BTCC vs. BITC

Last updated Jun 4, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCC returned -33.54% vs -15.09% for BITC. A 0.52 correlation means they provide meaningful diversification when combined. BTCC charges 0.66%/yr vs 0.88%/yr for BITC.

Performance

BTCC vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCC achieves a -20.81% return, which is significantly lower than BITC's 6.98% return.

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

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

BTCC vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-6.34%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-9.13%

Correlation

The correlation between BTCC and BITC is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.52

The correlation between BTCC and BITC has been stable across timeframes, ranging from 0.52 to 0.52 - a consistent structural relationship.

Return for Risk

BTCC vs. BITC — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 1

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	BTCC	BITC	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	-0.59	-0.43
Sortino ratio: Return per unit of downside risk	-1.34	-0.71	-0.62
Omega ratio: Gain probability vs. loss probability	0.82	0.90	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.57	-0.19
Martin ratio: Return relative to average drawdown	-1.47	-0.82	-0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCC vs. BITC - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -1.02, which is lower than the BITC Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of BTCC and BITC, 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

	BTCC	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	-0.59	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	0.68	-1.39

Drawdowns

BTCC vs. BITC - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for BTCC and BITC.

Drawdown Indicators

	BTCC	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-38.51%	-5.89%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-26.51%	-17.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.51%	—
Current Drawdown Current decline from peak	-39.44%	-26.48%	-12.96%
Average Drawdown Average peak-to-trough decline	-15.57%	-16.37%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.87%	18.37%	+4.50%

Volatility

BTCC vs. BITC - Volatility Comparison

Grayscale Bitcoin Covered Call ETF (BTCC) has a higher volatility of 8.70% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.39%. This indicates that BTCC's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	6.39%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	27.70%	19.98%	+7.72%
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	25.54%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.68%	46.65%	-14.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.68%	46.65%	-14.97%

BTCC vs. BITC - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than BITC's 0.88% expense ratio.

Dividends

BTCC vs. BITC - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 105.03%, more than BITC's 3.14% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCC and BITC in my portfolio?

BTCC and BITC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCC or BITC?

BTCC has higher volatility (8.70%) compared to BITC (6.39%). In terms of maximum drawdown, BTCC dropped -44.40% vs BITC's -38.51%.

Which ETF is better, BTCC or BITC?

On 1-year performance, BITC leads with -15.09% vs -33.54% for BTCC. On fees, BTCC is cheaper at 0.66% per year. On volatility, BITC has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or BITC?

Over the 1-year period, BITC has performed better with a -15.09% return vs -33.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCC or BITC?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.88% for BITC.

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

BTCC has the higher dividend yield at 105.03%, compared with 3.14% for BITC.

What is the main difference between BTCC and BITC?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.66% for BTCC and 0.88% for BITC.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.59 vs -1.02), 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.