BPI vs. CWII

Last updated Jun 30, 2026

BPI (Grayscale Bitcoin Premium Income ETF) and CWII (REX CRWV Growth & Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.37 correlation, their price movements are largely independent. BPI charges 0.65%/yr vs 1.03%/yr for CWII.

Performance

BPI vs. CWII - Performance Comparison

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

Returns By Period

BPI

• 1D: 1.02%
• 1M: -17.13%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CWII

• 1D: 0.00%
• 1M: 9,767.16%
• YTD: 13,199.78%
• 6M: 12,546.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BPI vs. CWII - Yearly Performance Comparison

	2026 (YTD)
BPI Grayscale Bitcoin Premium Income ETF	-19.78%
CWII REX CRWV Growth & Income ETF	9,670.47%

Correlation

The correlation between BPI and CWII is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.37

Return for Risk

BPI vs. CWII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) and REX CRWV Growth & Income ETF (CWII). 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.

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

Drawdowns

BPI vs. CWII - Drawdown Comparison

The maximum BPI drawdown since its inception was -26.45%, smaller than the maximum CWII drawdown of -51.04%. Use the drawdown chart below to compare losses from any high point for BPI and CWII.

Drawdown Indicators

	BPI	CWII	Difference
Max Drawdown Largest peak-to-trough decline	-26.45%	-51.04%	+24.59%
Current Drawdown Current decline from peak	-25.06%	0.00%	-25.06%
Average Drawdown Average peak-to-trough decline	-12.33%	-33.26%	+20.93%

Volatility

Volatility by Period

	BPI	CWII	Difference
Volatility (1Y) Calculated over the trailing 1-year period	37.13%	13,701.30%	-13,664.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.13%	13,701.30%	-13,664.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.13%	13,701.30%	-13,664.17%

BPI vs. CWII - Expense Ratio Comparison

BPI has a 0.65% expense ratio, which is lower than CWII's 1.03% expense ratio.

Dividends

BPI vs. CWII - Dividend Comparison

BPI's dividend yield for the trailing twelve months is around 3.52%, less than CWII's 123.26% yield.

Position	TTM	2025
BPI Grayscale Bitcoin Premium Income ETF	3.52%	0.00%
CWII REX CRWV Growth & Income ETF	123.26%	6.09%

Frequently Asked Questions

Can I hold both BPI and CWII in my portfolio?

BPI and CWII have a correlation of 0.37, 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 CWII?

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 CWII?

BPI is cheaper with a 0.65% expense ratio, compared with 1.03% for CWII.

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

CWII has the higher dividend yield at 123.26%, compared with 3.52% for BPI.

What is the main difference between BPI and CWII?

They also come from different issuers: Grayscale and REX Shares. Their fees differ too: 0.65% for BPI and 1.03% for CWII.