BITW vs. SETH

Last updated Aug 2, 2026

BITW (Bitwise 10 Crypto Index ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds - BITW tracks the Bitwise 10 Large Cap Crypto Index while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. Over the past year, BITW returned -42.99% vs 27.71% for SETH. Their -0.78 correlation means they have often moved in opposite directions in the past. BITW charges 0.75%/yr vs 0.95%/yr for SETH.

Performance

BITW vs. SETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) and ProShares Short Ether Strategy ETF (SETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITW achieves a -31.06% return, which is significantly lower than SETH's 29.72% return.

BITW

• 1D: -2.78%
• 1M: 2.56%
• 6M: -27.22%
• YTD: -31.06%
• 1Y: -42.99%
• 3Y*: 48.26%
• 5Y*: -0.56%
• 10Y*: —
• ALL TIME*: 23.38%

SETH

• 1D: 3.07%
• 1M: -9.89%
• 6M: 19.58%
• YTD: 29.72%
• 1Y: 27.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -31.15%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITW Bitwise 10 Crypto Index ETF	$1.41M	$1.46M	$2.56M
SETH ProShares Short Ether Strategy ETF	$1.13M	$1.17M	$1.89M

BITW vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITW Bitwise 10 Crypto Index ETF	-31.06%	-2.63%	160.69%	28.61%
SETH ProShares Short Ether Strategy ETF	29.72%	-29.41%	-49.59%	-22.19%

Correlation

The correlation between BITW and SETH is -0.94, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.94
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	-0.78

The correlation between BITW and SETH shifts across timeframes, from -0.94 (1 year) to -0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITW vs. SETH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITW

BITW Risk / Return Rank: 2
BITW Sharpe Ratio Rank: 2
BITW Sortino Ratio Rank: 2
BITW Omega Ratio Rank: 2
BITW Calmar Ratio Rank: 2
BITW Martin Ratio Rank: 3

SETH

SETH Risk / Return Rank: 28
SETH Sharpe Ratio Rank: 24
SETH Sortino Ratio Rank: 30
SETH Omega Ratio Rank: 29
SETH Calmar Ratio Rank: 34
SETH Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITW vs. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and ProShares Short Ether Strategy ETF (SETH). 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	SETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	0.54	-1.44
Sortino ratio: Return per unit of downside risk	-1.31	1.14	-2.45
Omega ratio: Gain probability vs. loss probability	0.85	1.14	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.80	1.16	-1.96
Martin ratio: Return relative to average drawdown	-1.23	2.03	-3.26

BITW vs. SETH - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.91, which is lower than the SETH Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of BITW and SETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITW vs. SETH - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than SETH's maximum drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for BITW and SETH.

Drawdown Indicators

	BITW	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-80.74%	-15.72%
Max Drawdown (1Y) Largest decline over 1 year	-56.45%	-30.96%	-25.49%
Max Drawdown (3Y) Largest decline over 3 years	-56.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.86%	-64.37%	-6.49%
Average Drawdown Average peak-to-trough decline	-69.58%	-55.10%	-14.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.89%	17.67%	+19.22%

Volatility

BITW vs. SETH - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 9.68%, while ProShares Short Ether Strategy ETF (SETH) has a volatility of 13.41%. This indicates that BITW experiences smaller price fluctuations and is considered to be less risky than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITW	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	13.41%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	36.12%	45.76%	-9.64%
Volatility (1Y) Calculated over the trailing 1-year period	49.79%	67.20%	-17.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.94%	68.89%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.44%	68.89%	+38.55%

BITW vs. SETH - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than SETH's 0.95% expense ratio.

Dividends

BITW vs. SETH - Dividend Comparison

BITW has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 17.20%.

Position	TTM	2025	2024	2023
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	17.06%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both BITW and SETH in my portfolio?

BITW and SETH have a correlation of -0.94, 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 SETH?

SETH has higher volatility (13.41%) compared to BITW (9.68%). In terms of maximum drawdown, BITW dropped -96.46% vs SETH's -80.74%.

Which ETF is better, BITW or SETH?

On 1-year performance, SETH leads with 27.71% vs -42.99% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 9.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or SETH?

Over the 1-year period, SETH has performed better with a 27.71% return vs -42.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or SETH?

BITW is cheaper with a 0.75% expense ratio, compared with 0.95% for SETH.

Which ETF pays a higher dividend yield, BITW or SETH?

SETH has the higher dividend yield at 17.06%, compared with 0.00% for BITW.

What is the main difference between BITW and SETH?

BITW tracks Bitwise 10 Large Cap Crypto Index, while SETH tracks Bloomberg Galaxy Ethereum (--100%). They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.75% for BITW and 0.95% for SETH.

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (0.54 vs -0.91), 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.