BWEB vs. CHAT

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Web3 ETF (BWEB) and Roundhill Generative AI & Technology ETF (CHAT).

BWEB and CHAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BWEB is a passively managed fund by Bitwise that tracks the performance of the Bitwise Web3 Equities Index - Benchmark TR Gross. It was launched on Oct 4, 2022. CHAT is an actively managed fund by Roundhill. It was launched on May 17, 2023.

Performance

BWEB vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Web3 ETF (BWEB) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

BWEB vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWEB Bitwise Web3 ETF	-10.27%	27.61%	27.37%	41.87%
CHAT Roundhill Generative AI & Technology ETF	4.90%	49.85%	30.98%	19.23%

Returns By Period

In the year-to-date period, BWEB achieves a -10.27% return, which is significantly lower than CHAT's 4.90% return.

BWEB

• 1D: 5.42%
• 1M: -3.73%
• YTD: -10.27%
• 6M: -21.88%
• 1Y: 31.51%
• 3Y*: 29.00%
• 5Y*: —
• 10Y*: —

CHAT

• 1D: 4.72%
• 1M: -3.19%
• YTD: 4.90%
• 6M: 3.42%
• 1Y: 82.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWEB vs. CHAT - Expense Ratio Comparison

BWEB has a 0.85% expense ratio, which is higher than CHAT's 0.75% expense ratio.

BWEB

Bitwise Web3 ETF

CHAT

Roundhill Generative AI & Technology ETF

Return for Risk

BWEB vs. CHAT — Risk / Return Rank

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

BWEB

BWEB Risk / Return Rank: 41
BWEB Sharpe Ratio Rank: 46
BWEB Sortino Ratio Rank: 51
BWEB Omega Ratio Rank: 44
BWEB Calmar Ratio Rank: 37
BWEB Martin Ratio Rank: 27

CHAT

CHAT Risk / Return Rank: 95
CHAT Sharpe Ratio Rank: 96
CHAT Sortino Ratio Rank: 95
CHAT Omega Ratio Rank: 94
CHAT Calmar Ratio Rank: 97
CHAT Martin Ratio Rank: 94

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.

BWEB vs. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Web3 ETF (BWEB) and Roundhill Generative AI & Technology ETF (CHAT). 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.

	BWEB	CHAT	Difference
Sharpe ratio Return per unit of total volatility	0.84	2.42	-1.58
Sortino ratio Return per unit of downside risk	1.37	3.04	-1.67
Omega ratio Gain probability vs. loss probability	1.17	1.42	-0.25
Calmar ratio Return relative to maximum drawdown	0.94	4.94	-4.00
Martin ratio Return relative to average drawdown	2.23	13.74	-11.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWEB vs. CHAT - Sharpe Ratio Comparison

The current BWEB Sharpe Ratio is 0.84, which is lower than the CHAT Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of BWEB and CHAT, 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

	BWEB	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	2.42	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.27	-0.49

Correlation

The correlation between BWEB and CHAT is 0.72, 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

BWEB vs. CHAT - Dividend Comparison

BWEB has not paid dividends to shareholders, while CHAT's dividend yield for the trailing twelve months is around 2.72%.

	TTM	2025
BWEB Bitwise Web3 ETF	0.00%	0.00%
CHAT Roundhill Generative AI & Technology ETF	2.72%	2.85%

Drawdowns

BWEB vs. CHAT - Drawdown Comparison

The maximum BWEB drawdown since its inception was -33.74%, which is greater than CHAT's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for BWEB and CHAT.

Drawdown Indicators

	BWEB	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-33.74%	-31.34%	-2.40%
Max Drawdown (1Y) Largest decline over 1 year	-31.61%	-16.28%	-15.33%
Current Drawdown Current decline from peak	-27.90%	-6.73%	-21.17%
Average Drawdown Average peak-to-trough decline	-9.42%	-5.61%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.26%	5.85%	+7.41%

Volatility

BWEB vs. CHAT - Volatility Comparison

The current volatility for Bitwise Web3 ETF (BWEB) is 12.18%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 13.21%. This indicates that BWEB experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWEB	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.18%	13.21%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	27.56%	23.24%	+4.32%
Volatility (1Y) Calculated over the trailing 1-year period	37.72%	34.27%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.44%	29.27%	+7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.44%	29.27%	+7.17%