ETCG vs. BITB

Last updated Jun 5, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds - ETCG tracks the Ethereum Classic (ETC) while BITB tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, ETCG returned -53.60% vs -39.60% for BITB. A 0.64 correlation means they provide meaningful diversification when combined. ETCG charges 2.50%/yr vs 0.20%/yr for BITB.

Performance

ETCG vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETCG achieves a -37.40% return, which is significantly lower than BITB's -27.44% return.

ETCG

• 1D: -3.10%
• 1M: -11.55%
• YTD: -37.40%
• 6M: -45.61%
• 1Y: -53.60%
• 3Y*: -8.79%
• 5Y*: -36.21%
• 10Y*: —

BITB

• 1D: -2.76%
• 1M: -22.13%
• YTD: -27.44%
• 6M: -31.39%
• 1Y: -39.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCG vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETCG Grayscale Ethereum Classic Trust (ETC)	-37.40%	-39.78%	-15.53%
BITB Bitwise Bitcoin ETF	-27.44%	-6.47%	99.10%

Correlation

The correlation between ETCG and BITB is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.64

The correlation between ETCG and BITB has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

Return for Risk

ETCG vs. BITB — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 2
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 2
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

BITB

BITB Risk / Return Rank: 2
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 2
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 2
BITB Martin Ratio Rank: 2

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.

ETCG vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) and Bitwise Bitcoin ETF (BITB). 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.

	ETCG	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.91	+0.04
Sortino ratio: Return per unit of downside risk	-1.43	-1.27	-0.16
Omega ratio: Gain probability vs. loss probability	0.85	0.86	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.80	0.00
Martin ratio: Return relative to average drawdown	-1.23	-1.39	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETCG vs. BITB - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.87, which is comparable to the BITB Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of ETCG and BITB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETCG	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-0.91	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.27	-0.45

Drawdowns

ETCG vs. BITB - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, which is greater than BITB's maximum drawdown of -49.45%. Use the drawdown chart below to compare losses from any high point for ETCG and BITB.

Drawdown Indicators

	ETCG	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-49.45%	-47.14%
Max Drawdown (1Y) Largest decline over 1 year	-67.13%	-49.45%	-17.68%
Max Drawdown (3Y) Largest decline over 3 years	-78.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.47%	-49.45%	-46.02%
Average Drawdown Average peak-to-trough decline	-82.67%	-16.08%	-66.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.62%	28.59%	+15.03%

Volatility

ETCG vs. BITB - Volatility Comparison

Grayscale Ethereum Classic Trust (ETC) (ETCG) has a higher volatility of 11.24% compared to Bitwise Bitcoin ETF (BITB) at 9.05%. This indicates that ETCG's price experiences larger fluctuations and is considered to be riskier than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETCG	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	9.05%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	36.67%	33.85%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	62.10%	43.66%	+18.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.02%	49.97%	+44.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.30%	49.97%	+65.33%

ETCG vs. BITB - Expense Ratio Comparison

ETCG has a 2.50% expense ratio, which is higher than BITB's 0.20% expense ratio.

Dividends

ETCG vs. BITB - Dividend Comparison

Neither ETCG nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETCG and BITB in my portfolio?

ETCG and BITB have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCG or BITB?

ETCG has higher volatility (11.24%) compared to BITB (9.05%). In terms of maximum drawdown, ETCG dropped -96.59% vs BITB's -49.45%.

Which ETF is better, ETCG or BITB?

On 1-year performance, BITB leads with -39.60% vs -53.60% for ETCG. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETCG or BITB?

Over the 1-year period, BITB has performed better with a -39.60% return vs -53.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 2.50% for ETCG.

Which ETF pays a higher dividend yield, ETCG or BITB?

ETCG and BITB have nearly identical dividend yields, around 0.00%.

What is the main difference between ETCG and BITB?

ETCG tracks Ethereum Classic (ETC), while BITB tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Grayscale and Bitwise Asset Management. Their fees differ too: 2.50% for ETCG and 0.20% for BITB.

Which has better risk-adjusted returns?

ETCG currently has the higher Sharpe Ratio (-0.87 vs -0.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.