BTF vs. BITC

Last updated Jun 3, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BTF returned 14.70%/yr vs 36.02%/yr for BITC. A 0.80 correlation means they provide meaningful diversification when combined. BTF charges 1.24%/yr vs 0.88%/yr for BITC.

Performance

BTF vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTF achieves a -30.57% return, which is significantly lower than BITC's 6.98% return.

BTF

• 1D: -5.41%
• 1M: -16.05%
• YTD: -30.57%
• 6M: -32.41%
• 1Y: -32.30%
• 3Y*: 14.70%
• 5Y*: —
• 10Y*: —

BITC

• 1D: 0.04%
• 1M: -2.30%
• YTD: 6.98%
• 6M: -1.16%
• 1Y: -15.15%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

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

BTF vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	-30.57%	-12.44%	67.60%	40.92%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	97.86%	42.29%

Correlation

The correlation between BTF and BITC is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.80

Over the past year, the correlation between BTF and BITC has dropped to 0.53 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

BTF vs. BITC — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 4
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 4
BTF Martin Ratio Rank: 4

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.

BTF vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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.

	BTF	BITC	Difference
Sharpe ratio Return per unit of total volatility	-0.60	-0.60	0.00
Sortino ratio Return per unit of downside risk	-0.63	-0.72	+0.09
Omega ratio Gain probability vs. loss probability	0.93	0.89	+0.04
Calmar ratio Return relative to maximum drawdown	-0.59	-0.58	-0.02
Martin ratio Return relative to average drawdown	-0.99	-0.83	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTF vs. BITC - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.60, which is comparable to the BITC Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of BTF 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

	BTF	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	-0.60	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.68	-0.83

Drawdowns

BTF vs. BITC - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for BTF and BITC.

Drawdown Indicators

	BTF	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-38.51%	-38.99%
Max Drawdown (1Y) Largest decline over 1 year	-55.75%	-26.51%	-29.24%
Max Drawdown (3Y) Largest decline over 3 years	-55.75%	-38.51%	-17.24%
Current Drawdown Current decline from peak	-54.59%	-26.48%	-28.11%
Average Drawdown Average peak-to-trough decline	-39.64%	-16.36%	-23.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.13%	18.32%	+14.81%

Volatility

BTF vs. BITC - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 9.46% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.79%. This indicates that BTF'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

	BTF	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	6.79%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	39.97%	19.98%	+19.99%
Volatility (1Y) Calculated over the trailing 1-year period	54.18%	25.54%	+28.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.42%	46.68%	+11.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.42%	46.68%	+11.74%

BTF vs. BITC - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than BITC's 0.88% expense ratio.

Dividends

BTF vs. BITC - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 209.94%, more than BITC's 3.14% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
BTF Valkyrie Bitcoin and Ether Strategy ETF	209.94%	146.05%	52.96%	15.98%

Frequently Asked Questions

Can I hold both BTF and BITC in my portfolio?

BTF and BITC have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTF or BITC?

BTF has higher volatility (9.46%) compared to BITC (6.79%). In terms of maximum drawdown, BTF dropped -77.50% vs BITC's -38.51%.

Which ETF is better, BTF or BITC?

On 3-year performance, BITC leads with 36.02% vs 14.70% for BTF. On fees, BITC is cheaper at 0.88% per year. On volatility, BITC has been the lower-risk option at 6.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or BITC?

Over the 3-year period, BITC has performed better with a 36.02% return vs 14.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or BITC?

BITC is cheaper with a 0.88% expense ratio, compared with 1.24% for BTF.

Which ETF pays a higher dividend yield, BTF or BITC?

BTF has the higher dividend yield at 209.94%, compared with 3.14% for BITC.

What is the main difference between BTF and BITC?

They also come from different issuers: Valkyrie and Bitwise. Their fees differ too: 1.24% for BTF and 0.88% for BITC.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.60 vs -0.60), 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.