BITQ vs. BITW
BITQ (Bitwise Crypto Industry Innovators ETF) and BITW (Bitwise 10 Crypto Index ETF) are both exchange-traded funds - BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index, while BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Over the past 5 years, BITQ returned 1.06%/yr vs -0.56%/yr for BITW. Their 0.65 correlation means they have sometimes moved together and sometimes differently. BITQ charges 0.85%/yr vs 0.75%/yr for BITW.
Performance
BITQ vs. BITW - Performance Comparison
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Returns By Period
In the year-to-date period, BITQ achieves a 14.35% return, which is significantly higher than BITW's -31.06% return.
BITQ
- 1D
- -3.47%
- 1M
- -4.20%
- 6M
- 7.60%
- YTD
- 14.35%
- 1Y
- 20.58%
- 3Y*
- 33.54%
- 5Y*
- 1.06%
- 10Y*
- —
- ALL TIME*
- -0.45%
BITW
- 1D
- -2.78%
- 1M
- 2.56%
- 6M
- -27.22%
- YTD
- -31.06%
- 1Y
- -42.99%
- 3Y*
- 48.26%
- 5Y*
- -0.56%
- 10Y*
- —
- ALL TIME*
- 23.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.41M | $2.10M | $3.18M | |
| $1.41M | $1.46M | $2.56M |
BITQ vs. BITW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 14.35% | 18.00% | 46.97% | 246.83% | -83.86% | -11.98% |
BITW Bitwise 10 Crypto Index ETF | -31.06% | -2.63% | 160.69% | 331.10% | -85.92% | -45.50% |
Correlation
The correlation between BITQ and BITW is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 12, 2021 | 0.65 |
The correlation between BITQ and BITW has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.
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Return for Risk
BITQ vs. BITW — Risk / Return Rank
BITQ
BITW
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 ETF (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.
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.
| BITQ | BITW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.85 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | -0.80 | +1.07 |
| Martin ratioReturn relative to average drawdown | 0.53 | -1.23 | +1.75 |
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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.
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Drawdown Indicators
| BITQ | BITW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.32% | -96.46% | +6.14% |
Max Drawdown (1Y)Largest decline over 1 year | -44.99% | -56.45% | +11.46% |
Max Drawdown (3Y)Largest decline over 3 years | -51.22% | -56.45% | +5.23% |
Max Drawdown (5Y)Largest decline over 5 years | -90.32% | -91.93% | +1.61% |
Current DrawdownCurrent decline from peak | -29.70% | -70.86% | +41.16% |
Average DrawdownAverage peak-to-trough decline | -51.99% | -69.58% | +17.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.41% | 36.89% | -14.48% |
Volatility
BITQ vs. BITW - Volatility Comparison
Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 19.68% compared to Bitwise 10 Crypto Index ETF (BITW) at 9.68%. 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.
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Volatility by Period
| BITQ | BITW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.68% | 9.68% | +10.00% |
Volatility (6M)Calculated over the trailing 6-month period | 44.50% | 36.12% | +8.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.30% | 49.79% | +9.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.22% | 63.94% | +3.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.16% | 107.44% | -40.28% |
BITQ vs. BITW - Expense Ratio Comparison
BITQ has a 0.85% expense ratio, which is higher than BITW's 0.75% expense ratio.
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 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITQ and BITW have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (19.68%) compared to BITW (9.68%). In terms of maximum drawdown, BITQ dropped -90.32% vs BITW's -96.46%.
On 5-year performance, BITQ leads with 1.06% vs -0.56% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 9.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BITQ has performed better with a 1.06% return vs -0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITW is cheaper with a 0.75% expense ratio, compared with 0.85% for BITQ.
BITQ and BITW have nearly identical dividend yields, around 0.00%.
BITQ is categorized as Blockchain, while BITW is Cryptocurrency. BITQ tracks Bitwise Crypto Innovators 30 Index, while BITW tracks Bitwise 10 Large Cap Crypto Index. Their fees differ too: 0.85% for BITQ and 0.75% for BITW.
BITQ currently has the higher Sharpe Ratio (0.20 vs -0.91), 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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