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 36.02%/yr vs 35.33%/yr for BTC-USD. A 0.59 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 6.98% return, which is significantly higher than BTC-USD's -23.17% return.
BITC
- 1D
- 0.04%
- 1M
- -2.30%
- YTD
- 6.98%
- 6M
- -1.16%
- 1Y
- -15.15%
- 3Y*
- 36.02%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 0.85%
- 1M
- -14.42%
- YTD
- -23.17%
- 6M
- -26.37%
- 1Y
- -36.52%
- 3Y*
- 35.33%
- 5Y*
- 12.77%
- 10Y*
- 60.98%
BITC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 6.98% | -20.46% | 97.86% | 42.29% |
BTC-USD Bitcoin | -23.17% | -6.27% | 120.76% | 49.92% |
Correlation
The correlation between BITC and BTC-USD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023 | 0.59 |
The correlation between BITC and BTC-USD shifts across timeframes, from 0.39 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.
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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.
| BITC | BTC-USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.60 | -0.85 | +0.26 |
Sortino ratioReturn per unit of downside risk | -0.72 | -1.14 | +0.42 |
Omega ratioGain probability vs. loss probability | 0.89 | 0.88 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.58 | -1.07 | +0.49 |
Martin ratioReturn relative to average drawdown | -0.83 | -1.57 | +0.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BITC | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.60 | -0.85 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.24 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 1.14 | -0.47 |
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 | -26.51% | -49.65% | +23.14% |
Max Drawdown (3Y)Largest decline over 3 years | -38.51% | -49.65% | +11.14% |
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 | -26.48% | -46.10% | +19.62% |
Average DrawdownAverage peak-to-trough decline | -16.36% | -42.27% | +25.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 33.71% | -15.39% |
Volatility
BITC vs. BTC-USD - Volatility Comparison
The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 6.79%, while Bitcoin (BTC-USD) has a volatility of 9.90%. 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 | 6.79% | 9.90% | -3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 33.98% | -14.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.54% | 35.37% | -9.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.68% | 45.01% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.68% | 56.68% | -10.00% |
Frequently Asked Questions
BITC and BTC-USD have a correlation of 0.39, 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 (9.90%) compared to BITC (6.79%). In terms of maximum drawdown, BITC dropped -38.51% vs BTC-USD's -85.30%.
BITC currently has the higher Sharpe Ratio (-0.60 vs -0.85), 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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