BTRN vs. BTOP

Last updated Apr 2, 2026

Compare and contrast key facts about Global X Bitcoin Trend Strategy ETF (BTRN) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP).

BTRN and BTOP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTRN is a passively managed fund by Global X that tracks the performance of the CoinDesk Bitcoin Trend Indicator Futures Index. It was launched on Mar 20, 2024. BTOP is an actively managed fund by Bitwise. It was launched on Sep 29, 2023.

Performance

BTRN vs. BTOP - Performance Comparison

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

BTRN vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTRN Global X Bitcoin Trend Strategy ETF	-1.55%	4.89%	5.22%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-1.52%	-15.87%	9.96%

Returns By Period

The year-to-date returns for both investments are quite close, with BTRN having a -1.55% return and BTOP slightly higher at -1.52%.

BTRN

• 1D: 0.04%
• 1M: -0.80%
• YTD: -1.55%
• 6M: -11.91%
• 1Y: 2.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTOP

• 1D: 0.00%
• 1M: 1.82%
• YTD: -1.52%
• 6M: -18.57%
• 1Y: 12.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTRN vs. BTOP - Expense Ratio Comparison

BTRN has a 0.95% expense ratio, which is higher than BTOP's 0.90% expense ratio.

BTRN

Global X Bitcoin Trend Strategy ETF

BTOP

Bitwise Bitcoin And Ether Equal Weight Strategy ETF

Return for Risk

BTRN vs. BTOP — Risk / Return Rank

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

BTRN

BTRN Risk / Return Rank: 14
BTRN Sharpe Ratio Rank: 14
BTRN Sortino Ratio Rank: 14
BTRN Omega Ratio Rank: 15
BTRN Calmar Ratio Rank: 14
BTRN Martin Ratio Rank: 13

BTOP

BTOP Risk / Return Rank: 22
BTOP Sharpe Ratio Rank: 21
BTOP Sortino Ratio Rank: 26
BTOP Omega Ratio Rank: 28
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.

BTRN vs. BTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Bitcoin Trend Strategy ETF (BTRN) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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.

	BTRN	BTOP	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.36	-0.22
Sortino ratio Return per unit of downside risk	0.33	0.80	-0.47
Omega ratio Gain probability vs. loss probability	1.05	1.12	-0.08
Calmar ratio Return relative to maximum drawdown	0.18	0.41	-0.23
Martin ratio Return relative to average drawdown	0.28	0.66	-0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTRN vs. BTOP - Sharpe Ratio Comparison

The current BTRN Sharpe Ratio is 0.13, which is lower than the BTOP Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of BTRN and BTOP, 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

	BTRN	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.36	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.63	-0.50

Correlation

The correlation between BTRN and BTOP is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BTRN vs. BTOP - Dividend Comparison

BTRN's dividend yield for the trailing twelve months is around 28.19%, more than BTOP's 2.42% yield.

	TTM	2025	2024	2023
BTRN Global X Bitcoin Trend Strategy ETF	28.19%	27.76%	2.56%	0.00%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.42%	2.38%	59.44%	5.82%

Drawdowns

BTRN vs. BTOP - Drawdown Comparison

The maximum BTRN drawdown since its inception was -36.97%, smaller than the maximum BTOP drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for BTRN and BTOP.

Drawdown Indicators

	BTRN	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-36.97%	-43.37%	+6.40%
Max Drawdown (1Y) Largest decline over 1 year	-19.80%	-31.35%	+11.55%
Current Drawdown Current decline from peak	-18.92%	-30.53%	+11.61%
Average Drawdown Average peak-to-trough decline	-14.13%	-18.77%	+4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.79%	19.32%	-6.53%

Volatility

BTRN vs. BTOP - Volatility Comparison

The current volatility for Global X Bitcoin Trend Strategy ETF (BTRN) is 2.69%, while Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) has a volatility of 15.33%. This indicates that BTRN experiences smaller price fluctuations and is considered to be less risky than BTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTRN	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	15.33%	-12.64%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	23.92%	-14.68%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	36.45%	-16.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.64%	47.17%	-15.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	47.17%	-15.53%