BTC vs. BTCI

Last updated Aug 4, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and BTCI (NEOS Bitcoin High Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTC returned -43.60% vs -39.39% for BTCI. Their 0.99 correlation means they have historically moved very closely together. BTC charges 0.15%/yr vs 0.99%/yr for BTCI.

Performance

BTC vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC achieves a -27.11% return, which is significantly lower than BTCI's -24.72% return.

BTC

• 1D: 1.51%
• 1M: 3.86%
• 6M: -18.15%
• YTD: -27.11%
• 1Y: -43.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

BTCI

• 1D: 1.36%
• 1M: 3.90%
• 6M: -16.62%
• YTD: -24.72%
• 1Y: -39.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.44%

*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)
BTC Grayscale Bitcoin Mini Trust ETF	$40.45M	$40.65M	$54.59M
BTCI NEOS Bitcoin High Income ETF	$12.20M	$12.80M	$22.04M

BTC vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-27.11%	-7.50%	39.33%
BTCI NEOS Bitcoin High Income ETF	-24.72%	-1.09%	26.12%

Correlation

The correlation between BTC and BTCI is 0.99 - 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.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.99

The correlation between BTC and BTCI has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

BTC vs. BTCI — Risk / Return Rank

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

BTC

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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 3
BTCI 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.

BTC vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and NEOS Bitcoin High Income ETF (BTCI). 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.

	BTC	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	-0.99	0.00
Sortino ratio: Return per unit of downside risk	-1.44	-1.40	-0.04
Omega ratio: Gain probability vs. loss probability	0.84	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.82	0.00
Martin ratio: Return relative to average drawdown	-1.26	-1.28	+0.02

BTC vs. BTCI - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.99, which is comparable to the BTCI Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of BTC and BTCI, 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

BTC vs. BTCI - Drawdown Comparison

The maximum BTC drawdown since its inception was -53.30%, which is greater than BTCI's maximum drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for BTC and BTCI.

Drawdown Indicators

	BTC	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-48.42%	-4.88%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-48.42%	-4.88%
Current Drawdown Current decline from peak	-49.20%	-44.33%	-4.87%
Average Drawdown Average peak-to-trough decline	-19.45%	-17.87%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.74%	30.91%	+3.83%

Volatility

BTC vs. BTCI - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 8.87% compared to NEOS Bitcoin High Income ETF (BTCI) at 7.07%. This indicates that BTC's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.87%	7.07%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	33.76%	30.74%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	44.40%	40.03%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.49%	39.64%	+7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.49%	39.64%	+7.85%

BTC vs. BTCI - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

BTC vs. BTCI - Dividend Comparison

BTC has not paid dividends to shareholders, while BTCI's dividend yield for the trailing twelve months is around 40.70%.

Position	TTM	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%	0.00%
BTCI NEOS Bitcoin High Income ETF	40.70%	36.46%	6.76%

Frequently Asked Questions

Can I hold both BTC and BTCI in my portfolio?

With a correlation of 0.99, BTC and BTCI 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, BTC or BTCI?

BTC has higher volatility (8.87%) compared to BTCI (7.07%). In terms of maximum drawdown, BTC dropped -53.30% vs BTCI's -48.42%.

Which ETF is better, BTC or BTCI?

On 1-year performance, BTCI leads with -39.39% vs -43.60% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTCI has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or BTCI?

Over the 1-year period, BTCI has performed better with a -39.39% return vs -43.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or BTCI?

BTC is cheaper with a 0.15% expense ratio, compared with 0.99% for BTCI.

Which ETF pays a higher dividend yield, BTC or BTCI?

BTCI has the higher dividend yield at 40.70%, compared with 0.00% for BTC.

What is the main difference between BTC and BTCI?

They also come from different issuers: Grayscale and Neos. Their fees differ too: 0.15% for BTC and 0.99% for BTCI.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.99 vs -0.99), 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.