BWOW vs. BTC
BWOW (Bitwise Dogecoin ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. BWOW is passively managed, while BTC is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. BWOW charges 0.34%/yr vs 0.15%/yr for BTC.
Performance
BWOW vs. BTC - Performance Comparison
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Returns By Period
In the year-to-date period, BWOW achieves a -33.12% return, which is significantly lower than BTC's -28.84% return.
BWOW
- 1D
- -5.22%
- 1M
- -24.37%
- YTD
- -33.12%
- 6M
- -39.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- -3.23%
- 1M
- -17.80%
- YTD
- -28.84%
- 6M
- -28.95%
- 1Y
- -39.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BWOW vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BWOW Bitwise Dogecoin ETF | -33.12% | -22.26% |
BTC Grayscale Bitcoin Mini Trust ETF | -28.84% | 0.16% |
Correlation
The correlation between BWOW and BTC is 0.81, 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 | 0.81 |
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Return for Risk
BWOW vs. BTC — Risk / Return Rank
BWOW
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTC
BWOW vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Grayscale Bitcoin Mini Trust ETF (BTC). 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 | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.86 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.77 | — |
| Martin ratioReturn relative to average drawdown | — | -1.30 | — |
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Drawdowns
BWOW vs. BTC - Drawdown Comparison
The maximum BWOW drawdown since its inception was -49.59%, roughly equal to the maximum BTC drawdown of -51.97%. Use the drawdown chart below to compare losses from any high point for BWOW and BTC.
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Drawdown Indicators
| BWOW | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.59% | -51.97% | +2.38% |
Max Drawdown (1Y)Largest decline over 1 year | — | -51.97% | — |
Current DrawdownCurrent decline from peak | -49.59% | -50.40% | +0.81% |
Average DrawdownAverage peak-to-trough decline | -30.13% | -17.66% | -12.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 30.52% | — |
Volatility
BWOW vs. BTC - Volatility Comparison
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Volatility by Period
| BWOW | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 12.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.58% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 73.06% | 44.23% | +28.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.06% | 48.26% | +24.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.06% | 48.26% | +24.80% |
BWOW vs. BTC - Expense Ratio Comparison
BWOW has a 0.34% expense ratio, which is higher than BTC's 0.15% expense ratio.
Dividends
BWOW vs. BTC - Dividend Comparison
Neither BWOW nor BTC has paid dividends to shareholders.
Frequently Asked Questions
BWOW and BTC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.34% for BWOW.
BWOW and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.34% for BWOW and 0.15% for BTC.
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