BTOP vs. XRP
BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and XRP (Bitwise XRP ETF) are both Cryptocurrency funds from Bitwise. Both are actively managed. A 0.50 correlation means they provide meaningful diversification when combined. BTOP charges 0.90%/yr vs 0.34%/yr for XRP.
Performance
BTOP vs. XRP - 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 XRP's -34.50% return.
BTOP
- 1D
- 0.00%
- 1M
- -7.13%
- YTD
- -0.19%
- 6M
- -7.39%
- 1Y
- -10.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XRP
- 1D
- -1.54%
- 1M
- -14.12%
- YTD
- -34.50%
- 6M
- -45.52%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTOP vs. XRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | -0.19% | -7.05% |
XRP Bitwise XRP ETF | -34.50% | -8.64% |
Correlation
The correlation between BTOP and XRP is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | 0.50 |
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Return for Risk
BTOP vs. XRP — Risk / Return Rank
BTOP
XRP
BTOP vs. XRP - 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 Bitwise XRP ETF (XRP). 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 | XRP | 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 | XRP | 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 | -0.83 | +1.45 |
Drawdowns
BTOP vs. XRP - Drawdown Comparison
The maximum BTOP drawdown since its inception was -43.37%, smaller than the maximum XRP drawdown of -48.71%. Use the drawdown chart below to compare losses from any high point for BTOP and XRP.
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Drawdown Indicators
| BTOP | XRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.37% | -48.71% | +5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -31.35% | — | — |
Current DrawdownCurrent decline from peak | -29.59% | -48.21% | +18.62% |
Average DrawdownAverage peak-to-trough decline | -19.28% | -29.70% | +10.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.91% | — | — |
Volatility
BTOP vs. XRP - Volatility Comparison
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Volatility by Period
| BTOP | XRP | 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% | 75.13% | -42.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.22% | 75.13% | -28.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.22% | 75.13% | -28.91% |
BTOP vs. XRP - Expense Ratio Comparison
BTOP has a 0.90% expense ratio, which is higher than XRP's 0.34% expense ratio.
Dividends
BTOP vs. XRP - Dividend Comparison
BTOP's dividend yield for the trailing twelve months is around 2.39%, while XRP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | 2.39% | 2.38% | 59.44% | 5.82% |
XRP Bitwise XRP ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTOP and XRP have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XRP is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XRP is cheaper with a 0.34% expense ratio, compared with 0.90% for BTOP.
BTOP has the higher dividend yield at 2.39%, compared with 0.00% for XRP.
Their fees differ too: 0.90% for BTOP and 0.34% for XRP.
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