BPI vs. BITC

Last updated Jul 21, 2026

BPI (Grayscale Bitcoin Premium Income ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both exchange-traded funds - BPI is a Derivative Income fund actively managed by Grayscale, while BITC is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. BPI charges 0.65%/yr vs 0.88%/yr for BITC.

Performance

BPI vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Premium Income ETF (BPI) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BPI

• 1D: 1.29%
• 1M: 3.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BITC

• 1D: 1.47%
• 1M: -4.92%
• 6M: -3.85%
• YTD: 1.83%
• 1Y: -22.40%
• 3Y*: 30.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.18%

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

BPI vs. BITC - Yearly Performance Comparison

	2026 (YTD)
BPI Grayscale Bitcoin Premium Income ETF	-13.81%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-3.25%

Correlation

The correlation between BPI and BITC is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.51

Return for Risk

BPI vs. BITC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITC

BITC Risk / Return Rank: 3
BITC Sharpe Ratio Rank: 2
BITC Sortino Ratio Rank: 3
BITC Omega Ratio Rank: 2
BITC Calmar Ratio Rank: 3
BITC Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BPI vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	BPI	BITC	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.91	—
Sortino ratio: Return per unit of downside risk	—	-1.20	—
Omega ratio: Gain probability vs. loss probability	—	0.82	—
Calmar ratio: Return relative to maximum drawdown	—	-0.81	—
Martin ratio: Return relative to average drawdown	—	-1.11	—

Drawdowns

BPI vs. BITC - Drawdown Comparison

The maximum BPI drawdown since its inception was -27.02%, smaller than the maximum BITC drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for BPI and BITC.

Drawdown Indicators

	BPI	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-27.02%	-38.51%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-27.89%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-38.51%	—
Current Drawdown Current decline from peak	-19.49%	-30.01%	+10.52%
Average Drawdown Average peak-to-trough decline	-14.74%	-16.84%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.17%	—

Volatility

Volatility by Period

	BPI	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	24.87%	+11.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.81%	45.97%	-9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.81%	45.97%	-9.16%

BPI vs. BITC - Expense Ratio Comparison

BPI has a 0.65% expense ratio, which is lower than BITC's 0.88% expense ratio.

Dividends

BPI vs. BITC - Dividend Comparison

BPI's dividend yield for the trailing twelve months is around 4.12%, more than BITC's 3.30% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.30%	3.36%	42.68%	5.82%
BPI Grayscale Bitcoin Premium Income ETF	4.12%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BPI and BITC in my portfolio?

BPI and BITC have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BPI or BITC?

On fees, BPI is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPI or BITC?

BPI is cheaper with a 0.65% expense ratio, compared with 0.88% for BITC.

Which ETF pays a higher dividend yield, BPI or BITC?

BPI has the higher dividend yield at 4.12%, compared with 3.30% for BITC.

What is the main difference between BPI and BITC?

BPI is categorized as Derivative Income, while BITC is Cryptocurrency. They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.65% for BPI and 0.88% for BITC.