CLNK vs. BWOW

Last updated Aug 4, 2026

CLNK (Bitwise Chainlink ETF) and BWOW (Bitwise Dogecoin ETF) are both Cryptocurrency funds from Bitwise - CLNK tracks the Chainlink (LINK) spot price while BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return. Both are passively managed. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.34% expense ratio.

Performance

CLNK vs. BWOW - Performance Comparison

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

Returns By Period

CLNK

• 1D: 0.75%
• 1M: 6.49%
• 6M: -15.84%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BWOW

• 1D: 0.67%
• 1M: -5.49%
• 6M: -34.71%
• YTD: -40.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BWOW Bitwise Dogecoin ETF	$5.00K	$3.79K	$5.20K
CLNK Bitwise Chainlink ETF	$181.62K	$161.12K	$305.78K

CLNK vs. BWOW - Yearly Performance Comparison

	2026 (YTD)
CLNK Bitwise Chainlink ETF	-41.22%
BWOW Bitwise Dogecoin ETF	-51.28%

Correlation

The correlation between CLNK and BWOW is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.84

Return for Risk

CLNK vs. BWOW - Risk-Adjusted Trends Comparison

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

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

Drawdowns

CLNK vs. BWOW - Drawdown Comparison

The maximum CLNK drawdown since its inception was -49.00%, smaller than the maximum BWOW drawdown of -55.66%. Use the drawdown chart below to compare losses from any high point for CLNK and BWOW.

Drawdown Indicators

	CLNK	BWOW	Difference
Max Drawdown Largest peak-to-trough decline	-49.00%	-55.66%	+6.66%
Current Drawdown Current decline from peak	-41.76%	-54.81%	+13.05%
Average Drawdown Average peak-to-trough decline	-35.38%	-33.95%	-1.43%

Volatility

Volatility by Period

	CLNK	BWOW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	63.64%	68.59%	-4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.64%	68.59%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.64%	68.59%	-4.95%

CLNK vs. BWOW - Expense Ratio Comparison

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

Dividends

CLNK vs. BWOW - Dividend Comparison

Neither CLNK nor BWOW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CLNK and BWOW in my portfolio?

CLNK and BWOW have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLNK or BWOW?

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, CLNK or BWOW?

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

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

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

What is the main difference between CLNK and BWOW?

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