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 0.57%/yr vs 8.32%/yr for GBTC. Their 0.73 correlation means they have sometimes moved together and sometimes differently. 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 -30.21% return, which is significantly lower than GBTC's -27.69% return.
BITW
- 1D
- 1.23%
- 1M
- 3.82%
- 6M
- -20.14%
- YTD
- -30.21%
- 1Y
- -42.29%
- 3Y*
- 48.12%
- 5Y*
- 0.57%
- 10Y*
- —
- ALL TIME*
- 23.61%
GBTC
- 1D
- 1.44%
- 1M
- 3.76%
- 6M
- -18.73%
- YTD
- -27.69%
- 1Y
- -44.39%
- 3Y*
- 37.01%
- 5Y*
- 8.32%
- 10Y*
- 49.81%
- ALL TIME*
- 54.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.49M | $1.48M | $2.56M | |
| $78.35M | $76.63M | $100.73M |
BITW vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -30.21% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
GBTC Grayscale Bitcoin Trust ETF | -27.69% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 162.30% |
Correlation
The correlation between BITW and GBTC is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.73 |
Over the past year, BITW and GBTC have become more correlated (0.98) than their long-term average of 0.73, 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 | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.84 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.83 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.14 | -1.27 | +0.12 |
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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 | -56.45% | -53.75% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -56.45% | -53.75% | -2.70% |
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 | -70.50% | -49.78% | -20.72% |
Average DrawdownAverage peak-to-trough decline | -69.58% | -43.51% | -26.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.03% | 35.06% | +1.97% |
Volatility
BITW vs. GBTC - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 9.36% compared to Grayscale Bitcoin Trust ETF (GBTC) at 8.85%. 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 | 9.36% | 8.85% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 36.14% | 33.72% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.78% | 44.38% | +5.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.92% | 60.56% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 107.40% | 81.19% | +26.21% |
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 0.98, 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 (9.36%) compared to GBTC (8.85%). In terms of maximum drawdown, BITW dropped -96.46% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 8.32% vs 0.57% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, GBTC has been the lower-risk option at 8.85%. 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 8.32% return vs 0.57%. 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 (-0.85 vs -1.01), 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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