% vs BTC-USD's -85.30%.
BITC currently has the higher Sharpe Ratio (-0.89 vs -1.05), 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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