BITW vs. USFR
BITW (Bitwise 10 Crypto Index ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, BITW returned 1.78%/yr vs 3.71%/yr for USFR. At a 0.01 correlation, their price movements are largely independent. BITW charges 0.75%/yr vs 0.15%/yr for USFR.
Performance
BITW vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -32.35% return, which is significantly lower than USFR's 1.82% return.
BITW
- 1D
- -3.24%
- 1M
- -17.92%
- YTD
- -32.35%
- 6M
- -32.63%
- 1Y
- -35.22%
- 3Y*
- 52.08%
- 5Y*
- 1.78%
- 10Y*
- —
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
BITW vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -32.35% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | -0.05% |
Correlation
The correlation between BITW and USFR is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.01 |
The correlation between BITW and USFR shifts across timeframes, from -0.12 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BITW vs. USFR — Risk / Return Rank
BITW
USFR
BITW vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.38 | ||
| Sortino ratioReturn per unit of downside risk | -50.99 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 13.31 | -12.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 201.33 | -201.97 |
| Martin ratioReturn relative to average drawdown | -1.08 | 779.76 | -780.85 |
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Drawdowns
BITW vs. USFR - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BITW and USFR.
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Drawdown Indicators
| BITW | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -1.36% | -95.10% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -0.02% | -55.49% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | -0.06% | -55.45% |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | -0.18% | -91.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -71.40% | 0.00% | -71.40% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -0.15% | -69.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.56% | 0.01% | +32.55% |
Volatility
BITW vs. USFR - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 14.10% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITW | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.10% | 0.09% | +14.01% |
Volatility (6M)Calculated over the trailing 6-month period | 37.34% | 0.19% | +37.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.87% | 0.27% | +49.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.59% | 0.40% | +65.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.35% | 0.78% | +107.57% |
BITW vs. USFR - Expense Ratio Comparison
BITW has a 0.75% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
BITW vs. USFR - Dividend Comparison
BITW has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
BITW and USFR have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITW has higher volatility (14.10%) compared to USFR (0.09%). In terms of maximum drawdown, BITW dropped -96.46% vs USFR's -1.36%.
On 5-year performance, USFR leads with 3.71% vs 1.78% for BITW. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USFR has performed better with a 3.71% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.75% for BITW.
USFR has the higher dividend yield at 3.90%, compared with 0.00% for BITW.
BITW is categorized as Cryptocurrency, while USFR is Government Bonds. BITW tracks Bitwise 10 Large Cap Crypto Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Bitwise and WisdomTree. Their fees differ too: 0.75% for BITW and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 vs -0.71), 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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