ETHW vs. BITQ

Last updated Jun 24, 2026

ETHW (Bitwise Ethereum ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - ETHW is a Cryptocurrency fund actively managed by Bitwise, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. ETHW is actively managed, while BITQ is passively managed. Over the past year, ETHW returned -28.49% vs 49.39% for BITQ. A 0.67 correlation means they provide meaningful diversification when combined. ETHW charges 0.20%/yr vs 0.85%/yr for BITQ.

Performance

ETHW vs. BITQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) and Bitwise Crypto Industry Innovators ETF (BITQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHW achieves a -44.19% return, which is significantly lower than BITQ's 34.62% return.

ETHW

• 1D: -4.27%
• 1M: -19.58%
• YTD: -44.19%
• 6M: -44.14%
• 1Y: -28.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITQ

• 1D: -2.61%
• 1M: 0.04%
• YTD: 34.62%
• 6M: 25.61%
• 1Y: 49.39%
• 3Y*: 53.03%
• 5Y*: 4.41%
• 10Y*: —

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

ETHW vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-44.19%	-11.26%	-4.77%
BITQ Bitwise Crypto Industry Innovators ETF	34.62%	18.00%	7.74%

Correlation

The correlation between ETHW and BITQ 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 Jul 23, 2024	0.67

The correlation between ETHW and BITQ has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

ETHW vs. BITQ — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 6
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 6
ETHW Martin Ratio Rank: 6

BITQ

BITQ Risk / Return Rank: 25
BITQ Sharpe Ratio Rank: 25
BITQ Sortino Ratio Rank: 28
BITQ Omega Ratio Rank: 25
BITQ Calmar Ratio Rank: 24
BITQ Martin Ratio Rank: 20

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.

ETHW vs. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

	ETHW	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	0.87	-1.29
Sortino ratio: Return per unit of downside risk	-0.21	1.47	-1.67
Omega ratio: Gain probability vs. loss probability	0.98	1.17	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.42	1.10	-1.53
Martin ratio: Return relative to average drawdown	-0.71	2.30	-3.01

ETHW vs. BITQ - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.41, which is lower than the BITQ Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of ETHW and BITQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETHW vs. BITQ - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.57%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for ETHW and BITQ.

Drawdown Indicators

	ETHW	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-90.32%	+22.75%
Max Drawdown (1Y) Largest decline over 1 year	-67.57%	-44.99%	-22.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-65.78%	-17.24%	-48.54%
Average Drawdown Average peak-to-trough decline	-33.64%	-52.52%	+18.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.41%	21.50%	+18.91%

Volatility

ETHW vs. BITQ - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 20.02% compared to Bitwise Crypto Industry Innovators ETF (BITQ) at 16.45%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.02%	16.45%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	47.05%	43.05%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	69.07%	56.94%	+12.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.28%	67.32%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.28%	67.24%	+5.04%

ETHW vs. BITQ - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than BITQ's 0.85% expense ratio.

Dividends

ETHW vs. BITQ - Dividend Comparison

Neither ETHW nor BITQ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHW and BITQ in my portfolio?

ETHW and BITQ 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, ETHW or BITQ?

ETHW has higher volatility (20.02%) compared to BITQ (16.45%). In terms of maximum drawdown, ETHW dropped -67.57% vs BITQ's -90.32%.

Which ETF is better, ETHW or BITQ?

On 1-year performance, BITQ leads with 49.39% vs -28.49% for ETHW. On fees, ETHW is cheaper at 0.20% per year. On volatility, BITQ has been the lower-risk option at 16.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or BITQ?

Over the 1-year period, BITQ has performed better with a 49.39% return vs -28.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or BITQ?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.85% for BITQ.

Which ETF pays a higher dividend yield, ETHW or BITQ?

ETHW and BITQ have nearly identical dividend yields, around 0.00%.

What is the main difference between ETHW and BITQ?

ETHW is categorized as Cryptocurrency, while BITQ is Blockchain. Their fees differ too: 0.20% for ETHW and 0.85% for BITQ.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (0.87 vs -0.41), 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.