BTOP vs. BTC-USD
BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) is Cryptocurrency fund actively managed by Bitwise, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, BTOP returned -10.58% vs -40.02% for BTC-USD. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
BTOP vs. BTC-USD - 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 BTC-USD's -27.71% return.
BTOP
- 1D
- 0.00%
- 1M
- -7.13%
- YTD
- -0.19%
- 6M
- -7.39%
- 1Y
- -10.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -5.18%
- 1M
- -20.79%
- YTD
- -27.71%
- 6M
- -32.32%
- 1Y
- -40.02%
- 3Y*
- 32.61%
- 5Y*
- 11.41%
- 10Y*
- 60.00%
BTOP vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | -0.19% | -15.87% | 62.27% | 41.71% |
BTC-USD Bitcoin | -27.71% | -6.27% | 120.76% | 53.75% |
Correlation
The correlation between BTOP and BTC-USD is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023 | 0.54 |
The correlation between BTOP and BTC-USD shifts across timeframes, from 0.42 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTOP vs. BTC-USD — Risk / Return Rank
BTOP
BTC-USD
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 ratioReturn per unit of total volatility | -0.42 | -0.93 | +0.51 |
Sortino ratioReturn per unit of downside risk | -0.41 | -1.31 | +0.90 |
Omega ratioGain probability vs. loss probability | 0.94 | 0.87 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | -0.44 | -0.81 | +0.37 |
Martin ratioReturn relative to average drawdown | -0.63 | -1.42 | +0.79 |
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 | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.42 | -0.93 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 1.13 | -0.52 |
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.
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Drawdown Indicators
| BTOP | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | — | -49.65% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -29.59% | -49.29% | +19.70% |
Average DrawdownAverage peak-to-trough decline | -19.28% | -42.27% | +22.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.91% | 33.73% | -11.82% |
Volatility
BTOP vs. BTC-USD - Volatility Comparison
The current volatility for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) is 7.72%, while Bitcoin (BTC-USD) has a volatility of 10.81%. 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.
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Volatility by Period
| BTOP | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 10.81% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 23.63% | 34.33% | -10.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.72% | 35.60% | -2.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.22% | 45.05% | +1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.22% | 56.69% | -10.47% |
Frequently Asked Questions
BTOP and BTC-USD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (10.81%) compared to BTOP (7.72%). In terms of maximum drawdown, BTOP dropped -43.37% vs BTC-USD's -85.30%.
BTOP currently has the higher Sharpe Ratio (-0.42 vs -0.93), 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.
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