BTCI vs. IBIT

Last updated Apr 1, 2026

Compare and contrast key facts about NEOS Bitcoin High Income ETF (BTCI) and iShares Bitcoin Trust ETF (IBIT).

BTCI and IBIT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCI is an actively managed fund by Neos. It was launched on Oct 16, 2024. IBIT is a passively managed fund by iShares that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 5, 2024.

Performance

BTCI vs. IBIT - Performance Comparison

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

BTCI vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-20.30%	-1.09%	28.24%
IBIT iShares Bitcoin Trust ETF	-22.62%	-6.41%	39.42%

Returns By Period

In the year-to-date period, BTCI achieves a -20.30% return, which is significantly higher than IBIT's -22.62% return.

BTCI

• 1D: 2.02%
• 1M: 3.84%
• YTD: -20.30%
• 6M: -36.82%
• 1Y: -13.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 1.96%
• 1M: 3.31%
• YTD: -22.62%
• 6M: -40.89%
• 1Y: -17.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCI vs. IBIT - Expense Ratio Comparison

BTCI has a 0.98% expense ratio, which is higher than IBIT's 0.25% expense ratio.

BTCI

NEOS Bitcoin High Income ETF

IBIT

iShares Bitcoin Trust ETF

Return for Risk

BTCI vs. IBIT — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 7
BTCI Sharpe Ratio Rank: 6
BTCI Sortino Ratio Rank: 7
BTCI Omega Ratio Rank: 7
BTCI Calmar Ratio Rank: 7
BTCI Martin Ratio Rank: 7

IBIT

IBIT Risk / Return Rank: 6
IBIT Sharpe Ratio Rank: 5
IBIT Sortino Ratio Rank: 6
IBIT Omega Ratio Rank: 7
IBIT Calmar Ratio Rank: 6
IBIT Martin Ratio Rank: 6

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.

BTCI vs. IBIT - Risk-Adjusted Trends Comparison

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

	BTCI	IBIT	Difference
Sharpe ratio Return per unit of total volatility	-0.34	-0.40	+0.06
Sortino ratio Return per unit of downside risk	-0.22	-0.29	+0.07
Omega ratio Gain probability vs. loss probability	0.97	0.97	+0.01
Calmar ratio Return relative to maximum drawdown	-0.33	-0.39	+0.06
Martin ratio Return relative to average drawdown	-0.73	-0.83	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCI vs. IBIT - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.34, which is comparable to the IBIT Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of BTCI and IBIT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTCI	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.34	-0.40	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.35	-0.34

Correlation

The correlation between BTCI and IBIT is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BTCI vs. IBIT - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 43.61%, while IBIT has not paid dividends to shareholders.

	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	43.61%	36.46%	6.76%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%

Drawdowns

BTCI vs. IBIT - Drawdown Comparison

The maximum BTCI drawdown since its inception was -44.98%, smaller than the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for BTCI and IBIT.

Drawdown Indicators

	BTCI	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-44.98%	-49.36%	+4.38%
Max Drawdown (1Y) Largest decline over 1 year	-44.98%	-49.36%	+4.38%
Current Drawdown Current decline from peak	-41.07%	-46.11%	+5.04%
Average Drawdown Average peak-to-trough decline	-12.77%	-14.13%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.34%	23.09%	-2.75%

Volatility

BTCI vs. IBIT - Volatility Comparison

The current volatility for NEOS Bitcoin High Income ETF (BTCI) is 10.27%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 12.99%. This indicates that BTCI experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCI	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.27%	12.99%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	36.75%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	40.07%	45.42%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.41%	51.26%	-9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.41%	51.26%	-9.85%