BTCW vs. USFR

Last updated Jul 17, 2026

BTCW (Wisdom Tree Bitcoin Fund) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - BTCW is a Cryptocurrency fund managed by WisdomTree, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Over the past year, BTCW returned -46.38% vs 3.95% for USFR. At a correlation of -0.02, they often move in opposite directions. BTCW charges 0.30%/yr vs 0.15%/yr for USFR.

Performance

BTCW vs. USFR - Performance Comparison

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

Returns By Period

In the year-to-date period, BTCW achieves a -26.78% return, which is significantly lower than USFR's 2.07% return.

BTCW

• 1D: -1.08%
• 1M: -2.26%
• 6M: -32.70%
• YTD: -26.78%
• 1Y: -46.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.32%
• 6M: 1.92%
• YTD: 2.07%
• 1Y: 3.95%
• 3Y*: 4.70%
• 5Y*: 3.77%
• 10Y*: 2.50%

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

BTCW vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-26.78%	-6.05%	92.79%
USFR WisdomTree Floating Rate Treasury Fund	2.07%	4.23%	5.32%

Correlation

The correlation between BTCW and USFR is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.02

The correlation between BTCW and USFR shifts across timeframes, from -0.12 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTCW vs. USFR — 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: 1
BTCW Sortino Ratio Rank: 1
BTCW Omega Ratio Rank: 2
BTCW Calmar Ratio Rank: 2
BTCW Martin Ratio Rank: 2

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	14.73	-15.79
Sortino ratio: Return per unit of downside risk	-1.60	51.39	-52.99
Omega ratio: Gain probability vs. loss probability	0.82	14.02	-13.19
Calmar ratio: Return relative to maximum drawdown	-0.87	199.58	-200.45
Martin ratio: Return relative to average drawdown	-1.40	797.11	-798.51

BTCW vs. USFR - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -1.06, which is lower than the USFR Sharpe Ratio of 14.73. The chart below compares the historical Sharpe Ratios of BTCW and USFR, 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. USFR - Drawdown Comparison

The maximum BTCW drawdown since its inception was -53.37%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BTCW and USFR.

Drawdown Indicators

	BTCW	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-53.37%	-1.36%	-52.01%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-0.02%	-53.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-48.96%	0.00%	-48.96%
Average Drawdown Average peak-to-trough decline	-17.65%	-0.15%	-17.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.11%	0.00%	+33.11%

Volatility

BTCW vs. USFR - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) has a higher volatility of 10.75% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.07%. This indicates that BTCW's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.75%	0.07%	+10.68%
Volatility (6M) Calculated over the trailing 6-month period	34.69%	0.19%	+34.50%
Volatility (1Y) Calculated over the trailing 1-year period	44.16%	0.27%	+43.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.79%	0.39%	+49.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.79%	0.77%	+49.02%

BTCW vs. USFR - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

BTCW vs. USFR - Dividend Comparison

BTCW has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.83%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both BTCW and USFR in my portfolio?

BTCW and USFR have a correlation of -0.12, 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 USFR?

BTCW has higher volatility (10.75%) compared to USFR (0.07%). In terms of maximum drawdown, BTCW dropped -53.37% vs USFR's -1.36%.

Which ETF is better, BTCW or USFR?

On 1-year performance, USFR leads with 3.95% vs -46.38% for BTCW. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or USFR?

Over the 1-year period, USFR has performed better with a 3.95% return vs -46.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.30% for BTCW.

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

USFR has the higher dividend yield at 3.83%, compared with 0.00% for BTCW.

What is the main difference between BTCW and USFR?

BTCW is categorized as Cryptocurrency, while USFR is Government Bonds. Their fees differ too: 0.30% for BTCW and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.73 vs -1.06), 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.