BTOP vs. CETH

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) and 21shares Core Ethereum ETF (CETH).

BTOP and CETH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTOP is an actively managed fund by Bitwise. It was launched on Sep 29, 2023. CETH is a passively managed fund by 21Shares that tracks the performance of the CME CF Ether-Dollar Reference Rate. It was launched on Jul 22, 2024.

Performance

BTOP vs. CETH - 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 21shares Core Ethereum ETF (CETH). The values are adjusted to include any dividend payments, if applicable.

BTOP vs. CETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-1.53%	-15.87%	62.27%	41.71%
CETH 21shares Core Ethereum ETF	0.00%	0.00%	0.00%	0.00%

Returns By Period

BTOP

• 1D: -0.02%
• 1M: 1.80%
• YTD: -1.53%
• 6M: -18.59%
• 1Y: 12.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CETH

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTOP vs. CETH - Expense Ratio Comparison

BTOP has a 0.90% expense ratio, which is higher than CETH's 0.21% expense ratio.

BTOP

Bitwise Bitcoin And Ether Equal Weight Strategy ETF

CETH

21shares Core Ethereum ETF

Return for Risk

BTOP vs. CETH — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 23
BTOP Sharpe Ratio Rank: 23
BTOP Sortino Ratio Rank: 28
BTOP Omega Ratio Rank: 30
BTOP Calmar Ratio Rank: 20
BTOP Martin Ratio Rank: 16

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. CETH - 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 21shares Core Ethereum ETF (CETH). 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	CETH	Difference
Sharpe ratio Return per unit of total volatility	0.35	—	—
Sortino ratio Return per unit of downside risk	0.80	—	—
Omega ratio Gain probability vs. loss probability	1.12	—	—
Calmar ratio Return relative to maximum drawdown	0.34	—	—
Martin ratio Return relative to average drawdown	0.56	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BTOP	CETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	—	—

Dividends

BTOP vs. CETH - Dividend Comparison

BTOP's dividend yield for the trailing twelve months is around 2.42%, while CETH has not paid dividends to shareholders.

	TTM	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.42%	2.38%	59.44%	5.82%
CETH 21shares Core Ethereum ETF	0.00%	0.00%	0.00%	0.00%

Drawdowns

Volatility

Volatility by Period

	BTOP	CETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	36.50%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.21%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.21%	—	—