BITW vs. BITQ

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise 10 Crypto Index Fund (BITW) and Bitwise Crypto Industry Innovators ETF (BITQ).

BITQ is a passively managed fund by Exchange Traded Concepts that tracks the performance of the Bitwise Crypto Innovators 30 Total Return. It was launched on May 11, 2021.

Performance

BITW vs. BITQ - Performance Comparison

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

BITW vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITW Bitwise 10 Crypto Index Fund	-23.55%	-2.63%	160.69%	331.10%	-85.92%	-41.45%
BITQ Bitwise Crypto Industry Innovators ETF	-5.92%	18.00%	46.97%	246.83%	-83.86%	-7.06%

Returns By Period

In the year-to-date period, BITW achieves a -23.55% return, which is significantly lower than BITQ's -5.92% return.

BITW

• 1D: 0.70%
• 1M: -0.88%
• YTD: -23.55%
• 6M: -44.70%
• 1Y: -10.75%
• 3Y*: 60.08%
• 5Y*: -11.49%
• 10Y*: —

BITQ

• 1D: -0.58%
• 1M: -8.31%
• YTD: -5.92%
• 6M: -26.36%
• 1Y: 47.29%
• 3Y*: 48.40%
• 5Y*: —
• 10Y*: —

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

Return for Risk

BITW vs. BITQ — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 32
BITW Sharpe Ratio Rank: 31
BITW Sortino Ratio Rank: 30
BITW Omega Ratio Rank: 30
BITW Calmar Ratio Rank: 35
BITW Martin Ratio Rank: 34

BITQ

BITQ Risk / Return Rank: 42
BITQ Sharpe Ratio Rank: 41
BITQ Sortino Ratio Rank: 53
BITQ Omega Ratio Rank: 40
BITQ Calmar Ratio Rank: 45
BITQ Martin Ratio Rank: 31

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. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

	BITW	BITQ	Difference
Sharpe ratio Return per unit of total volatility	-0.21	0.81	-1.02
Sortino ratio Return per unit of downside risk	0.05	1.45	-1.39
Omega ratio Gain probability vs. loss probability	1.01	1.17	-0.16
Calmar ratio Return relative to maximum drawdown	-0.19	1.21	-1.40
Martin ratio Return relative to average drawdown	-0.41	2.74	-3.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITW vs. BITQ - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.21, which is lower than the BITQ Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of BITW and BITQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITW	BITQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	0.81	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.05	+0.30

Correlation

The correlation between BITW and BITQ is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BITW vs. BITQ - Dividend Comparison

Neither BITW nor BITQ has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
BITW Bitwise 10 Crypto Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%

Drawdowns

BITW vs. BITQ - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than BITQ's maximum drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for BITW and BITQ.

Drawdown Indicators

	BITW	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-90.32%	-6.14%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-44.99%	-7.11%
Max Drawdown (5Y) Largest decline over 5 years	-94.79%	—	—
Current Drawdown Current decline from peak	-67.69%	-42.16%	-25.53%
Average Drawdown Average peak-to-trough decline	-69.75%	-53.86%	-15.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.52%	19.87%	+4.65%

Volatility

BITW vs. BITQ - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index Fund (BITW) is 13.82%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 17.63%. This indicates that BITW experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITW	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.82%	17.63%	-3.81%
Volatility (6M) Calculated over the trailing 6-month period	41.71%	45.99%	-4.28%
Volatility (1Y) Calculated over the trailing 1-year period	51.74%	58.97%	-7.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.66%	67.77%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.28%	67.77%	+42.51%