BWOW vs. BITQ

Last updated Jul 17, 2026

BWOW (Bitwise Dogecoin ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. Both are passively managed. A 0.61 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.85%/yr for BITQ.

Performance

BWOW vs. BITQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) and Bitwise Crypto Industry Innovators ETF (BITQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWOW achieves a -37.64% return, which is significantly lower than BITQ's 13.42% return.

BWOW

• 1D: -0.94%
• 1M: -16.13%
• 6M: -47.62%
• YTD: -37.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITQ

• 1D: -5.34%
• 1M: -18.31%
• 6M: -2.90%
• YTD: 13.42%
• 1Y: 4.07%
• 3Y*: 30.52%
• 5Y*: 4.03%
• 10Y*: —

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

BWOW vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-37.64%	-22.26%
BITQ Bitwise Crypto Industry Innovators ETF	13.42%	-7.99%

Correlation

The correlation between BWOW and BITQ is 0.61, 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 26, 2025	0.61

Return for Risk

BWOW vs. BITQ — Risk / Return Rank

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

BWOW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITQ

BITQ Risk / Return Rank: 11
BITQ Sharpe Ratio Rank: 10
BITQ Sortino Ratio Rank: 13
BITQ Omega Ratio Rank: 13
BITQ Calmar Ratio Rank: 10
BITQ Martin Ratio Rank: 10

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.

BWOW vs. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BWOW	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.07	—
Sortino ratio: Return per unit of downside risk	—	0.51	—
Omega ratio: Gain probability vs. loss probability	—	1.06	—
Calmar ratio: Return relative to maximum drawdown	—	0.09	—
Martin ratio: Return relative to average drawdown	—	0.18	—

Drawdowns

BWOW vs. BITQ - Drawdown Comparison

The maximum BWOW drawdown since its inception was -53.87%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for BWOW and BITQ.

Drawdown Indicators

	BWOW	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-53.87%	-90.32%	+36.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-53.00%	-30.28%	-22.72%
Average Drawdown Average peak-to-trough decline	-32.40%	-52.19%	+19.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	22.12%	—

Volatility

Volatility by Period

	BWOW	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	70.56%	57.27%	+13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.56%	67.33%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.56%	67.03%	+3.53%

BWOW vs. BITQ - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than BITQ's 0.85% expense ratio.

Dividends

BWOW vs. BITQ - Dividend Comparison

Neither BWOW nor BITQ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
BWOW Bitwise Dogecoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BWOW and BITQ in my portfolio?

BWOW and BITQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or BITQ?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or BITQ?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.85% for BITQ.

Which ETF pays a higher dividend yield, BWOW or BITQ?

BWOW and BITQ have nearly identical dividend yields, around 0.00%.

What is the main difference between BWOW and BITQ?

BWOW is categorized as Cryptocurrency, while BITQ is Blockchain. BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while BITQ tracks Bitwise Crypto Innovators 30 Index. Their fees differ too: 0.34% for BWOW and 0.85% for BITQ.