BITW vs. SHLD
BITW (Bitwise 10 Crypto Index Fund) is a stock, while SHLD (Global X Defense Tech ETF) is Aerospace & Defense fund tracking the Global X Defense Tech Index. Over the past year, BITW returned -35.34% vs 8.26% for SHLD. At a 0.27 correlation, their price movements are largely independent.
Performance
BITW vs. SHLD - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -31.38% return, which is significantly lower than SHLD's -1.50% return.
BITW
- 1D
- -0.37%
- 1M
- -20.68%
- YTD
- -31.38%
- 6M
- -34.10%
- 1Y
- -35.34%
- 3Y*
- 61.40%
- 5Y*
- -0.81%
- 10Y*
- —
SHLD
- 1D
- -2.04%
- 1M
- -0.44%
- YTD
- -1.50%
- 6M
- -1.03%
- 1Y
- 8.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITW vs. SHLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITW Bitwise 10 Crypto Index Fund | -31.38% | -2.63% | 160.69% | 92.76% |
SHLD Global X Defense Tech ETF | -1.50% | 74.16% | 35.03% | 12.89% |
Correlation
The correlation between BITW and SHLD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | 0.27 |
The correlation between BITW and SHLD shifts across timeframes, from 0.27 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BITW vs. SHLD — Risk / Return Rank
BITW
SHLD
BITW vs. SHLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) and Global X Defense Tech ETF (SHLD). 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 | SHLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.09 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 0.52 | -1.20 |
| Martin ratioReturn relative to average drawdown | -1.19 | 1.28 | -2.47 |
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Drawdowns
BITW vs. SHLD - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for BITW and SHLD.
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Drawdown Indicators
| BITW | SHLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -20.10% | -76.36% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -20.10% | -35.41% |
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 | -70.99% | -18.20% | -52.79% |
Average DrawdownAverage peak-to-trough decline | -69.55% | -3.34% | -66.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.55% | 8.12% | +23.43% |
Volatility
BITW vs. SHLD - Volatility Comparison
Bitwise 10 Crypto Index Fund (BITW) has a higher volatility of 12.56% compared to Global X Defense Tech ETF (SHLD) at 9.05%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITW | SHLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.56% | 9.05% | +3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 37.05% | 19.94% | +17.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.59% | 24.55% | +25.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.86% | 21.29% | +44.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.52% | 21.29% | +87.23% |
Dividends
BITW vs. SHLD - Dividend Comparison
BITW has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITW Bitwise 10 Crypto Index Fund | 0.00% | 0.00% | 0.00% | 0.00% |
SHLD Global X Defense Tech ETF | 0.56% | 0.55% | 0.53% | 0.26% |
Frequently Asked Questions
BITW and SHLD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITW has higher volatility (12.56%) compared to SHLD (9.05%). In terms of maximum drawdown, BITW dropped -96.46% vs SHLD's -20.10%.
SHLD currently has the higher Sharpe Ratio (0.43 vs -0.76), 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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