BTOP vs. IBHE
BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both exchange-traded funds - BTOP is a Cryptocurrency fund actively managed by Bitwise, while IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index. BTOP is actively managed, while IBHE is passively managed. Over the past year, BTOP returned -10.58% vs 2.31% for IBHE. At a 0.14 correlation, their price movements are largely independent. BTOP charges 0.90%/yr vs 0.35%/yr for IBHE.
Performance
BTOP vs. IBHE - Performance Comparison
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Returns By Period
BTOP
- 1D
- 0.00%
- 1M
- -7.13%
- YTD
- -0.19%
- 6M
- -7.39%
- 1Y
- -10.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBHE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.09%
- 1Y
- 2.31%
- 3Y*
- 6.07%
- 5Y*
- 3.89%
- 10Y*
- —
BTOP vs. IBHE - 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% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.62% | 3.32% |
Correlation
The correlation between BTOP and IBHE is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023 | 0.14 |
The correlation between BTOP and IBHE shifts across timeframes, from -0.08 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTOP vs. IBHE — Risk / Return Rank
BTOP
IBHE
BTOP vs. IBHE - 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 iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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 | IBHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.93 | ||
| Sortino ratioReturn per unit of downside risk | -6.74 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 2.19 | -1.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 12.78 | -13.22 |
| Martin ratioReturn relative to average drawdown | -0.63 | 63.40 | -64.03 |
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 | IBHE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.42 | 3.51 | -3.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.83 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.41 | +0.21 |
Drawdowns
BTOP vs. IBHE - Drawdown Comparison
The maximum BTOP drawdown since its inception was -43.37%, which is greater than IBHE's maximum drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for BTOP and IBHE.
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Drawdown Indicators
| BTOP | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.37% | -26.91% | -16.46% |
Max Drawdown (1Y)Largest decline over 1 year | -31.35% | -0.22% | -31.13% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.51% | — |
Current DrawdownCurrent decline from peak | -29.59% | 0.00% | -29.59% |
Average DrawdownAverage peak-to-trough decline | -19.28% | -1.42% | -17.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.91% | 0.05% | +21.86% |
Volatility
BTOP vs. IBHE - Volatility Comparison
Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) has a higher volatility of 7.72% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that BTOP's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTOP | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 0.00% | +7.72% |
Volatility (6M)Calculated over the trailing 6-month period | 23.63% | 0.39% | +23.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.72% | 0.78% | +31.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.22% | 4.87% | +41.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.22% | 11.53% | +34.69% |
BTOP vs. IBHE - Expense Ratio Comparison
BTOP has a 0.90% expense ratio, which is higher than IBHE's 0.35% expense ratio.
Dividends
BTOP vs. IBHE - Dividend Comparison
BTOP's dividend yield for the trailing twelve months is around 2.39%, more than IBHE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | 2.39% | 2.38% | 59.44% | 5.82% | 0.00% | 0.00% | 0.00% | 0.00% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 2.29% | 4.53% | 6.92% | 7.17% | 5.77% | 4.84% | 5.74% | 3.73% |
Frequently Asked Questions
BTOP and IBHE have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTOP has higher volatility (7.72%) compared to IBHE (0.00%). In terms of maximum drawdown, BTOP dropped -43.37% vs IBHE's -26.91%.
On 1-year performance, IBHE leads with 2.31% vs -10.58% for BTOP. On fees, IBHE is cheaper at 0.35% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBHE has performed better with a 2.31% return vs -10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHE is cheaper with a 0.35% expense ratio, compared with 0.90% for BTOP.
BTOP has the higher dividend yield at 2.39%, compared with 2.29% for IBHE.
BTOP is categorized as Cryptocurrency, while IBHE is High Yield Bonds. They also come from different issuers: Bitwise and iShares. Their fees differ too: 0.90% for BTOP and 0.35% for IBHE.
IBHE currently has the higher Sharpe Ratio (3.51 vs -0.42), 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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