BITW vs. IBIT
BITW (Bitwise 10 Crypto Index ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - BITW tracks the Bitwise 10 Large Cap Crypto Index while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, BITW returned -33.61% vs -37.79% for IBIT. Their correlation of 0.85 suggests significant overlap in exposure. BITW charges 0.75%/yr vs 0.25%/yr for IBIT.
Performance
BITW vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -30.09% return, which is significantly lower than IBIT's -26.49% return.
BITW
- 1D
- 1.83%
- 1M
- -15.18%
- YTD
- -30.09%
- 6M
- -31.04%
- 1Y
- -33.61%
- 3Y*
- 53.76%
- 5Y*
- 3.43%
- 10Y*
- —
IBIT
- 1D
- 2.47%
- 1M
- -15.04%
- YTD
- -26.49%
- 6M
- -27.13%
- 1Y
- -37.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITW vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -30.09% | -2.63% | 162.85% |
IBIT iShares Bitcoin Trust ETF | -26.49% | -6.41% | 89.87% |
Correlation
The correlation between BITW and IBIT 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 (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.85 |
The correlation between BITW and IBIT shifts across timeframes, from 0.85 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BITW vs. IBIT — Risk / Return Rank
BITW
IBIT
BITW vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.87 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | -0.73 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.04 | -1.24 | +0.20 |
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Drawdowns
BITW vs. IBIT - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for BITW and IBIT.
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Drawdown Indicators
| BITW | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -52.11% | -44.35% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -52.11% | -3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | — | — |
Current DrawdownCurrent decline from peak | -70.45% | -48.80% | -21.65% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -16.79% | -52.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.38% | 30.41% | +1.97% |
Volatility
BITW vs. IBIT - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 13.95% compared to iShares Bitcoin Trust ETF (IBIT) at 13.00%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITW | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.95% | 13.00% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 37.24% | 34.53% | +2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.88% | 44.29% | +5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.58% | 50.21% | +15.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.37% | 50.21% | +58.16% |
BITW vs. IBIT - Expense Ratio Comparison
BITW has a 0.75% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
BITW vs. IBIT - Dividend Comparison
Neither BITW nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, BITW and IBIT 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 (13.95%) compared to IBIT (13.00%). In terms of maximum drawdown, BITW dropped -96.46% vs IBIT's -52.11%.
On 1-year performance, BITW leads with -33.61% vs -37.79% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITW has performed better with a -33.61% return vs -37.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.75% for BITW.
BITW and IBIT have nearly identical dividend yields, around 0.00%.
BITW tracks Bitwise 10 Large Cap Crypto Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Bitwise and iShares. Their fees differ too: 0.75% for BITW and 0.25% for IBIT.
BITW currently has the higher Sharpe Ratio (-0.68 vs -0.86), 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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