BTCW vs. ETHW

Last updated Jun 24, 2026

BTCW (Wisdom Tree Bitcoin Fund) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. Over the past year, BTCW returned -39.83% vs -28.49% for ETHW. Their correlation of 0.82 suggests significant overlap in exposure. BTCW charges 0.30%/yr vs 0.20%/yr for ETHW.

Performance

BTCW vs. ETHW - Performance Comparison

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

Returns By Period

In the year-to-date period, BTCW achieves a -28.98% return, which is significantly higher than ETHW's -44.19% return.

BTCW

• 1D: -3.29%
• 1M: -17.89%
• YTD: -28.98%
• 6M: -29.03%
• 1Y: -39.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHW

• 1D: -4.27%
• 1M: -19.58%
• YTD: -44.19%
• 6M: -44.14%
• 1Y: -28.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCW vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-28.98%	-6.05%	36.01%
ETHW Bitwise Ethereum ETF	-44.19%	-11.26%	-4.77%

Correlation

The correlation between BTCW and ETHW is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between BTCW and ETHW has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

BTCW vs. ETHW — 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

ETHW

ETHW Risk / Return Rank: 6
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 6
ETHW 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. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.41	-0.49
Sortino ratio: Return per unit of downside risk	-1.26	-0.21	-1.06
Omega ratio: Gain probability vs. loss probability	0.86	0.98	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.42	-0.34
Martin ratio: Return relative to average drawdown	-1.31	-0.71	-0.60

BTCW vs. ETHW - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -0.91, which is lower than the ETHW Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of BTCW and ETHW, 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. ETHW - Drawdown Comparison

The maximum BTCW drawdown since its inception was -52.10%, smaller than the maximum ETHW drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for BTCW and ETHW.

Drawdown Indicators

	BTCW	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-52.10%	-67.57%	+15.47%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-67.57%	+15.47%
Current Drawdown Current decline from peak	-50.50%	-65.78%	+15.28%
Average Drawdown Average peak-to-trough decline	-16.79%	-33.64%	+16.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	40.41%	-9.87%

Volatility

BTCW vs. ETHW - Volatility Comparison

The current volatility for Wisdom Tree Bitcoin Fund (BTCW) is 13.13%, while Bitwise Ethereum ETF (ETHW) has a volatility of 20.02%. This indicates that BTCW experiences smaller price fluctuations and is considered to be less risky than ETHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.13%	20.02%	-6.89%
Volatility (6M) Calculated over the trailing 6-month period	34.47%	47.05%	-12.58%
Volatility (1Y) Calculated over the trailing 1-year period	44.10%	69.07%	-24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.09%	72.28%	-22.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.09%	72.28%	-22.19%

BTCW vs. ETHW - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

BTCW vs. ETHW - Dividend Comparison

Neither BTCW nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCW and ETHW in my portfolio?

BTCW and ETHW have a correlation of 0.89, 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 ETHW?

ETHW has higher volatility (20.02%) compared to BTCW (13.13%). In terms of maximum drawdown, BTCW dropped -52.10% vs ETHW's -67.57%.

Which ETF is better, BTCW or ETHW?

On 1-year performance, ETHW leads with -28.49% vs -39.83% for BTCW. On fees, ETHW is cheaper at 0.20% per year. On volatility, BTCW has been the lower-risk option at 13.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or ETHW?

Over the 1-year period, ETHW has performed better with a -28.49% return vs -39.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.30% for BTCW.

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

BTCW and ETHW have nearly identical dividend yields, around 0.00%.

What is the main difference between BTCW and ETHW?

They also come from different issuers: WisdomTree and Bitwise. Their fees differ too: 0.30% for BTCW and 0.20% for ETHW.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.41 vs -0.91), 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.