BRRR vs. BTF

Last updated Aug 2, 2026

BRRR (CoinShares Bitcoin ETF) and BTF (CoinShares Bitcoin and Ether ETF) are both Cryptocurrency funds from CoinShares. BRRR is passively managed, while BTF is actively managed. Over the past year, BRRR returned -44.57% vs -46.94% for BTF. Their correlation of 0.93 means they have usually moved in the same direction. BRRR charges 0.25%/yr vs 1.24%/yr for BTF.

Performance

BRRR vs. BTF - Performance Comparison

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

Returns By Period

In the year-to-date period, BRRR achieves a -28.35% return, which is significantly higher than BTF's -33.79% return.

BRRR

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

BTF

• 1D: -2.94%
• 1M: 5.69%
• 6M: -28.47%
• YTD: -33.79%
• 1Y: -46.94%
• 3Y*: 10.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -10.26%

*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
BTF CoinShares Bitcoin and Ether ETF	$75.53K	$69.69K	$94.86K

BRRR vs. BTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRRR CoinShares Bitcoin ETF	-28.35%	-6.50%	87.59%
BTF CoinShares Bitcoin and Ether ETF	-33.79%	-12.44%	54.44%

Correlation

The correlation between BRRR and BTF is 0.96 - 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.	0.96
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.93

The correlation between BRRR and BTF has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

BRRR vs. BTF — 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

BTF

BTF Risk / Return Rank: 2
BTF Sharpe Ratio Rank: 2
BTF Sortino Ratio Rank: 2
BTF Omega Ratio Rank: 3
BTF Calmar Ratio Rank: 3
BTF Martin Ratio Rank: 3

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. BTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Bitcoin ETF (BRRR) and CoinShares Bitcoin and Ether ETF (BTF). 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	BTF	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-0.91	-0.14
Sortino ratio: Return per unit of downside risk	-1.59	-1.33	-0.25
Omega ratio: Gain probability vs. loss probability	0.83	0.85	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.80	-0.07
Martin ratio: Return relative to average drawdown	-1.34	-1.22	-0.12

BRRR vs. BTF - Sharpe Ratio Comparison

The current BRRR Sharpe Ratio is -1.05, which is comparable to the BTF Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of BRRR and BTF, 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. BTF - Drawdown Comparison

The maximum BRRR drawdown since its inception was -53.33%, smaller than the maximum BTF drawdown of -77.50%. Use the drawdown chart below to compare losses from any high point for BRRR and BTF.

Drawdown Indicators

	BRRR	BTF	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-77.50%	+24.17%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-61.55%	+8.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.55%	—
Current Drawdown Current decline from peak	-50.03%	-56.69%	+6.66%
Average Drawdown Average peak-to-trough decline	-18.26%	-40.24%	+21.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	40.45%	-5.82%

Volatility

BRRR vs. BTF - Volatility Comparison

The current volatility for CoinShares Bitcoin ETF (BRRR) is 9.11%, while CoinShares Bitcoin and Ether ETF (BTF) has a volatility of 10.92%. This indicates that BRRR experiences smaller price fluctuations and is considered to be less risky than BTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRRR	BTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	10.92%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	33.76%	38.90%	-5.14%
Volatility (1Y) Calculated over the trailing 1-year period	44.35%	54.47%	-10.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.36%	58.11%	-8.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.36%	58.11%	-8.75%

BRRR vs. BTF - Expense Ratio Comparison

BRRR has a 0.25% expense ratio, which is lower than BTF's 1.24% expense ratio.

Dividends

BRRR vs. BTF - Dividend Comparison

BRRR has not paid dividends to shareholders, while BTF's dividend yield for the trailing twelve months is around 219.80%.

Position	TTM	2025	2024	2023
BRRR CoinShares Bitcoin ETF	0.00%	0.00%	0.00%	0.00%
BTF CoinShares Bitcoin and Ether ETF	219.80%	146.05%	52.96%	15.98%

Frequently Asked Questions

Can I hold both BRRR and BTF in my portfolio?

With a correlation of 0.96, BRRR and BTF 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 BTF?

BTF has higher volatility (10.92%) compared to BRRR (9.11%). In terms of maximum drawdown, BRRR dropped -53.33% vs BTF's -77.50%.

Which ETF is better, BRRR or BTF?

On 1-year performance, BRRR leads with -44.57% vs -46.94% for BTF. On fees, BRRR is cheaper at 0.25% per year. On volatility, BRRR has been the lower-risk option at 9.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRRR or BTF?

Over the 1-year period, BRRR has performed better with a -44.57% return vs -46.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRRR or BTF?

BRRR is cheaper with a 0.25% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 219.80%, compared with 0.00% for BRRR.

What is the main difference between BRRR and BTF?

Their fees differ too: 0.25% for BRRR and 1.24% for BTF.

Which has better risk-adjusted returns?

BTF currently has the higher Sharpe Ratio (-0.91 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.