BTCW vs. NTSX

Last updated Aug 2, 2026

BTCW (Wisdom Tree Bitcoin Fund) and NTSX (WisdomTree U.S. Efficient Core Fund) are both exchange-traded funds - BTCW is a Cryptocurrency fund tracking the No Index (Physical Bitcoin), while NTSX is a Diversified Portfolio fund actively managed by WisdomTree. BTCW is passively managed, while NTSX is actively managed. Over the past year, BTCW returned -44.53% vs 17.51% for NTSX. Their 0.37 correlation means their historical movements had little consistent relationship. BTCW charges 0.25%/yr vs 0.20%/yr for NTSX.

Performance

BTCW vs. NTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) and WisdomTree U.S. Efficient Core Fund (NTSX). 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 NTSX's 7.28% return.

BTCW

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

NTSX

• 1D: 0.71%
• 1M: -0.51%
• 6M: 6.45%
• YTD: 7.28%
• 1Y: 17.51%
• 3Y*: 16.97%
• 5Y*: 8.15%
• 10Y*: —
• ALL TIME*: 12.63%

*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
NTSX WisdomTree U.S. Efficient Core Fund	$1.95M	$1.79M	$2.60M

BTCW vs. NTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-28.33%	-6.05%	92.79%
NTSX WisdomTree U.S. Efficient Core Fund	7.28%	18.82%	19.93%

Correlation

The correlation between BTCW and NTSX is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.37

Return for Risk

BTCW vs. NTSX — 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

NTSX

NTSX Risk / Return Rank: 52
NTSX Sharpe Ratio Rank: 51
NTSX Sortino Ratio Rank: 48
NTSX Omega Ratio Rank: 49
NTSX Calmar Ratio Rank: 50
NTSX Martin Ratio Rank: 61

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. NTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and WisdomTree U.S. Efficient Core Fund (NTSX). 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	NTSX	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.24	-2.29
Sortino ratio: Return per unit of downside risk	-1.59	1.74	-3.33
Omega ratio: Gain probability vs. loss probability	0.83	1.22	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.87	1.79	-2.67
Martin ratio: Return relative to average drawdown	-1.34	7.28	-8.62

BTCW vs. NTSX - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -1.05, which is lower than the NTSX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of BTCW and NTSX, 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. NTSX - Drawdown Comparison

The maximum BTCW drawdown since its inception was -53.37%, which is greater than NTSX's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for BTCW and NTSX.

Drawdown Indicators

	BTCW	NTSX	Difference
Max Drawdown Largest peak-to-trough decline	-53.37%	-31.34%	-22.03%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-9.16%	-44.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.34%	—
Current Drawdown Current decline from peak	-50.05%	-2.27%	-47.78%
Average Drawdown Average peak-to-trough decline	-18.19%	-6.70%	-11.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	2.26%	+32.37%

Volatility

BTCW vs. NTSX - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) has a higher volatility of 9.16% compared to WisdomTree U.S. Efficient Core Fund (NTSX) at 3.82%. This indicates that BTCW's price experiences larger fluctuations and is considered to be riskier than NTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	NTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	3.82%	+5.34%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	10.74%	+22.92%
Volatility (1Y) Calculated over the trailing 1-year period	44.25%	13.29%	+30.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.47%	17.20%	+32.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.47%	18.22%	+31.25%

BTCW vs. NTSX - Expense Ratio Comparison

BTCW has a 0.25% expense ratio, which is higher than NTSX's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BTCW vs. NTSX - Dividend Comparison

BTCW has not paid dividends to shareholders, while NTSX's dividend yield for the trailing twelve months is around 1.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NTSX WisdomTree U.S. Efficient Core Fund	1.10%	1.14%	1.14%	1.21%	1.36%	0.82%	0.92%	1.42%	0.62%

Frequently Asked Questions

Can I hold both BTCW and NTSX in my portfolio?

BTCW and NTSX have a correlation of 0.46, 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 NTSX?

BTCW has higher volatility (9.16%) compared to NTSX (3.82%). In terms of maximum drawdown, BTCW dropped -53.37% vs NTSX's -31.34%.

Which ETF is better, BTCW or NTSX?

On 1-year performance, NTSX leads with 17.51% vs -44.53% for BTCW. On fees, NTSX is cheaper at 0.20% per year. On volatility, NTSX has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or NTSX?

Over the 1-year period, NTSX has performed better with a 17.51% 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 NTSX?

NTSX is cheaper with a 0.20% expense ratio, compared with 0.25% for BTCW.

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

NTSX has the higher dividend yield at 1.10%, compared with 0.00% for BTCW.

What is the main difference between BTCW and NTSX?

BTCW is categorized as Cryptocurrency, while NTSX is Diversified Portfolio. Their fees differ too: 0.25% for BTCW and 0.20% for NTSX.

Which has better risk-adjusted returns?

NTSX currently has the higher Sharpe Ratio (1.24 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.