BWOW vs. STCE

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and STCE (Schwab Crypto Thematic ETF) are both exchange-traded funds - BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return, while STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.30%/yr for STCE.

Performance

BWOW vs. STCE - Performance Comparison

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

Returns By Period

In the year-to-date period, BWOW achieves a -21.75% return, which is significantly lower than STCE's 32.00% return.

BWOW

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

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 5Y*: —
• 10Y*: —

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

BWOW vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%
STCE Schwab Crypto Thematic ETF	32.00%	-15.87%

Correlation

The correlation between BWOW and STCE is 0.55, 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 28, 2025	0.55

Return for Risk

BWOW vs. STCE — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

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. STCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Schwab Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.65	-1.52

Drawdowns

BWOW vs. STCE - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for BWOW and STCE.

Drawdown Indicators

	BWOW	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-54.11%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-54.11%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-54.11%	—
Current Drawdown Current decline from peak	-41.02%	-25.63%	-15.39%
Average Drawdown Average peak-to-trough decline	-28.82%	-21.98%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.87%	—

Volatility

Volatility by Period

	BWOW	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	61.14%	+13.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	55.86%	+18.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	55.86%	+18.45%

BWOW vs. STCE - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

BWOW vs. STCE - Dividend Comparison

BWOW has not paid dividends to shareholders, while STCE's dividend yield for the trailing twelve months is around 1.49%.

Position	TTM	2025	2024	2023	2022
BWOW Bitwise Dogecoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both BWOW and STCE in my portfolio?

BWOW and STCE have a correlation of 0.55, 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 STCE?

On fees, STCE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.34% for BWOW.

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

STCE has the higher dividend yield at 1.49%, compared with 0.00% for BWOW.

What is the main difference between BWOW and STCE?

BWOW is categorized as Cryptocurrency, while STCE is Blockchain. BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while STCE tracks Schwab Crypto Thematic Index. They also come from different issuers: Bitwise and Charles Schwab. Their fees differ too: 0.34% for BWOW and 0.30% for STCE.