BRRR vs. BTCW

Last updated Aug 2, 2026

BRRR (CoinShares Bitcoin ETF) and BTCW (Wisdom Tree Bitcoin Fund) are both Cryptocurrency funds - BRRR tracks the CME CF Bitcoin Reference Rate - New York Variant while BTCW tracks the No Index (Physical Bitcoin). Both are passively managed. Over the past year, BRRR returned -44.57% vs -44.53% for BTCW. Their 1.00 correlation means they have historically moved very closely together. Both charge a 0.25% expense ratio.

Performance

BRRR vs. BTCW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CoinShares Bitcoin ETF (BRRR) and Wisdom Tree Bitcoin Fund (BTCW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BRRR having a -28.35% return and BTCW slightly higher at -28.33%.

BRRR

• 1D: -2.90%
• 1M: 2.25%
• 6M: -25.04%
• YTD: -28.35%
• 1Y: -44.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.37%

BTCW

• 1D: -2.95%
• 1M: 2.34%
• 6M: -25.06%
• YTD: -28.33%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BRRR CoinShares Bitcoin ETF	$1.03M	$1.49M	$3.69M
BTCW Wisdom Tree Bitcoin Fund	$1.20M	$1.71M	$1.37M

BRRR vs. BTCW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRRR CoinShares Bitcoin ETF	-28.35%	-6.50%	87.59%
BTCW Wisdom Tree Bitcoin Fund	-28.33%	-6.05%	92.79%

Correlation

The correlation between BRRR and BTCW is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between BRRR and BTCW has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BRRR vs. BTCW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BRRR

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

BTCW

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BRRR vs. BTCW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Bitcoin ETF (BRRR) 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.

	BRRR	BTCW	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-1.05	0.00
Sortino ratio: Return per unit of downside risk	-1.59	-1.59	0.00
Omega ratio: Gain probability vs. loss probability	0.83	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.87	0.00
Martin ratio: Return relative to average drawdown	-1.34	-1.34	0.00

BRRR vs. BTCW - Sharpe Ratio Comparison

The current BRRR Sharpe Ratio is -1.05, which is comparable to the BTCW Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of BRRR and BTCW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRRR vs. BTCW - Drawdown Comparison

The maximum BRRR drawdown since its inception was -53.33%, roughly equal to the maximum BTCW drawdown of -53.37%. Use the drawdown chart below to compare losses from any high point for BRRR and BTCW.

Drawdown Indicators

	BRRR	BTCW	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-53.37%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-53.37%	+0.04%
Current Drawdown Current decline from peak	-50.03%	-50.05%	+0.02%
Average Drawdown Average peak-to-trough decline	-18.26%	-18.19%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	34.63%	0.00%

Volatility

BRRR vs. BTCW - Volatility Comparison

CoinShares Bitcoin ETF (BRRR) and Wisdom Tree Bitcoin Fund (BTCW) have volatilities of 9.11% and 9.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRRR	BTCW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	9.16%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	33.76%	33.66%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	44.35%	44.25%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.36%	49.47%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.36%	49.47%	-0.11%

BRRR vs. BTCW - Expense Ratio Comparison

Both BRRR and BTCW have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BRRR vs. BTCW - Dividend Comparison

Neither BRRR nor BTCW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BRRR and BTCW in my portfolio?

With a correlation of 1.00, BRRR 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 is riskier, BRRR or BTCW?

BTCW has higher volatility (9.16%) compared to BRRR (9.11%). In terms of maximum drawdown, BRRR dropped -53.33% vs BTCW's -53.37%.

Which ETF is better, BRRR or BTCW?

On 1-year performance, BTCW leads with -44.53% vs -44.57% for BRRR. Both ETFs have the same 0.25% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRRR or BTCW?

Over the 1-year period, BTCW has performed better with a -44.53% return vs -44.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRRR or BTCW?

BRRR and BTCW have the same expense ratio: 0.25% per year.

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

BRRR and BTCW have nearly identical dividend yields, around 0.00%.

What is the main difference between BRRR and BTCW?

BRRR tracks CME CF Bitcoin Reference Rate - New York Variant, while BTCW tracks No Index (Physical Bitcoin). They also come from different issuers: CoinShares and WisdomTree.

Which has better risk-adjusted returns?

BRRR currently has the higher Sharpe Ratio (-1.05 vs -1.05), 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.