BITC vs. HCMDX

Last updated Jun 4, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and HCMDX (HCM Tactical Growth Fund) are both funds - BITC is a Cryptocurrency fund actively managed by Bitwise, while HCMDX is a Large Cap Growth Equities fund managed by Howard Capital Management. Over the past 3 years, BITC returned 36.02%/yr vs 29.92%/yr for HCMDX. At a 0.25 correlation, their price movements are largely independent. BITC charges 0.88%/yr vs 2.84%/yr for HCMDX.

Performance

BITC vs. HCMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and HCM Tactical Growth Fund (HCMDX). 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 lower than HCMDX's 13.58% return.

BITC

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

HCMDX

• 1D: 0.77%
• 1M: 13.21%
• YTD: 13.58%
• 6M: 11.29%
• 1Y: 41.18%
• 3Y*: 29.92%
• 5Y*: 15.18%
• 10Y*: 19.05%

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

BITC vs. HCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	97.86%	42.29%
HCMDX HCM Tactical Growth Fund	13.58%	16.55%	49.90%	28.16%

Correlation

The correlation between BITC and HCMDX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.25

Return for Risk

BITC vs. HCMDX — 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

HCMDX

HCMDX Risk / Return Rank: 37
HCMDX Sharpe Ratio Rank: 42
HCMDX Sortino Ratio Rank: 34
HCMDX Omega Ratio Rank: 36
HCMDX Calmar Ratio Rank: 44
HCMDX Martin Ratio Rank: 29

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. HCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and HCM Tactical Growth Fund (HCMDX). 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	HCMDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.91	-2.50
Sortino ratio: Return per unit of downside risk	-0.71	2.41	-3.12
Omega ratio: Gain probability vs. loss probability	0.90	1.32	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.57	2.53	-3.10
Martin ratio: Return relative to average drawdown	-0.82	6.87	-7.69
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. HCMDX - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.59, which is lower than the HCMDX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of BITC and HCMDX, 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	HCMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	1.91	-2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.67	+0.01

Drawdowns

BITC vs. HCMDX - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum HCMDX drawdown of -40.89%. Use the drawdown chart below to compare losses from any high point for BITC and HCMDX.

Drawdown Indicators

	BITC	HCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-40.89%	+2.38%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-17.00%	-9.51%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	-25.96%	-12.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.89%	—
Current Drawdown Current decline from peak	-26.48%	0.00%	-26.48%
Average Drawdown Average peak-to-trough decline	-16.37%	-11.42%	-4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	6.24%	+12.13%

Volatility

BITC vs. HCMDX - Volatility Comparison

Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) has a higher volatility of 6.39% compared to HCM Tactical Growth Fund (HCMDX) at 5.83%. This indicates that BITC's price experiences larger fluctuations and is considered to be riskier than HCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	HCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	5.83%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	15.67%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	25.54%	22.51%	+3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.65%	24.08%	+22.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.65%	24.11%	+22.54%

BITC vs. HCMDX - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is lower than HCMDX's 2.84% expense ratio.

Dividends

BITC vs. HCMDX - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.14%, more than HCMDX's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HCMDX HCM Tactical Growth Fund	2.62%	2.98%	23.23%	0.00%	0.72%	0.99%	3.24%	0.00%	5.05%	0.00%	0.00%	1.47%

Frequently Asked Questions

Can I hold both BITC and HCMDX in my portfolio?

BITC and HCMDX have a correlation of 0.25, 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 HCMDX?

BITC has higher volatility (6.39%) compared to HCMDX (5.83%). In terms of maximum drawdown, BITC dropped -38.51% vs HCMDX's -40.89%.

Which has better risk-adjusted returns?

HCMDX currently has the higher Sharpe Ratio (1.91 vs -0.59), 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.