BITS vs. BTOP

Last updated Jun 4, 2026

BITS (Global X Blockchain & Bitcoin Strategy ETF) and BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) are both Cryptocurrency funds. BITS is passively managed, while BTOP is actively managed. Over the past year, BITS returned 19.33% vs -10.58% for BTOP. A 0.68 correlation means they provide meaningful diversification when combined. BITS charges 0.65%/yr vs 0.90%/yr for BTOP.

Performance

BITS vs. BTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain & Bitcoin Strategy ETF (BITS) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITS achieves a 4.17% return, which is significantly higher than BTOP's -0.19% return.

BITS

• 1D: -2.94%
• 1M: -1.76%
• YTD: 4.17%
• 6M: -6.53%
• 1Y: 19.33%
• 3Y*: 49.59%
• 5Y*: —
• 10Y*: —

BTOP

• 1D: 0.00%
• 1M: -7.13%
• YTD: -0.19%
• 6M: -7.39%
• 1Y: -10.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITS vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITS Global X Blockchain & Bitcoin Strategy ETF	4.17%	14.90%	61.84%	74.70%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-0.19%	-15.87%	62.27%	41.71%

Correlation

The correlation between BITS and BTOP is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.68

Over the past year, the correlation between BITS and BTOP has dropped to 0.48 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

BITS vs. BTOP — Risk / Return Rank

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

BITS

BITS Risk / Return Rank: 15
BITS Sharpe Ratio Rank: 14
BITS Sortino Ratio Rank: 17
BITS Omega Ratio Rank: 16
BITS Calmar Ratio Rank: 14
BITS Martin Ratio Rank: 12

BTOP

BTOP Risk / Return Rank: 5
BTOP Sharpe Ratio Rank: 5
BTOP Sortino Ratio Rank: 5
BTOP Omega Ratio Rank: 5
BTOP Calmar Ratio Rank: 5
BTOP Martin Ratio Rank: 6

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.

BITS vs. BTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain & Bitcoin Strategy ETF (BITS) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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.

	BITS	BTOP	Difference
Sharpe ratio Return per unit of total volatility	0.37	-0.42	+0.79
Sortino ratio Return per unit of downside risk	0.86	-0.41	+1.27
Omega ratio Gain probability vs. loss probability	1.10	0.94	+0.16
Calmar ratio Return relative to maximum drawdown	0.40	-0.44	+0.84
Martin ratio Return relative to average drawdown	0.75	-0.63	+1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITS vs. BTOP - Sharpe Ratio Comparison

The current BITS Sharpe Ratio is 0.37, which is higher than the BTOP Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of BITS and BTOP, 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

	BITS	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	-0.42	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.61	-0.59

Drawdowns

BITS vs. BTOP - Drawdown Comparison

The maximum BITS drawdown since its inception was -83.11%, which is greater than BTOP's maximum drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for BITS and BTOP.

Drawdown Indicators

	BITS	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-83.11%	-43.37%	-39.74%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-31.35%	-17.03%
Max Drawdown (3Y) Largest decline over 3 years	-48.38%	—	—
Current Drawdown Current decline from peak	-31.42%	-29.59%	-1.83%
Average Drawdown Average peak-to-trough decline	-42.76%	-19.28%	-23.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.68%	21.91%	+3.77%

Volatility

BITS vs. BTOP - Volatility Comparison

Global X Blockchain & Bitcoin Strategy ETF (BITS) has a higher volatility of 12.83% compared to Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) at 7.72%. This indicates that BITS's price experiences larger fluctuations and is considered to be riskier than BTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITS	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	7.72%	+5.11%
Volatility (6M) Calculated over the trailing 6-month period	40.38%	23.63%	+16.75%
Volatility (1Y) Calculated over the trailing 1-year period	52.55%	32.72%	+19.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.91%	46.22%	+14.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.91%	46.22%	+14.69%

BITS vs. BTOP - Expense Ratio Comparison

BITS has a 0.65% expense ratio, which is lower than BTOP's 0.90% expense ratio.

Dividends

BITS vs. BTOP - Dividend Comparison

BITS's dividend yield for the trailing twelve months is around 21.88%, more than BTOP's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	21.88%	22.80%	29.49%	13.69%	0.48%	1.90%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITS and BTOP in my portfolio?

BITS and BTOP have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITS or BTOP?

BITS has higher volatility (12.83%) compared to BTOP (7.72%). In terms of maximum drawdown, BITS dropped -83.11% vs BTOP's -43.37%.

Which ETF is better, BITS or BTOP?

On 1-year performance, BITS leads with 19.33% vs -10.58% for BTOP. On fees, BITS is cheaper at 0.65% per year. On volatility, BTOP has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITS or BTOP?

Over the 1-year period, BITS has performed better with a 19.33% return vs -10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITS or BTOP?

BITS is cheaper with a 0.65% expense ratio, compared with 0.90% for BTOP.

Which ETF pays a higher dividend yield, BITS or BTOP?

BITS has the higher dividend yield at 21.88%, compared with 2.39% for BTOP.

What is the main difference between BITS and BTOP?

They also come from different issuers: Global X and Bitwise. Their fees differ too: 0.65% for BITS and 0.90% for BTOP.

Which has better risk-adjusted returns?

BITS currently has the higher Sharpe Ratio (0.37 vs -0.42), 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.