BITW vs. ^NDX
BITW (Bitwise 10 Crypto Index ETF) is Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while ^NDX (NASDAQ 100 Index) is an index. Over the past 5 years, BITW returned 3.43%/yr vs 16.28%/yr for ^NDX. At a 0.37 correlation, their price movements are largely independent.
Performance
BITW vs. ^NDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BITW achieves a -30.09% return, which is significantly lower than ^NDX's 20.19% return.
BITW
- 1D
- 1.83%
- 1M
- -15.18%
- YTD
- -30.09%
- 6M
- -31.04%
- 1Y
- -33.61%
- 3Y*
- 53.76%
- 5Y*
- 3.43%
- 10Y*
- —
^NDX
- 1D
- -0.19%
- 1M
- 2.94%
- YTD
- 20.19%
- 6M
- 19.19%
- 1Y
- 40.32%
- 3Y*
- 26.78%
- 5Y*
- 16.28%
- 10Y*
- 21.62%
BITW vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -30.09% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
^NDX NASDAQ 100 Index | 20.19% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 7.53% |
Correlation
The correlation between BITW and ^NDX 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 | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.37 |
The correlation between BITW and ^NDX shifts across timeframes, from 0.37 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BITW vs. ^NDX — Risk / Return Rank
BITW
^NDX
BITW vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and NASDAQ 100 Index (^NDX). 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.
| BITW | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.40 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 3.34 | -3.95 |
| Martin ratioReturn relative to average drawdown | -1.04 | 12.38 | -13.42 |
Loading charts...
Drawdowns
BITW vs. ^NDX - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than ^NDX's maximum drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for BITW and ^NDX.
Loading charts...
Drawdown Indicators
| BITW | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -82.90% | -13.56% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -12.12% | -43.39% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | -22.93% | -32.58% |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | -35.56% | -56.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.56% | — |
Current DrawdownCurrent decline from peak | -70.45% | -1.02% | -69.43% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -24.60% | -44.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.38% | 3.26% | +29.12% |
Volatility
BITW vs. ^NDX - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 13.95% compared to NASDAQ 100 Index (^NDX) at 8.37%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BITW | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.95% | 8.37% | +5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 37.24% | 14.20% | +23.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.88% | 17.74% | +32.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.58% | 22.84% | +42.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.37% | 22.66% | +85.71% |
Frequently Asked Questions
BITW and ^NDX 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.
BITW has higher volatility (13.95%) compared to ^NDX (8.37%). In terms of maximum drawdown, BITW dropped -96.46% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (2.29 vs -0.68), 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.
Find the right allocation for BITW and ^NDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer