BTF vs. QQQ

Last updated Jul 18, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - BTF is a Cryptocurrency fund actively managed by Valkyrie, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. BTF is actively managed, while QQQ is passively managed. Over the past 3 years, BTF returned 10.44%/yr vs 22.41%/yr for QQQ. At a 0.45 correlation, their price movements are largely independent. BTF charges 1.24%/yr vs 0.18%/yr for QQQ.

Performance

BTF vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, BTF achieves a -33.44% return, which is significantly lower than QQQ's 13.46% return.

BTF

• 1D: -0.92%
• 1M: 3.02%
• 6M: -39.37%
• YTD: -33.44%
• 1Y: -47.42%
• 3Y*: 10.44%
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -1.50%
• 1M: -3.66%
• 6M: 12.19%
• YTD: 13.46%
• 1Y: 24.36%
• 3Y*: 22.41%
• 5Y*: 14.91%
• 10Y*: 20.87%

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

BTF vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTF Valkyrie Bitcoin and Ether Strategy ETF	-33.44%	-12.44%	67.60%	136.86%	-63.05%	-29.84%
QQQ Invesco QQQ ETF	13.46%	20.77%	25.58%	54.86%	-32.58%	5.59%

Correlation

The correlation between BTF and QQQ is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 22, 2021	0.45

The correlation between BTF and QQQ has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

Return for Risk

BTF vs. QQQ — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 3
BTF Sharpe Ratio Rank: 2
BTF Sortino Ratio Rank: 3
BTF Omega Ratio Rank: 3
BTF Calmar Ratio Rank: 3
BTF Martin Ratio Rank: 3

QQQ

QQQ Risk / Return Rank: 47
QQQ Sharpe Ratio Rank: 46
QQQ Sortino Ratio Rank: 42
QQQ Omega Ratio Rank: 43
QQQ Calmar Ratio Rank: 50
QQQ Martin Ratio Rank: 53

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.31	-2.18
Sortino ratio: Return per unit of downside risk	-1.24	1.81	-3.06
Omega ratio: Gain probability vs. loss probability	0.86	1.23	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.77	2.05	-2.82
Martin ratio: Return relative to average drawdown	-1.22	7.20	-8.42

BTF vs. QQQ - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.87, which is lower than the QQQ Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of BTF and QQQ, 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. QQQ - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for BTF and QQQ.

Drawdown Indicators

	BTF	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-82.97%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-11.96%	-49.59%
Max Drawdown (3Y) Largest decline over 3 years	-61.55%	-22.77%	-38.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-56.47%	-6.71%	-49.76%
Average Drawdown Average peak-to-trough decline	-40.11%	-32.65%	-7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.91%	3.39%	+35.52%

Volatility

BTF vs. QQQ - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 12.50% compared to Invesco QQQ ETF (QQQ) at 7.45%. This indicates that BTF's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTF	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	7.45%	+5.05%
Volatility (6M) Calculated over the trailing 6-month period	39.96%	15.55%	+24.41%
Volatility (1Y) Calculated over the trailing 1-year period	54.41%	18.75%	+35.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.28%	22.81%	+35.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.28%	22.45%	+35.83%

BTF vs. QQQ - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

BTF vs. QQQ - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 218.65%, more than QQQ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTF Valkyrie Bitcoin and Ether Strategy ETF	218.65%	146.05%	52.96%	15.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.44%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both BTF and QQQ in my portfolio?

BTF and QQQ have a correlation of 0.51, 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 QQQ?

BTF has higher volatility (12.50%) compared to QQQ (7.45%). In terms of maximum drawdown, BTF dropped -77.50% vs QQQ's -82.97%.

Which ETF is better, BTF or QQQ?

On 3-year performance, QQQ leads with 22.41% vs 10.44% for BTF. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or QQQ?

Over the 3-year period, QQQ has performed better with a 22.41% return vs 10.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 218.65%, compared with 0.44% for QQQ.

What is the main difference between BTF and QQQ?

BTF is categorized as Cryptocurrency, while QQQ is Nasdaq-100. They also come from different issuers: Valkyrie and Invesco. Their fees differ too: 1.24% for BTF and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.31 vs -0.87), 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.