BITW vs. AETH

Last updated Jun 23, 2026

BITW (Bitwise 10 Crypto Index ETF) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds from Bitwise. BITW is passively managed, while AETH is actively managed. Over the past year, BITW returned -33.61% vs -6.25% for AETH. A 0.56 correlation means they provide meaningful diversification when combined. BITW charges 0.75%/yr vs 0.90%/yr for AETH.

Performance

BITW vs. AETH - Performance Comparison

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

Returns By Period

In the year-to-date period, BITW achieves a -30.09% return, which is significantly lower than AETH's -9.81% return.

BITW

• 1D: 1.83%
• 1M: -15.18%
• YTD: -30.09%
• 6M: -31.04%
• 1Y: -33.61%
• 3Y*: 53.76%
• 5Y*: 3.43%
• 10Y*: —

AETH

• 1D: -0.15%
• 1M: 0.08%
• YTD: -9.81%
• 6M: -9.82%
• 1Y: -6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITW Bitwise 10 Crypto Index ETF	-30.09%	-2.63%	160.69%	94.18%
AETH Bitwise Ethereum Strategy ETF	-9.81%	-0.11%	31.76%	33.21%

Correlation

The correlation between BITW and AETH is 0.50, 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	0.50
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.56

The correlation between BITW and AETH has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

Return for Risk

BITW vs. AETH — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 4
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

AETH

AETH Risk / Return Rank: 8
AETH Sharpe Ratio Rank: 7
AETH Sortino Ratio Rank: 8
AETH Omega Ratio Rank: 8
AETH Calmar Ratio Rank: 7
AETH Martin Ratio Rank: 8

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.

BITW vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and Bitwise Ethereum Strategy ETF (AETH). 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	AETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.14	-0.53
Sortino ratio: Return per unit of downside risk	-0.80	0.10	-0.90
Omega ratio: Gain probability vs. loss probability	0.91	1.02	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.61	-0.14	-0.46
Martin ratio: Return relative to average drawdown	-1.04	-0.19	-0.84

BITW vs. AETH - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.68, which is lower than the AETH Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of BITW and AETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITW vs. AETH - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than AETH's maximum drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for BITW and AETH.

Drawdown Indicators

	BITW	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-47.78%	-48.68%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-43.98%	-11.53%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.45%	-43.86%	-26.59%
Average Drawdown Average peak-to-trough decline	-69.56%	-25.02%	-44.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	32.19%	+0.19%

Volatility

BITW vs. AETH - Volatility Comparison

Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 13.95% compared to Bitwise Ethereum Strategy ETF (AETH) at 0.32%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITW	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	0.32%	+13.63%
Volatility (6M) Calculated over the trailing 6-month period	37.24%	24.72%	+12.52%
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	43.39%	+6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.58%	54.20%	+11.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.37%	54.20%	+54.17%

BITW vs. AETH - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than AETH's 0.90% expense ratio.

Dividends

BITW vs. AETH - Dividend Comparison

BITW has not paid dividends to shareholders, while AETH's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITW and AETH in my portfolio?

BITW and AETH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or AETH?

BITW has higher volatility (13.95%) compared to AETH (0.32%). In terms of maximum drawdown, BITW dropped -96.46% vs AETH's -47.78%.

Which ETF is better, BITW or AETH?

On 1-year performance, AETH leads with -6.25% vs -33.61% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, AETH has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or AETH?

Over the 1-year period, AETH has performed better with a -6.25% return vs -33.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or AETH?

BITW is cheaper with a 0.75% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, BITW or AETH?

AETH has the higher dividend yield at 2.67%, compared with 0.00% for BITW.

What is the main difference between BITW and AETH?

Their fees differ too: 0.75% for BITW and 0.90% for AETH.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.14 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.