BTF vs. ETHW

Last updated Jun 24, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTF returned -36.03% vs -28.49% for ETHW. With a 0.97 correlation, they move nearly in lockstep. BTF charges 1.24%/yr vs 0.20%/yr for ETHW.

Performance

BTF vs. ETHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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, BTF achieves a -37.72% return, which is significantly higher than ETHW's -44.19% return.

BTF

• 1D: -3.72%
• 1M: -18.83%
• YTD: -37.72%
• 6M: -37.84%
• 1Y: -36.03%
• 3Y*: 5.96%
• 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)

BTF vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTF Valkyrie Bitcoin and Ether Strategy ETF	-37.72%	-12.44%	10.66%
ETHW Bitwise Ethereum ETF	-44.19%	-11.26%	-4.77%

Correlation

The correlation between BTF and ETHW is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.97

The correlation between BTF and ETHW has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

BTF vs. ETHW — 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

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.

BTF vs. ETHW - Risk-Adjusted Trends Comparison

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

	BTF	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.41	-0.24
Sortino ratio: Return per unit of downside risk	-0.75	-0.21	-0.54
Omega ratio: Gain probability vs. loss probability	0.92	0.98	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.59	-0.42	-0.17
Martin ratio: Return relative to average drawdown	-1.01	-0.71	-0.30

BTF vs. ETHW - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.66, which is lower than the ETHW Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of BTF 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

BTF vs. ETHW - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than ETHW's maximum drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for BTF and ETHW.

Drawdown Indicators

	BTF	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-67.57%	-9.93%
Max Drawdown (1Y) Largest decline over 1 year	-60.85%	-67.57%	+6.72%
Max Drawdown (3Y) Largest decline over 3 years	-60.85%	—	—
Current Drawdown Current decline from peak	-59.27%	-65.78%	+6.51%
Average Drawdown Average peak-to-trough decline	-39.85%	-33.64%	-6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.81%	40.41%	-4.60%

Volatility

BTF vs. ETHW - Volatility Comparison

The current volatility for Valkyrie Bitcoin and Ether Strategy ETF (BTF) is 15.71%, while Bitwise Ethereum ETF (ETHW) has a volatility of 20.02%. This indicates that BTF 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

	BTF	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.71%	20.02%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	39.94%	47.05%	-7.11%
Volatility (1Y) Calculated over the trailing 1-year period	55.04%	69.07%	-14.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.48%	72.28%	-13.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.48%	72.28%	-13.80%

BTF vs. ETHW - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

BTF vs. ETHW - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 233.68%, while ETHW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	233.68%	146.05%	52.96%	15.98%
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTF and ETHW in my portfolio?

With a correlation of 0.98, BTF and ETHW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTF or ETHW?

ETHW has higher volatility (20.02%) compared to BTF (15.71%). In terms of maximum drawdown, BTF dropped -77.50% vs ETHW's -67.57%.

Which ETF is better, BTF or ETHW?

On 1-year performance, ETHW leads with -28.49% vs -36.03% for BTF. On fees, ETHW is cheaper at 0.20% per year. On volatility, BTF has been the lower-risk option at 15.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or ETHW?

Over the 1-year period, ETHW has performed better with a -28.49% return vs -36.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 233.68%, compared with 0.00% for ETHW.

What is the main difference between BTF and ETHW?

They also come from different issuers: Valkyrie and Bitwise. Their fees differ too: 1.24% for BTF and 0.20% for ETHW.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.41 vs -0.66), 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.