BITW vs. BITQ

Last updated Jun 4, 2026

BITW (Bitwise 10 Crypto Index Fund) is a stock, while BITQ (Bitwise Crypto Industry Innovators ETF) is Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return. Over the past 5 years, BITW returned -7.67%/yr vs 5.19%/yr for BITQ. A 0.65 correlation means they provide meaningful diversification when combined.

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.

Returns By Period

In the year-to-date period, BITW achieves a -28.62% return, which is significantly lower than BITQ's 39.79% return.

BITW

• 1D: -3.34%
• 1M: -18.81%
• YTD: -28.62%
• 6M: -33.87%
• 1Y: -32.03%
• 3Y*: 58.56%
• 5Y*: -7.67%
• 10Y*: —

BITQ

• 1D: -2.21%
• 1M: 11.04%
• YTD: 39.79%
• 6M: 21.39%
• 1Y: 60.30%
• 3Y*: 58.56%
• 5Y*: 5.19%
• 10Y*: —

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

BITW vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITW Bitwise 10 Crypto Index Fund	-28.62%	-2.63%	160.69%	331.10%	-85.92%	-41.45%
BITQ Bitwise Crypto Industry Innovators ETF	39.79%	18.00%	46.97%	246.83%	-83.86%	-7.06%

Correlation

The correlation between BITW and BITQ is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.65

The correlation between BITW and BITQ has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

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: 16
BITW Sharpe Ratio Rank: 13
BITW Sortino Ratio Rank: 15
BITW Omega Ratio Rank: 16
BITW Calmar Ratio Rank: 18
BITW Martin Ratio Rank: 18

BITQ

BITQ Risk / Return Rank: 28
BITQ Sharpe Ratio Rank: 29
BITQ Sortino Ratio Rank: 31
BITQ Omega Ratio Rank: 29
BITQ Calmar Ratio Rank: 27
BITQ Martin Ratio Rank: 22

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	-0.66	1.08	-1.74
Sortino ratio Return per unit of downside risk	-0.75	1.68	-2.44
Omega ratio Gain probability vs. loss probability	0.91	1.20	-0.28
Calmar ratio Return relative to maximum drawdown	-0.62	1.35	-1.96
Martin ratio Return relative to average drawdown	-1.06	2.84	-3.90
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 -0.66, which is lower than the BITQ Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of BITW and BITQ, 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

	BITW	BITQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	1.08	-1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.08	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.07	+0.16

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 (3Y) Largest decline over 3 years	-52.10%	-51.22%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-92.13%	-90.32%	-1.81%
Current Drawdown Current decline from peak	-69.83%	-14.06%	-55.77%
Average Drawdown Average peak-to-trough decline	-69.59%	-52.80%	-16.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.25%	21.32%	+8.93%

Volatility

BITW vs. BITQ - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index Fund (BITW) is 9.49%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 14.73%. 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	9.49%	14.73%	-5.24%
Volatility (6M) Calculated over the trailing 6-month period	37.71%	42.74%	-5.03%
Volatility (1Y) Calculated over the trailing 1-year period	49.10%	56.05%	-6.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.30%	67.17%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.75%	67.23%	+41.52%

Dividends

BITW vs. BITQ - Dividend Comparison

Neither BITW nor BITQ has paid dividends to shareholders.

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

Frequently Asked Questions

Can I hold both BITW and BITQ in my portfolio?

BITW and BITQ have a correlation of 0.68, 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 BITQ?

BITQ has higher volatility (14.73%) compared to BITW (9.49%). In terms of maximum drawdown, BITW dropped -96.46% vs BITQ's -90.32%.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (1.08 vs -0.66), 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.