BITC vs. IBTI
BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and IBTI (iShares iBonds Dec 2028 Term Treasury ETF) are both exchange-traded funds - BITC is a Cryptocurrency fund actively managed by Bitwise, while IBTI is a Government Bonds fund tracking the ICE 2028 Maturity US Treasury Index. BITC is actively managed, while IBTI is passively managed. Over the past 3 years, BITC returned 30.36%/yr vs 4.13%/yr for IBTI. Their 0.03 correlation means their historical movements had little consistent relationship. BITC charges 0.88%/yr vs 0.07%/yr for IBTI.
Performance
BITC vs. IBTI - Performance Comparison
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Returns By Period
In the year-to-date period, BITC achieves a -1.73% return, which is significantly lower than IBTI's 0.82% return.
BITC
- 1D
- -0.01%
- 1M
- -1.28%
- 6M
- -0.93%
- YTD
- -1.73%
- 1Y
- -24.61%
- 3Y*
- 30.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 26.46%
IBTI
- 1D
- 0.16%
- 1M
- 0.22%
- 6M
- 0.72%
- YTD
- 0.82%
- 1Y
- 2.67%
- 3Y*
- 4.13%
- 5Y*
- -0.06%
- 10Y*
- —
- ALL TIME*
- 0.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.56K | $67.09K | $86.92K | |
| $9.92M | $10.63M | $9.25M |
BITC vs. IBTI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | -1.73% | -20.46% | 97.86% | 42.71% |
IBTI iShares iBonds Dec 2028 Term Treasury ETF | 0.82% | 6.15% | 2.52% | 1.79% |
Correlation
The correlation between BITC and IBTI is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023 | 0.03 |
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Return for Risk
BITC vs. IBTI — Risk / Return Rank
BITC
IBTI
BITC vs. IBTI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and iShares iBonds Dec 2028 Term Treasury ETF (IBTI). 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 | IBTI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.74 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.33 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.44 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.18 | 7.70 | -8.88 |
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Drawdowns
BITC vs. IBTI - Drawdown Comparison
The maximum BITC drawdown since its inception was -38.51%, which is greater than IBTI's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for BITC and IBTI.
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Drawdown Indicators
| BITC | IBTI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.51% | -18.45% | -20.06% |
Max Drawdown (1Y)Largest decline over 1 year | -27.89% | -1.10% | -26.79% |
Max Drawdown (3Y)Largest decline over 3 years | -38.51% | -2.81% | -35.70% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.72% | — |
Current DrawdownCurrent decline from peak | -32.46% | -3.42% | -29.04% |
Average DrawdownAverage peak-to-trough decline | -17.02% | -8.13% | -8.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.86% | 0.35% | +20.51% |
Volatility
BITC vs. IBTI - Volatility Comparison
Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) has a higher volatility of 8.07% compared to iShares iBonds Dec 2028 Term Treasury ETF (IBTI) at 0.39%. This indicates that BITC's price experiences larger fluctuations and is considered to be riskier than IBTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITC | IBTI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 0.39% | +7.68% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 1.15% | +17.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.11% | 1.52% | +23.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.76% | 4.97% | +40.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.76% | 5.11% | +40.65% |
BITC vs. IBTI - Expense Ratio Comparison
BITC has a 0.88% expense ratio, which is higher than IBTI's 0.07% expense ratio.
Dividends
BITC vs. IBTI - Dividend Comparison
BITC's dividend yield for the trailing twelve months is around 3.42%, less than IBTI's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.42% | 3.36% | 42.68% | 5.82% | 0.00% | 0.00% | 0.00% |
IBTI iShares iBonds Dec 2028 Term Treasury ETF | 3.77% | 3.87% | 3.92% | 3.27% | 1.70% | 0.90% | 0.56% |
Frequently Asked Questions
BITC and IBTI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITC has higher volatility (8.07%) compared to IBTI (0.39%). In terms of maximum drawdown, BITC dropped -38.51% vs IBTI's -18.45%.
On 3-year performance, BITC leads with 30.36% vs 4.13% for IBTI. On fees, IBTI is cheaper at 0.07% per year. On volatility, IBTI has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITC has performed better with a 30.36% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTI is cheaper with a 0.07% expense ratio, compared with 0.88% for BITC.
IBTI has the higher dividend yield at 3.77%, compared with 3.42% for BITC.
BITC is categorized as Cryptocurrency, while IBTI is Government Bonds. They also come from different issuers: Bitwise and iShares. Their fees differ too: 0.88% for BITC and 0.07% for IBTI.
IBTI currently has the higher Sharpe Ratio (1.76 vs -0.98), 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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