BITW vs. GBTC
BITW (Bitwise 10 Crypto Index ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds - BITW tracks the Bitwise 10 Large Cap Crypto Index while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, BITW returned 1.71%/yr vs 10.89%/yr for GBTC. A 0.72 correlation means they provide meaningful diversification when combined. BITW charges 0.75%/yr vs 1.50%/yr for GBTC.
Performance
BITW vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -35.16% return, which is significantly lower than GBTC's -32.11% return.
BITW
- 1D
- -4.15%
- 1M
- -21.33%
- YTD
- -35.16%
- 6M
- -35.19%
- 1Y
- -40.47%
- 3Y*
- 49.95%
- 5Y*
- 1.71%
- 10Y*
- —
GBTC
- 1D
- -4.01%
- 1M
- -21.14%
- YTD
- -32.11%
- 6M
- -31.95%
- 1Y
- -44.25%
- 3Y*
- 34.23%
- 5Y*
- 10.89%
- 10Y*
- 44.29%
BITW vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -35.16% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
GBTC Grayscale Bitcoin Trust ETF | -32.11% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 162.30% |
Correlation
The correlation between BITW and GBTC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.72 |
Over the past year, BITW and GBTC have become more correlated (0.97) than their long-term average of 0.72, meaning their price movements have been converging.
Fundamentals
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Return for Risk
BITW vs. GBTC — Risk / Return Rank
BITW
GBTC
BITW vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.84 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.84 | +0.11 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.43 | +0.19 |
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Drawdowns
BITW vs. GBTC - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BITW and GBTC.
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Drawdown Indicators
| BITW | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -89.91% | -6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -55.84% | -52.85% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -55.84% | -52.85% | -2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | -85.42% | -6.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -72.59% | -52.85% | -19.74% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -43.45% | -26.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.75% | 30.97% | +1.78% |
Volatility
BITW vs. GBTC - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 14.37% compared to Grayscale Bitcoin Trust ETF (GBTC) at 13.34%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITW | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.37% | 13.34% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 37.20% | 34.51% | +2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 44.38% | +5.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.58% | 62.09% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.32% | 81.45% | +26.87% |
BITW vs. GBTC - Expense Ratio Comparison
BITW has a 0.75% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BITW vs. GBTC - Dividend Comparison
Neither BITW nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
With a correlation of 0.97, BITW and GBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BITW has higher volatility (14.37%) compared to GBTC (13.34%). In terms of maximum drawdown, BITW dropped -96.46% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 10.89% vs 1.71% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, GBTC has been the lower-risk option at 13.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 10.89% return vs 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITW is cheaper with a 0.75% expense ratio, compared with 1.50% for GBTC.
BITW and GBTC have nearly identical dividend yields, around 0.00%.
BITW tracks Bitwise 10 Large Cap Crypto Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.75% for BITW and 1.50% for GBTC.
BITW currently has the higher Sharpe Ratio (-0.81 vs -1.00), 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.
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