BITW vs. BTC-USD

Last updated Jun 4, 2026

BITW (Bitwise 10 Crypto Index Fund) is a stock, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, BITW returned -7.67%/yr vs 11.41%/yr for BTC-USD. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

BITW vs. BTC-USD - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BITW having a -28.62% return and BTC-USD slightly higher at -27.71%.

BITW

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

BTC-USD

• 1D: -5.18%
• 1M: -20.79%
• YTD: -27.71%
• 6M: -32.32%
• 1Y: -40.02%
• 3Y*: 32.61%
• 5Y*: 11.41%
• 10Y*: 60.00%

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

BITW vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BITW Bitwise 10 Crypto Index Fund	-28.62%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%
BTC-USD Bitcoin	-27.71%	-6.27%	120.76%	155.82%	-64.23%	59.40%	151.88%

Correlation

The correlation between BITW and BTC-USD is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.54

The correlation between BITW and BTC-USD shifts across timeframes, from 0.54 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BITW vs. BTC-USD — 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

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 12
BTC-USD Sortino Ratio Rank: 32
BTC-USD Omega Ratio Rank: 31
BTC-USD Calmar Ratio Rank: 71
BTC-USD Martin Ratio Rank: 50

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.93	+0.28
Sortino ratio Return per unit of downside risk	-0.75	-1.31	+0.56
Omega ratio Gain probability vs. loss probability	0.91	0.87	+0.05
Calmar ratio Return relative to maximum drawdown	-0.62	-0.81	+0.19
Martin ratio Return relative to average drawdown	-1.06	-1.42	+0.36
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. BTC-USD - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.66, which is comparable to the BTC-USD Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of BITW and BTC-USD, 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	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.93	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.21	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.13	-0.90

Drawdowns

BITW vs. BTC-USD - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITW and BTC-USD.

Drawdown Indicators

	BITW	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-85.30%	-11.16%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-49.65%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-52.10%	-49.65%	-2.45%
Max Drawdown (5Y) Largest decline over 5 years	-92.13%	-76.67%	-15.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-69.83%	-49.29%	-20.54%
Average Drawdown Average peak-to-trough decline	-69.59%	-42.27%	-27.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.25%	33.73%	-3.48%

Volatility

BITW vs. BTC-USD - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index Fund (BITW) is 9.49%, while Bitcoin (BTC-USD) has a volatility of 10.81%. This indicates that BITW experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITW	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.49%	10.81%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	37.71%	34.33%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	49.10%	35.60%	+13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.30%	45.05%	+21.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.75%	56.69%	+52.06%

Frequently Asked Questions

Can I hold both BITW and BTC-USD in my portfolio?

BITW and BTC-USD have a correlation of 0.69, 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 BTC-USD?

BTC-USD has higher volatility (10.81%) compared to BITW (9.49%). In terms of maximum drawdown, BITW dropped -96.46% vs BTC-USD's -85.30%.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.66 vs -0.93), 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.