BTCW vs. BTOP

Last updated Jun 4, 2026

BTCW (Wisdom Tree Bitcoin Fund) and BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) are both Cryptocurrency funds. Over the past year, BTCW returned -38.63% vs -10.58% for BTOP. A 0.73 correlation means they provide meaningful diversification when combined. BTCW charges 0.30%/yr vs 0.90%/yr for BTOP.

Performance

BTCW vs. BTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCW achieves a -25.39% return, which is significantly lower than BTOP's -0.19% return.

BTCW

• 1D: -2.62%
• 1M: -18.38%
• YTD: -25.39%
• 6M: -29.81%
• 1Y: -38.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTOP

• 1D: 0.00%
• 1M: -7.13%
• YTD: -0.19%
• 6M: -7.39%
• 1Y: -10.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCW vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-25.39%	-6.05%	100.00%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-0.19%	-15.87%	47.28%

Correlation

The correlation between BTCW and BTOP is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.73

The correlation between BTCW and BTOP shifts across timeframes, from 0.55 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTCW vs. BTOP — Risk / Return Rank

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

BTCW

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

BTOP

BTOP Risk / Return Rank: 5
BTOP Sharpe Ratio Rank: 5
BTOP Sortino Ratio Rank: 5
BTOP Omega Ratio Rank: 5
BTOP Calmar Ratio Rank: 5
BTOP 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.

BTCW vs. BTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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.

	BTCW	BTOP	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.42	-0.47
Sortino ratio: Return per unit of downside risk	-1.23	-0.41	-0.82
Omega ratio: Gain probability vs. loss probability	0.86	0.94	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.44	-0.35
Martin ratio: Return relative to average drawdown	-1.36	-0.63	-0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCW vs. BTOP - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -0.89, which is lower than the BTOP Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of BTCW and BTOP, 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

	BTCW	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.42	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.61	-0.31

Drawdowns

BTCW vs. BTOP - Drawdown Comparison

The maximum BTCW drawdown since its inception was -49.29%, which is greater than BTOP's maximum drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for BTCW and BTOP.

Drawdown Indicators

	BTCW	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-49.29%	-43.37%	-5.92%
Max Drawdown (1Y) Largest decline over 1 year	-49.29%	-31.35%	-17.94%
Current Drawdown Current decline from peak	-47.99%	-29.59%	-18.40%
Average Drawdown Average peak-to-trough decline	-15.99%	-19.28%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.40%	21.91%	+6.49%

Volatility

BTCW vs. BTOP - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) has a higher volatility of 9.48% compared to Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) at 7.72%. This indicates that BTCW's price experiences larger fluctuations and is considered to be riskier than BTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	7.72%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	34.25%	23.63%	+10.62%
Volatility (1Y) Calculated over the trailing 1-year period	43.53%	32.72%	+10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.10%	46.22%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.10%	46.22%	+3.88%

BTCW vs. BTOP - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is lower than BTOP's 0.90% expense ratio.

Dividends

BTCW vs. BTOP - Dividend Comparison

BTCW has not paid dividends to shareholders, while BTOP's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025	2024	2023
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%	0.00%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%

Frequently Asked Questions

Can I hold both BTCW and BTOP in my portfolio?

BTCW and BTOP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCW or BTOP?

BTCW has higher volatility (9.48%) compared to BTOP (7.72%). In terms of maximum drawdown, BTCW dropped -49.29% vs BTOP's -43.37%.

Which ETF is better, BTCW or BTOP?

On 1-year performance, BTOP leads with -10.58% vs -38.63% for BTCW. On fees, BTCW is cheaper at 0.30% per year. On volatility, BTOP has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or BTOP?

Over the 1-year period, BTOP has performed better with a -10.58% return vs -38.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or BTOP?

BTCW is cheaper with a 0.30% expense ratio, compared with 0.90% for BTOP.

Which ETF pays a higher dividend yield, BTCW or BTOP?

BTOP has the higher dividend yield at 2.39%, compared with 0.00% for BTCW.

What is the main difference between BTCW and BTOP?

They also come from different issuers: WisdomTree and Bitwise. Their fees differ too: 0.30% for BTCW and 0.90% for BTOP.

Which has better risk-adjusted returns?

BTOP currently has the higher Sharpe Ratio (-0.42 vs -0.89), 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.