BITC vs. BTOP

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP).

BITC and BTOP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITC is an actively managed fund by Bitwise. It was launched on Mar 20, 2023. BTOP is an actively managed fund by Bitwise. It was launched on Sep 29, 2023.

Performance

BITC vs. BTOP - 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 And Ether Equal Weight Strategy ETF (BTOP). The values are adjusted to include any dividend payments, if applicable.

BITC vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-0.39%	-20.46%	97.86%	41.71%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-1.52%	-15.87%	62.27%	41.71%

Returns By Period

In the year-to-date period, BITC achieves a -0.39% return, which is significantly higher than BTOP's -1.52% return.

BITC

• 1D: -0.28%
• 1M: -0.12%
• YTD: -0.39%
• 6M: -17.21%
• 1Y: -9.45%
• 3Y*: 30.37%
• 5Y*: —
• 10Y*: —

BTOP

• 1D: 0.00%
• 1M: 1.82%
• YTD: -1.52%
• 6M: -18.57%
• 1Y: 12.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. BTOP - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is lower than BTOP's 0.90% expense ratio.

BTOP

Bitwise Bitcoin And Ether Equal Weight Strategy ETF

BITC

Bitwise Bitcoin Strategy Optimum Roll ETF

Return for Risk

BITC vs. BTOP — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 6
BITC Sharpe Ratio Rank: 6
BITC Sortino Ratio Rank: 6
BITC Omega Ratio Rank: 5
BITC Calmar Ratio Rank: 6
BITC Martin Ratio Rank: 7

BTOP

BTOP Risk / Return Rank: 22
BTOP Sharpe Ratio Rank: 21
BTOP Sortino Ratio Rank: 26
BTOP Omega Ratio Rank: 28
BTOP Calmar Ratio Rank: 20
BTOP Martin Ratio Rank: 16

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. BTOP - 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 And Ether Equal Weight Strategy ETF (BTOP). 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	BTOP	Difference
Sharpe ratio Return per unit of total volatility	-0.36	0.36	-0.71
Sortino ratio Return per unit of downside risk	-0.33	0.80	-1.14
Omega ratio Gain probability vs. loss probability	0.95	1.12	-0.17
Calmar ratio Return relative to maximum drawdown	-0.36	0.41	-0.77
Martin ratio Return relative to average drawdown	-0.58	0.66	-1.24
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. BTOP - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.36, which is lower than the BTOP Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of BITC and BTOP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITC	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	0.36	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.63	+0.01

Correlation

The correlation between BITC and BTOP is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITC vs. BTOP - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.38%, more than BTOP's 2.42% yield.

	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.38%	3.36%	42.68%	5.82%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.42%	2.38%	59.44%	5.82%

Drawdowns

BITC vs. BTOP - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BTOP drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for BITC and BTOP.

Drawdown Indicators

	BITC	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-43.37%	+4.86%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-31.35%	+4.84%
Current Drawdown Current decline from peak	-31.54%	-30.53%	-1.01%
Average Drawdown Average peak-to-trough decline	-15.81%	-18.77%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.53%	19.32%	-2.79%

Volatility

BITC vs. BTOP - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 12.07%, while Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) has a volatility of 15.33%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than BTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.07%	15.33%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	19.16%	23.92%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	26.66%	36.45%	-9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.60%	47.17%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.60%	47.17%	+0.43%