BTOP vs. BFOC
BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and BFOC (FT Vest Bitcoin Strategy Floor15 ETF - October) are both exchange-traded funds - BTOP is a Cryptocurrency fund actively managed by Bitwise, while BFOC is a Defined Outcome fund actively managed by First Trust. Both are actively managed. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.90% expense ratio.
Performance
BTOP vs. BFOC - Performance Comparison
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Returns By Period
In the year-to-date period, BTOP achieves a -0.19% return, which is significantly higher than BFOC's -7.39% return.
BTOP
- 1D
- 0.00%
- 1M
- -7.13%
- YTD
- -0.19%
- 6M
- -7.39%
- 1Y
- -10.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BFOC
- 1D
- -0.24%
- 1M
- -2.82%
- YTD
- -7.39%
- 6M
- -9.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTOP vs. BFOC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | -0.19% | -17.31% |
BFOC FT Vest Bitcoin Strategy Floor15 ETF - October | -7.39% | -9.76% |
Correlation
The correlation between BTOP and BFOC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.46 |
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Return for Risk
BTOP vs. BFOC — Risk / Return Rank
BTOP
BFOC
BTOP vs. BFOC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) and FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC). 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.
| BTOP | BFOC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.94 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | — | — |
| Martin ratioReturn relative to average drawdown | -0.63 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTOP | BFOC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | -1.88 | +2.49 |
Drawdowns
BTOP vs. BFOC - Drawdown Comparison
The maximum BTOP drawdown since its inception was -43.37%, which is greater than BFOC's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for BTOP and BFOC.
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Drawdown Indicators
| BTOP | BFOC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.37% | -18.20% | -25.17% |
Max Drawdown (1Y)Largest decline over 1 year | -31.35% | — | — |
Current DrawdownCurrent decline from peak | -29.59% | -18.20% | -11.39% |
Average DrawdownAverage peak-to-trough decline | -19.28% | -12.52% | -6.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.91% | — | — |
Volatility
BTOP vs. BFOC - Volatility Comparison
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Volatility by Period
| BTOP | BFOC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 23.63% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 32.72% | 12.61% | +20.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.22% | 12.61% | +33.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.22% | 12.61% | +33.61% |
BTOP vs. BFOC - Expense Ratio Comparison
Both BTOP and BFOC have an expense ratio of 0.90%.
Dividends
BTOP vs. BFOC - Dividend Comparison
BTOP's dividend yield for the trailing twelve months is around 2.39%, while BFOC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BFOC FT Vest Bitcoin Strategy Floor15 ETF - October | 0.00% | 0.00% | 0.00% | 0.00% |
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | 2.39% | 2.38% | 59.44% | 5.82% |
Frequently Asked Questions
BTOP and BFOC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.90% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
BTOP and BFOC have the same expense ratio: 0.90% per year.
BTOP has the higher dividend yield at 2.39%, compared with 0.00% for BFOC.
BTOP is categorized as Cryptocurrency, while BFOC is Defined Outcome. They also come from different issuers: Bitwise and First Trust.
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