BTCW vs. DHS

Last updated Aug 2, 2026

BTCW (Wisdom Tree Bitcoin Fund) and DHS (WisdomTree US High Dividend Fund) are both exchange-traded funds - BTCW is a Cryptocurrency fund tracking the No Index (Physical Bitcoin), while DHS is a Large Cap Value Equities fund tracking the WisdomTree U.S. High Dividend Index. Both are passively managed. Over the past year, BTCW returned -44.53% vs 25.21% for DHS. Their 0.19 correlation means their historical movements had little consistent relationship. BTCW charges 0.25%/yr vs 0.38%/yr for DHS.

Performance

BTCW vs. DHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) and WisdomTree US High Dividend Fund (DHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCW achieves a -28.33% return, which is significantly lower than DHS's 16.66% return.

BTCW

• 1D: -2.95%
• 1M: 2.34%
• 6M: -25.06%
• YTD: -28.33%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.76%

DHS

• 1D: -0.37%
• 1M: 1.58%
• 6M: 9.76%
• YTD: 16.66%
• 1Y: 25.21%
• 3Y*: 16.49%
• 5Y*: 12.26%
• 10Y*: 9.68%
• ALL TIME*: 8.24%

*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)
BTCW Wisdom Tree Bitcoin Fund	$1.20M	$1.71M	$1.37M
DHS WisdomTree US High Dividend Fund	$5.32M	$3.61M	$2.98M

BTCW vs. DHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-28.33%	-6.05%	92.79%
DHS WisdomTree US High Dividend Fund	16.66%	12.87%	17.96%

Correlation

The correlation between BTCW and DHS is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.19

Return for Risk

BTCW vs. DHS — Risk / Return Rank

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

BTCW

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

DHS

DHS Risk / Return Rank: 91
DHS Sharpe Ratio Rank: 92
DHS Sortino Ratio Rank: 93
DHS Omega Ratio Rank: 90
DHS Calmar Ratio Rank: 91
DHS Martin Ratio Rank: 90

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.

BTCW vs. DHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and WisdomTree US High Dividend Fund (DHS). 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.

	BTCW	DHS	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	2.41	-3.46
Sortino ratio: Return per unit of downside risk	-1.59	3.61	-5.20
Omega ratio: Gain probability vs. loss probability	0.83	1.42	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.87	3.97	-4.84
Martin ratio: Return relative to average drawdown	-1.34	14.58	-15.92

BTCW vs. DHS - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -1.05, which is lower than the DHS Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of BTCW and DHS, 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

BTCW vs. DHS - Drawdown Comparison

The maximum BTCW drawdown since its inception was -53.37%, smaller than the maximum DHS drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for BTCW and DHS.

Drawdown Indicators

	BTCW	DHS	Difference
Max Drawdown Largest peak-to-trough decline	-53.37%	-67.25%	+13.88%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-6.30%	-47.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.35%	—
Current Drawdown Current decline from peak	-50.05%	-2.23%	-47.82%
Average Drawdown Average peak-to-trough decline	-18.19%	-9.48%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	1.71%	+32.92%

Volatility

BTCW vs. DHS - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) has a higher volatility of 9.16% compared to WisdomTree US High Dividend Fund (DHS) at 3.88%. This indicates that BTCW's price experiences larger fluctuations and is considered to be riskier than DHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	DHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	3.88%	+5.28%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	7.92%	+25.74%
Volatility (1Y) Calculated over the trailing 1-year period	44.25%	10.43%	+33.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.47%	13.91%	+35.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.47%	16.09%	+33.38%

BTCW vs. DHS - Expense Ratio Comparison

BTCW has a 0.25% expense ratio, which is lower than DHS's 0.38% expense ratio.

Dividends

BTCW vs. DHS - Dividend Comparison

BTCW has not paid dividends to shareholders, while DHS's dividend yield for the trailing twelve months is around 3.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DHS WisdomTree US High Dividend Fund	3.19%	3.32%	3.66%	4.31%	3.42%	3.29%	4.14%	3.69%	3.76%	3.00%	3.25%	3.53%

Frequently Asked Questions

Can I hold both BTCW and DHS in my portfolio?

BTCW and DHS have a correlation of 0.11, 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 DHS?

BTCW has higher volatility (9.16%) compared to DHS (3.88%). In terms of maximum drawdown, BTCW dropped -53.37% vs DHS's -67.25%.

Which ETF is better, BTCW or DHS?

On 1-year performance, DHS leads with 25.21% vs -44.53% for BTCW. On fees, BTCW is cheaper at 0.25% per year. On volatility, DHS has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or DHS?

Over the 1-year period, DHS has performed better with a 25.21% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or DHS?

BTCW is cheaper with a 0.25% expense ratio, compared with 0.38% for DHS.

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

DHS has the higher dividend yield at 3.19%, compared with 0.00% for BTCW.

What is the main difference between BTCW and DHS?

BTCW is categorized as Cryptocurrency, while DHS is Large Cap Value Equities. BTCW tracks No Index (Physical Bitcoin), while DHS tracks WisdomTree U.S. High Dividend Index. Their fees differ too: 0.25% for BTCW and 0.38% for DHS.

Which has better risk-adjusted returns?

DHS currently has the higher Sharpe Ratio (2.41 vs -1.05), 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.