BITQ vs. BITW

Last updated Jun 3, 2026

BITQ (Bitwise Crypto Industry Innovators ETF) is Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return, while BITW (Bitwise 10 Crypto Index Fund) is a stock. Over the past 5 years, BITQ returned 5.67%/yr vs -6.86%/yr for BITW. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

BITQ vs. BITW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) and Bitwise 10 Crypto Index Fund (BITW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITQ achieves a 42.95% return, which is significantly higher than BITW's -26.16% return.

BITQ

• 1D: -1.38%
• 1M: 17.44%
• YTD: 42.95%
• 6M: 29.09%
• 1Y: 70.80%
• 3Y*: 59.75%
• 5Y*: 5.67%
• 10Y*: —

BITW

• 1D: -5.71%
• 1M: -14.37%
• YTD: -26.16%
• 6M: -28.89%
• 1Y: -27.75%
• 3Y*: 60.37%
• 5Y*: -6.86%
• 10Y*: —

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

BITQ vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	42.95%	18.00%	46.97%	246.83%	-83.86%	-7.06%
BITW Bitwise 10 Crypto Index Fund	-26.16%	-2.63%	160.69%	331.10%	-85.92%	-41.45%

Correlation

The correlation between BITQ and BITW is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.65

The correlation between BITQ and BITW has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

BITQ vs. BITW — Risk / Return Rank

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

BITQ

BITQ Risk / Return Rank: 33
BITQ Sharpe Ratio Rank: 35
BITQ Sortino Ratio Rank: 36
BITQ Omega Ratio Rank: 33
BITQ Calmar Ratio Rank: 34
BITQ Martin Ratio Rank: 26

BITW

BITW Risk / Return Rank: 19
BITW Sharpe Ratio Rank: 16
BITW Sortino Ratio Rank: 18
BITW Omega Ratio Rank: 18
BITW Calmar Ratio Rank: 21
BITW Martin Ratio Rank: 22

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.

BITQ vs. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) and Bitwise 10 Crypto Index Fund (BITW). 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.

	BITQ	BITW	Difference
Sharpe ratio Return per unit of total volatility	1.27	-0.57	+1.84
Sortino ratio Return per unit of downside risk	1.86	-0.58	+2.44
Omega ratio Gain probability vs. loss probability	1.22	0.93	+0.29
Calmar ratio Return relative to maximum drawdown	1.72	-0.54	+2.25
Martin ratio Return relative to average drawdown	3.62	-0.93	+4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITQ vs. BITW - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 1.27, which is higher than the BITW Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of BITQ and BITW, 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

	BITQ	BITW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	-0.57	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	-0.10	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.24	-0.16

Drawdowns

BITQ vs. BITW - Drawdown Comparison

The maximum BITQ drawdown since its inception was -90.32%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BITQ and BITW.

Drawdown Indicators

	BITQ	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-90.32%	-96.46%	+6.14%
Max Drawdown (1Y) Largest decline over 1 year	-44.99%	-52.10%	+7.11%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	-52.10%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-90.32%	-92.13%	+1.81%
Current Drawdown Current decline from peak	-12.12%	-68.79%	+56.67%
Average Drawdown Average peak-to-trough decline	-52.83%	-69.59%	+16.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.31%	30.08%	-8.77%

Volatility

BITQ vs. BITW - Volatility Comparison

Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 14.70% compared to Bitwise 10 Crypto Index Fund (BITW) at 9.57%. This indicates that BITQ's price experiences larger fluctuations and is considered to be riskier than BITW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITQ	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	9.57%	+5.13%
Volatility (6M) Calculated over the trailing 6-month period	42.75%	38.32%	+4.43%
Volatility (1Y) Calculated over the trailing 1-year period	56.10%	48.99%	+7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.17%	66.29%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.25%	108.78%	-41.53%

Dividends

BITQ vs. BITW - Dividend Comparison

Neither BITQ nor BITW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
BITW Bitwise 10 Crypto Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITQ and BITW in my portfolio?

BITQ and BITW have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITQ or BITW?

BITQ has higher volatility (14.70%) compared to BITW (9.57%). In terms of maximum drawdown, BITQ dropped -90.32% vs BITW's -96.46%.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (1.27 vs -0.57), 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.