BWOW vs. CLNK

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and CLNK (Bitwise Chainlink ETF) are both Cryptocurrency funds from Bitwise - BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return while CLNK tracks the Chainlink (LINK) spot price. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.34% expense ratio.

Performance

BWOW vs. CLNK - Performance Comparison

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

Returns By Period

BWOW

• 1D: -2.45%
• 1M: -16.98%
• YTD: -21.75%
• 6M: -39.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLNK

• 1D: -4.18%
• 1M: -12.86%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWOW vs. CLNK - Yearly Performance Comparison

	2026 (YTD)
BWOW Bitwise Dogecoin ETF	-37.82%
CLNK Bitwise Chainlink ETF	-41.92%

Correlation

The correlation between BWOW and CLNK is 0.85, 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 Jan 15, 2026	0.85

Return for Risk

BWOW vs. CLNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Bitwise Chainlink ETF (CLNK). 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.

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

Sharpe Ratios by Period

	BWOW	CLNK	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	-1.14	+0.26

Drawdowns

BWOW vs. CLNK - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, roughly equal to the maximum CLNK drawdown of -43.56%. Use the drawdown chart below to compare losses from any high point for BWOW and CLNK.

Drawdown Indicators

	BWOW	CLNK	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-43.56%	+0.79%
Current Drawdown Current decline from peak	-41.02%	-41.92%	+0.90%
Average Drawdown Average peak-to-trough decline	-28.82%	-32.34%	+3.52%

Volatility

Volatility by Period

	BWOW	CLNK	Difference
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	67.16%	+7.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	67.16%	+7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	67.16%	+7.15%

BWOW vs. CLNK - Expense Ratio Comparison

Both BWOW and CLNK have an expense ratio of 0.34%.

Dividends

BWOW vs. CLNK - Dividend Comparison

Neither BWOW nor CLNK has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWOW and CLNK in my portfolio?

BWOW and CLNK have a correlation of 0.85, 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 CLNK?

Both ETFs have the same 0.34% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or CLNK?

BWOW and CLNK have the same expense ratio: 0.34% per year.

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

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

What is the main difference between BWOW and CLNK?

BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while CLNK tracks Chainlink (LINK) spot price.