BITQ vs. BTC-USD

Last updated Jun 3, 2026

BITQ (Bitwise Crypto Industry Innovators ETF) is Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, BITQ returned 5.67%/yr vs 12.77%/yr for BTC-USD. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

BITQ vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) and Bitcoin (BTC-USD). 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 BTC-USD's -23.17% return.

BITQ

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

BTC-USD

• 1D: 0.85%
• 1M: -14.42%
• YTD: -23.17%
• 6M: -26.37%
• 1Y: -36.52%
• 3Y*: 35.33%
• 5Y*: 12.77%
• 10Y*: 60.98%

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

BITQ vs. BTC-USD - 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%
BTC-USD Bitcoin	-23.17%	-6.27%	120.76%	155.82%	-64.23%	-6.64%

Correlation

The correlation between BITQ and BTC-USD is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.56

The correlation between BITQ and BTC-USD has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

Return for Risk

BITQ vs. BTC-USD — 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

BTC-USD

BTC-USD Risk / Return Rank: 34
BTC-USD Sharpe Ratio Rank: 26
BTC-USD Sortino Ratio Rank: 36
BTC-USD Omega Ratio Rank: 35
BTC-USD Calmar Ratio Rank: 56
BTC-USD Martin Ratio Rank: 17

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	1.27	-0.85	+2.12
Sortino ratio Return per unit of downside risk	1.86	-1.14	+3.00
Omega ratio Gain probability vs. loss probability	1.22	0.88	+0.34
Calmar ratio Return relative to maximum drawdown	1.72	-1.07	+2.78
Martin ratio Return relative to average drawdown	3.62	-1.57	+5.20
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. BTC-USD - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 1.27, which is higher than the BTC-USD Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of BITQ and BTC-USD, 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	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	-0.85	+2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.24	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.14	-1.07

Drawdowns

BITQ vs. BTC-USD - Drawdown Comparison

The maximum BITQ drawdown since its inception was -90.32%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITQ and BTC-USD.

Drawdown Indicators

	BITQ	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-90.32%	-85.30%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-44.99%	-49.65%	+4.66%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	-49.65%	-1.57%
Max Drawdown (5Y) Largest decline over 5 years	-90.32%	-76.67%	-13.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-12.12%	-46.10%	+33.98%
Average Drawdown Average peak-to-trough decline	-52.83%	-42.27%	-10.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.31%	33.71%	-12.40%

Volatility

BITQ vs. BTC-USD - Volatility Comparison

Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 14.70% compared to Bitcoin (BTC-USD) at 9.90%. This indicates that BITQ's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITQ	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	9.90%	+4.80%
Volatility (6M) Calculated over the trailing 6-month period	42.75%	33.98%	+8.77%
Volatility (1Y) Calculated over the trailing 1-year period	56.10%	35.37%	+20.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.17%	45.01%	+22.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.25%	56.68%	+10.57%

Frequently Asked Questions

Can I hold both BITQ and BTC-USD in my portfolio?

BITQ and BTC-USD have a correlation of 0.52, 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 BTC-USD?

BITQ has higher volatility (14.70%) compared to BTC-USD (9.90%). In terms of maximum drawdown, BITQ dropped -90.32% vs BTC-USD's -85.30%.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (1.27 vs -0.85), 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.