BTCC vs. BFAP

Last updated Jul 12, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCC returned -38.11% vs -29.47% for BFAP. Their correlation of 0.90 suggests significant overlap in exposure. BTCC charges 0.66%/yr vs 0.90%/yr for BFAP.

Performance

BTCC vs. BFAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). 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 BTCC having a -22.21% return and BFAP slightly higher at -21.38%.

BTCC

• 1D: 0.50%
• 1M: -0.61%
• 6M: -24.46%
• YTD: -22.21%
• 1Y: -38.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFAP

• 1D: 0.52%
• 1M: 0.38%
• 6M: -23.39%
• YTD: -21.38%
• 1Y: -29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCC vs. BFAP - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-22.21%	-3.40%
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-21.38%	8.90%

Correlation

The correlation between BTCC and BFAP is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.90

The correlation between BTCC and BFAP has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

BTCC vs. BFAP — Risk / Return Rank

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

BTCC

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

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 0
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.

BTCC vs. BFAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) 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.

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.

	BTCC	BFAP	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	-1.32	+0.20
Sortino ratio: Return per unit of downside risk	-1.53	-1.86	+0.33
Omega ratio: Gain probability vs. loss probability	0.80	0.78	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.83	-0.03
Martin ratio: Return relative to average drawdown	-1.45	-1.44	-0.01

BTCC vs. BFAP - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -1.12, which is comparable to the BFAP Sharpe Ratio of -1.32. The chart below compares the historical Sharpe Ratios of BTCC 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.

Drawdowns

BTCC vs. BFAP - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, which is greater than BFAP's maximum drawdown of -34.15%. Use the drawdown chart below to compare losses from any high point for BTCC and BFAP.

Drawdown Indicators

	BTCC	BFAP	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-34.15%	-10.25%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-34.15%	-10.25%
Current Drawdown Current decline from peak	-40.51%	-31.68%	-8.83%
Average Drawdown Average peak-to-trough decline	-17.54%	-12.44%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.31%	19.74%	+6.57%

Volatility

BTCC vs. BFAP - Volatility Comparison

Grayscale Bitcoin Covered Call ETF (BTCC) has a higher volatility of 7.79% compared to FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) at 4.53%. This indicates that BTCC'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

	BTCC	BFAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	4.53%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	28.39%	16.43%	+11.96%
Volatility (1Y) Calculated over the trailing 1-year period	34.20%	21.50%	+12.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.78%	20.28%	+11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	20.28%	+11.50%

BTCC vs. BFAP - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than BFAP's 0.90% expense ratio.

Dividends

BTCC vs. BFAP - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 100.59%, more than BFAP's 24.13% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.13%	18.97%
BTCC Grayscale Bitcoin Covered Call ETF	100.59%	63.86%

Frequently Asked Questions

Can I hold both BTCC and BFAP in my portfolio?

With a correlation of 0.92, BTCC 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, BTCC or BFAP?

BTCC has higher volatility (7.79%) compared to BFAP (4.53%). In terms of maximum drawdown, BTCC dropped -44.40% vs BFAP's -34.15%.

Which ETF is better, BTCC or BFAP?

On 1-year performance, BFAP leads with -29.47% vs -38.11% for BTCC. On fees, BTCC is cheaper at 0.66% per year. On volatility, BFAP has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or BFAP?

Over the 1-year period, BFAP has performed better with a -29.47% return vs -38.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCC or BFAP?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.90% for BFAP.

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

BTCC has the higher dividend yield at 100.59%, compared with 24.13% for BFAP.

What is the main difference between BTCC and BFAP?

They also come from different issuers: Grayscale and First Trust. Their fees differ too: 0.66% for BTCC and 0.90% for BFAP.

Which has better risk-adjusted returns?

BTCC currently has the higher Sharpe Ratio (-1.12 vs -1.32), 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.