BPI vs. BITS

Last updated Jul 1, 2026

BPI (Grayscale Bitcoin Premium Income ETF) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both exchange-traded funds - BPI is a Derivative Income fund actively managed by Grayscale, while BITS is a Cryptocurrency fund tracking the NONE. BPI is actively managed, while BITS is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

BPI vs. BITS - Performance Comparison

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

Returns By Period

BPI

• 1D: -2.61%
• 1M: -19.30%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITS

• 1D: -3.15%
• 1M: -19.06%
• YTD: -9.35%
• 6M: -9.37%
• 1Y: -4.08%
• 3Y*: 36.10%
• 5Y*: —
• 10Y*: —

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

BPI vs. BITS - Yearly Performance Comparison

	2026 (YTD)
BPI Grayscale Bitcoin Premium Income ETF	-21.87%
BITS Global X Blockchain & Bitcoin Strategy ETF	-6.65%

Correlation

The correlation between BPI and BITS is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.83

Return for Risk

BPI vs. BITS — 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.

BITS

BITS Risk / Return Rank: 9
BITS Sharpe Ratio Rank: 8
BITS Sortino Ratio Rank: 10
BITS Omega Ratio Rank: 9
BITS Calmar Ratio Rank: 8
BITS Martin Ratio Rank: 9

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. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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	BITS	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.08	—
Sortino ratio: Return per unit of downside risk	—	0.27	—
Omega ratio: Gain probability vs. loss probability	—	1.03	—
Calmar ratio: Return relative to maximum drawdown	—	-0.08	—
Martin ratio: Return relative to average drawdown	—	-0.15	—

Drawdowns

BPI vs. BITS - Drawdown Comparison

The maximum BPI drawdown since its inception was -27.02%, smaller than the maximum BITS drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for BPI and BITS.

Drawdown Indicators

	BPI	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-27.02%	-83.11%	+56.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.38%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-48.38%	—
Current Drawdown Current decline from peak	-27.02%	-40.32%	+13.30%
Average Drawdown Average peak-to-trough decline	-12.68%	-42.61%	+29.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	27.37%	—

Volatility

Volatility by Period

	BPI	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	41.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.03%	53.25%	-16.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.03%	60.81%	-23.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.03%	60.81%	-23.78%

BPI vs. BITS - Expense Ratio Comparison

Both BPI and BITS have an expense ratio of 0.65%.

Dividends

BPI vs. BITS - Dividend Comparison

BPI's dividend yield for the trailing twelve months is around 3.62%, less than BITS's 25.10% yield.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	25.10%	22.80%	29.49%	13.69%	0.48%	1.90%
BPI Grayscale Bitcoin Premium Income ETF	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BPI and BITS in my portfolio?

BPI and BITS have a correlation of 0.83, 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 BITS?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPI or BITS?

BPI and BITS have the same expense ratio: 0.65% per year.

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

BITS has the higher dividend yield at 25.10%, compared with 3.62% for BPI.

What is the main difference between BPI and BITS?

BPI is categorized as Derivative Income, while BITS is Cryptocurrency. They also come from different issuers: Grayscale and Global X.