BTCX-B.TO vs. BITC

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. Over the past 3 years, BTCX-B.TO returned 34.38%/yr vs 37.41%/yr for BITC. A 0.74 correlation means they provide meaningful diversification when combined. BTCX-B.TO charges 0.80%/yr vs 0.88%/yr for BITC.

Performance

BTCX-B.TO vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCX-B.TO is traded in CAD, while BITC is traded in USD. To make them comparable, the BITC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -24.79% return, which is significantly lower than BITC's 7.90% return.

BTCX-B.TO

• 1D: -2.37%
• 1M: -16.88%
• YTD: -24.79%
• 6M: -30.42%
• 1Y: -38.32%
• 3Y*: 34.38%
• 5Y*: 14.29%
• 10Y*: —

BITC

• 1D: 0.00%
• 1M: -2.79%
• YTD: 7.90%
• 6M: -2.00%
• 1Y: -14.35%
• 3Y*: 37.41%
• 5Y*: —
• 10Y*: —

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

BTCX-B.TO vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.79%	-11.32%	139.01%	43.50%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	7.90%	-24.10%	114.85%	37.42%

Correlation

The correlation between BTCX-B.TO and BITC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.74

Over the past year, the correlation between BTCX-B.TO and BITC has dropped to 0.48 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

BTCX-B.TO vs. BITC — Risk / Return Rank

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

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 2

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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.

BTCX-B.TO vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	BTCX-B.TO	BITC	Difference
Sharpe ratio Return per unit of total volatility	-0.90	-0.56	-0.34
Sortino ratio Return per unit of downside risk	-1.24	-0.66	-0.58
Omega ratio Gain probability vs. loss probability	0.86	0.91	-0.05
Calmar ratio Return relative to maximum drawdown	-0.76	-0.52	-0.24
Martin ratio Return relative to average drawdown	-1.32	-0.79	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCX-B.TO vs. BITC - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the BITC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and BITC, 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

	BTCX-B.TO	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.56	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.69	-0.61

Drawdowns

BTCX-B.TO vs. BITC - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than BITC's maximum drawdown of -38.06%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and BITC.

Drawdown Indicators

	BTCX-B.TO	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-38.06%	-37.20%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-27.80%	-22.61%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-38.06%	-12.35%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	—	—
Current Drawdown Current decline from peak	-48.50%	-28.89%	-19.61%
Average Drawdown Average peak-to-trough decline	-32.95%	-16.91%	-16.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	18.18%	+10.90%

Volatility

BTCX-B.TO vs. BITC - Volatility Comparison

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.34%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	6.34%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	20.51%	+13.45%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	25.66%	+17.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	46.59%	+7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	46.59%	+8.40%

BTCX-B.TO vs. BITC - Expense Ratio Comparison

BTCX-B.TO has a 0.80% expense ratio, which is lower than BITC's 0.88% expense ratio.

Dividends

BTCX-B.TO vs. BITC - Dividend Comparison

BTCX-B.TO has not paid dividends to shareholders, while BITC's dividend yield for the trailing twelve months is around 3.14%.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCX-B.TO and BITC in my portfolio?

BTCX-B.TO and BITC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCX-B.TO or BITC?

On fees, BTCX-B.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCX-B.TO or BITC?

BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 0.88% for BITC.

What is the main difference between BTCX-B.TO and BITC?

They also come from different issuers: CI Global Asset Management and Bitwise. Their fees differ too: 0.80% for BTCX-B.TO and 0.88% for BITC.