BPI vs. BTCW

Last updated Jul 1, 2026

BPI (Grayscale Bitcoin Premium Income ETF) and BTCW (Wisdom Tree Bitcoin Fund) are both exchange-traded funds - BPI is a Derivative Income fund actively managed by Grayscale, while BTCW is a Cryptocurrency fund managed by WisdomTree. With a 0.98 correlation, they move nearly in lockstep. BPI charges 0.65%/yr vs 0.30%/yr for BTCW.

Performance

BPI vs. BTCW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Premium Income ETF (BPI) and Wisdom Tree Bitcoin Fund (BTCW). 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*: —

BTCW

• 1D: -2.76%
• 1M: -20.08%
• YTD: -33.10%
• 6M: -33.33%
• 1Y: -45.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BPI vs. BTCW - Yearly Performance Comparison

	2026 (YTD)
BPI Grayscale Bitcoin Premium Income ETF	-21.87%
BTCW Wisdom Tree Bitcoin Fund	-22.39%

Correlation

The correlation between BPI and BTCW is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.98

Return for Risk

BPI vs. BTCW — 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.

BTCW

BTCW Risk / Return Rank: 2
BTCW Sharpe Ratio Rank: 1
BTCW Sortino Ratio Rank: 2
BTCW Omega Ratio Rank: 2
BTCW Calmar Ratio Rank: 2
BTCW Martin Ratio Rank: 2

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. BTCW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) and Wisdom Tree Bitcoin Fund (BTCW). 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	BTCW	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.04	—
Sortino ratio: Return per unit of downside risk	—	-1.56	—
Omega ratio: Gain probability vs. loss probability	—	0.83	—
Calmar ratio: Return relative to maximum drawdown	—	-0.86	—
Martin ratio: Return relative to average drawdown	—	-1.46	—

Drawdowns

BPI vs. BTCW - Drawdown Comparison

The maximum BPI drawdown since its inception was -27.02%, smaller than the maximum BTCW drawdown of -53.37%. Use the drawdown chart below to compare losses from any high point for BPI and BTCW.

Drawdown Indicators

	BPI	BTCW	Difference
Max Drawdown Largest peak-to-trough decline	-27.02%	-53.37%	+26.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.37%	—
Current Drawdown Current decline from peak	-27.02%	-53.37%	+26.35%
Average Drawdown Average peak-to-trough decline	-12.68%	-17.08%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	31.43%	—

Volatility

Volatility by Period

	BPI	BTCW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.03%	44.24%	-7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.03%	50.00%	-12.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.03%	50.00%	-12.97%

BPI vs. BTCW - Expense Ratio Comparison

BPI has a 0.65% expense ratio, which is higher than BTCW's 0.30% expense ratio.

Dividends

BPI vs. BTCW - Dividend Comparison

BPI's dividend yield for the trailing twelve months is around 3.62%, while BTCW has not paid dividends to shareholders.

Position	TTM
BPI Grayscale Bitcoin Premium Income ETF	3.62%
BTCW Wisdom Tree Bitcoin Fund	0.00%

Frequently Asked Questions

Can I hold both BPI and BTCW in my portfolio?

With a correlation of 0.98, BPI and BTCW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BPI or BTCW?

On fees, BTCW is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPI or BTCW?

BTCW is cheaper with a 0.30% expense ratio, compared with 0.65% for BPI.

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

BPI has the higher dividend yield at 3.62%, compared with 0.00% for BTCW.

What is the main difference between BPI and BTCW?

BPI is categorized as Derivative Income, while BTCW is Cryptocurrency. They also come from different issuers: Grayscale and WisdomTree. Their fees differ too: 0.65% for BPI and 0.30% for BTCW.