BRRR vs. BFAP

Last updated Jun 4, 2026

BRRR (Valkyrie Bitcoin ETF) and BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) are both Cryptocurrency funds. BRRR is passively managed, while BFAP is actively managed. Over the past year, BRRR returned -38.71% vs -24.44% for BFAP. With a 0.96 correlation, they move nearly in lockstep. BRRR charges 0.25%/yr vs 0.90%/yr for BFAP.

Performance

BRRR vs. BFAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin ETF (BRRR) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRRR achieves a -25.48% return, which is significantly lower than BFAP's -20.89% return.

BRRR

• 1D: -2.74%
• 1M: -18.42%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFAP

• 1D: -1.05%
• 1M: -7.01%
• YTD: -20.89%
• 6M: -23.66%
• 1Y: -24.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BRRR vs. BFAP - Yearly Performance Comparison

	2026 (YTD)	2025
BRRR Valkyrie Bitcoin ETF	-25.48%	4.13%
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-20.89%	8.90%

Correlation

The correlation between BRRR and BFAP is 0.97 - 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 (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.96

The correlation between BRRR and BFAP has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

BRRR vs. BFAP — Risk / Return Rank

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

BRRR

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

BFAP

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

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.

BRRR vs. BFAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin ETF (BRRR) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). 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.

	BRRR	BFAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-1.15	+0.26
Sortino ratio: Return per unit of downside risk	-1.23	-1.58	+0.34
Omega ratio: Gain probability vs. loss probability	0.86	0.81	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.79	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.45	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRRR vs. BFAP - Sharpe Ratio Comparison

The current BRRR Sharpe Ratio is -0.89, which is comparable to the BFAP Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of BRRR and BFAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BRRR	BFAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-1.15	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.59	+0.89

Drawdowns

BRRR vs. BFAP - Drawdown Comparison

The maximum BRRR drawdown since its inception was -49.35%, which is greater than BFAP's maximum drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for BRRR and BFAP.

Drawdown Indicators

	BRRR	BFAP	Difference
Max Drawdown Largest peak-to-trough decline	-49.35%	-31.25%	-18.10%
Max Drawdown (1Y) Largest decline over 1 year	-49.35%	-31.25%	-18.10%
Current Drawdown Current decline from peak	-48.03%	-31.25%	-16.78%
Average Drawdown Average peak-to-trough decline	-16.01%	-10.77%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.41%	16.89%	+11.52%

Volatility

BRRR vs. BFAP - Volatility Comparison

Valkyrie Bitcoin ETF (BRRR) has a higher volatility of 9.46% compared to FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) at 3.59%. This indicates that BRRR's price experiences larger fluctuations and is considered to be riskier than BFAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRRR	BFAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	3.59%	+5.87%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	17.66%	+16.74%
Volatility (1Y) Calculated over the trailing 1-year period	43.60%	21.26%	+22.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	20.57%	+29.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.89%	20.57%	+29.32%

BRRR vs. BFAP - Expense Ratio Comparison

BRRR has a 0.25% expense ratio, which is lower than BFAP's 0.90% expense ratio.

Dividends

BRRR vs. BFAP - Dividend Comparison

BRRR has not paid dividends to shareholders, while BFAP's dividend yield for the trailing twelve months is around 23.98%.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	23.98%	18.97%
BRRR Valkyrie Bitcoin ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BRRR and BFAP in my portfolio?

With a correlation of 0.97, BRRR and BFAP 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 is riskier, BRRR or BFAP?

BRRR has higher volatility (9.46%) compared to BFAP (3.59%). In terms of maximum drawdown, BRRR dropped -49.35% vs BFAP's -31.25%.

Which ETF is better, BRRR or BFAP?

On 1-year performance, BFAP leads with -24.44% vs -38.71% for BRRR. On fees, BRRR is cheaper at 0.25% per year. On volatility, BFAP has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRRR or BFAP?

Over the 1-year period, BFAP has performed better with a -24.44% return vs -38.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRRR or BFAP?

BRRR is cheaper with a 0.25% expense ratio, compared with 0.90% for BFAP.

Which ETF pays a higher dividend yield, BRRR or BFAP?

BFAP has the higher dividend yield at 23.98%, compared with 0.00% for BRRR.

What is the main difference between BRRR and BFAP?

They also come from different issuers: Valkyrie Digital Assets and First Trust. Their fees differ too: 0.25% for BRRR and 0.90% for BFAP.

Which has better risk-adjusted returns?

BRRR currently has the higher Sharpe Ratio (-0.89 vs -1.15), 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.