BWOW vs. BITW

Last updated Jun 24, 2026

BWOW (Bitwise Dogecoin ETF) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds from Bitwise - BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return while BITW tracks the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. BWOW charges 0.34%/yr vs 0.75%/yr for BITW.

Performance

BWOW vs. BITW - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BWOW having a -33.12% return and BITW slightly higher at -32.35%.

BWOW

• 1D: -5.22%
• 1M: -24.37%
• YTD: -33.12%
• 6M: -39.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITW

• 1D: -3.24%
• 1M: -17.92%
• YTD: -32.35%
• 6M: -32.63%
• 1Y: -35.22%
• 3Y*: 52.08%
• 5Y*: 1.78%
• 10Y*: —

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

BWOW vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-33.12%	-22.26%
BITW Bitwise 10 Crypto Index ETF	-32.35%	0.38%

Correlation

The correlation between BWOW and BITW is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.83

Return for Risk

BWOW vs. BITW — 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.

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Bitwise 10 Crypto Index ETF (BITW). 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	BITW	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.71	—
Sortino ratio: Return per unit of downside risk	—	-0.86	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.64	—
Martin ratio: Return relative to average drawdown	—	-1.08	—

Drawdowns

BWOW vs. BITW - Drawdown Comparison

The maximum BWOW drawdown since its inception was -49.59%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BWOW and BITW.

Drawdown Indicators

	BWOW	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-49.59%	-96.46%	+46.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-55.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-55.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-91.93%	—
Current Drawdown Current decline from peak	-49.59%	-71.40%	+21.81%
Average Drawdown Average peak-to-trough decline	-30.13%	-69.56%	+39.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	32.56%	—

Volatility

Volatility by Period

	BWOW	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	37.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.06%	49.87%	+23.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.06%	65.59%	+7.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.06%	108.35%	-35.29%

BWOW vs. BITW - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than BITW's 0.75% expense ratio.

Dividends

BWOW vs. BITW - Dividend Comparison

Neither BWOW nor BITW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWOW and BITW in my portfolio?

BWOW and BITW have a correlation of 0.83, 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 BITW?

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 BITW?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.75% for BITW.

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

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

What is the main difference between BWOW and BITW?

BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while BITW tracks Bitwise 10 Large Cap Crypto Index. Their fees differ too: 0.34% for BWOW and 0.75% for BITW.