BTOP vs. BTC-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) and Bitcoin (BTC-USD).

BTOP is an actively managed fund by Bitwise. It was launched on Sep 29, 2023.

Performance

BTOP vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

BTOP vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-1.48%	-15.87%	62.27%	41.71%
BTC-USD Bitcoin	-23.70%	-6.27%	120.76%	53.75%

Returns By Period

In the year-to-date period, BTOP achieves a -1.48% return, which is significantly higher than BTC-USD's -23.70% return.

BTOP

• 1D: 0.05%
• 1M: 1.87%
• YTD: -1.48%
• 6M: -18.56%
• 1Y: 12.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

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

Return for Risk

BTOP vs. BTC-USD — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 21
BTOP Sharpe Ratio Rank: 20
BTOP Sortino Ratio Rank: 25
BTOP Omega Ratio Rank: 27
BTOP Calmar Ratio Rank: 18
BTOP Martin Ratio Rank: 15

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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.

BTOP vs. BTC-USD - 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 Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	0.36	-0.43	+0.79
Sortino ratio Return per unit of downside risk	0.80	-0.36	+1.17
Omega ratio Gain probability vs. loss probability	1.12	0.96	+0.16
Calmar ratio Return relative to maximum drawdown	0.41	-1.14	+1.55
Martin ratio Return relative to average drawdown	0.67	-2.03	+2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTOP vs. BTC-USD - Sharpe Ratio Comparison

The current BTOP Sharpe Ratio is 0.36, which is higher than the BTC-USD Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of BTOP and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTOP	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	-0.43	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.18	-0.55

Correlation

The correlation between BTOP and BTC-USD is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

BTOP vs. BTC-USD - Drawdown Comparison

The maximum BTOP drawdown since its inception was -43.37%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BTOP and BTC-USD.

Drawdown Indicators

	BTOP	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-43.37%	-85.30%	+41.93%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	-49.65%	+18.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-30.49%	-46.47%	+15.98%
Average Drawdown Average peak-to-trough decline	-18.79%	-42.00%	+23.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.41%	27.75%	-8.34%

Volatility

BTOP vs. BTC-USD - Volatility Comparison

The current volatility for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) is 12.80%, while Bitcoin (BTC-USD) has a volatility of 13.70%. This indicates that BTOP experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTOP	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.80%	13.70%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	23.92%	35.96%	-12.04%
Volatility (1Y) Calculated over the trailing 1-year period	36.45%	36.69%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.13%	46.91%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.13%	56.71%	-9.58%