BWOW vs. ETHW
BWOW (Bitwise Dogecoin ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds from Bitwise. BWOW is passively managed, while ETHW is actively managed. A 0.80 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.20%/yr for ETHW.
Performance
BWOW vs. ETHW - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BWOW having a -38.80% return and ETHW slightly lower at -40.34%.
BWOW
- 1D
- -3.11%
- 1M
- -17.97%
- 6M
- -47.80%
- YTD
- -38.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHW
- 1D
- -1.01%
- 1M
- 6.64%
- 6M
- -42.84%
- YTD
- -40.34%
- 1Y
- -41.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BWOW vs. ETHW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BWOW Bitwise Dogecoin ETF | -38.80% | -22.26% |
ETHW Bitwise Ethereum ETF | -40.34% | 1.29% |
Correlation
The correlation between BWOW and ETHW is 0.80, 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 | 0.80 |
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Return for Risk
BWOW vs. ETHW — Risk / Return Rank
BWOW
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHW
BWOW vs. ETHW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Bitwise Ethereum ETF (ETHW). 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 | ETHW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.93 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.61 | — |
| Martin ratioReturn relative to average drawdown | — | -0.96 | — |
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Drawdowns
BWOW vs. ETHW - Drawdown Comparison
The maximum BWOW drawdown since its inception was -53.87%, smaller than the maximum ETHW drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for BWOW and ETHW.
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Drawdown Indicators
| BWOW | ETHW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.87% | -67.89% | +14.02% |
Max Drawdown (1Y)Largest decline over 1 year | — | -67.89% | — |
Current DrawdownCurrent decline from peak | -53.87% | -63.42% | +9.55% |
Average DrawdownAverage peak-to-trough decline | -32.01% | -34.47% | +2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 43.05% | — |
Volatility
BWOW vs. ETHW - Volatility Comparison
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Volatility by Period
| BWOW | ETHW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 16.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 47.11% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 71.08% | 68.22% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.08% | 71.76% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.08% | 71.76% | -0.68% |
BWOW vs. ETHW - Expense Ratio Comparison
BWOW has a 0.34% expense ratio, which is higher than ETHW's 0.20% expense ratio.
Dividends
BWOW vs. ETHW - Dividend Comparison
Neither BWOW nor ETHW has paid dividends to shareholders.
Frequently Asked Questions
BWOW and ETHW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETHW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETHW is cheaper with a 0.20% expense ratio, compared with 0.34% for BWOW.
BWOW and ETHW have nearly identical dividend yields, around 0.00%.
Their fees differ too: 0.34% for BWOW and 0.20% for ETHW.
Find the right allocation for BWOW and ETHW
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