HCMDX vs. BITC

Last updated Jul 14, 2026

HCMDX (HCM Tactical Growth Fund) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both funds - HCMDX is a Large Cap Growth Equities fund managed by Howard Capital Management, while BITC is a Cryptocurrency fund actively managed by Bitwise. Over the past 3 years, HCMDX returned 25.98%/yr vs 27.90%/yr for BITC. At a 0.25 correlation, their price movements are largely independent. HCMDX charges 2.84%/yr vs 0.88%/yr for BITC.

Performance

HCMDX vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Tactical Growth Fund (HCMDX) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCMDX achieves a 8.78% return, which is significantly higher than BITC's -2.70% return.

HCMDX

• 1D: 0.54%
• 1M: 0.99%
• 6M: 5.79%
• YTD: 8.78%
• 1Y: 25.20%
• 3Y*: 25.98%
• 5Y*: 11.71%
• 10Y*: 18.18%

BITC

• 1D: -2.63%
• 1M: -9.11%
• 6M: -4.20%
• YTD: -2.70%
• 1Y: -26.25%
• 3Y*: 27.90%
• 5Y*: —
• 10Y*: —

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

HCMDX vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCMDX HCM Tactical Growth Fund	8.78%	16.55%	49.90%	29.02%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-2.70%	-20.46%	97.86%	42.71%

Correlation

The correlation between HCMDX and BITC is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023	0.25

Return for Risk

HCMDX vs. BITC — Risk / Return Rank

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

HCMDX

HCMDX Risk / Return Rank: 22
HCMDX Sharpe Ratio Rank: 21
HCMDX Sortino Ratio Rank: 19
HCMDX Omega Ratio Rank: 21
HCMDX Calmar Ratio Rank: 27
HCMDX Martin Ratio Rank: 21

BITC

BITC Risk / Return Rank: 1
BITC Sharpe Ratio Rank: 1
BITC Sortino Ratio Rank: 2
BITC Omega Ratio Rank: 1
BITC Calmar Ratio Rank: 1
BITC 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.

HCMDX vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Tactical Growth Fund (HCMDX) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	HCMDX	BITC	Difference
Sharpe ratio: Return per unit of total volatility	0.97	-1.06	+2.03
Sortino ratio: Return per unit of downside risk	1.37	-1.46	+2.83
Omega ratio: Gain probability vs. loss probability	1.18	0.78	+0.40
Calmar ratio: Return relative to maximum drawdown	1.45	-0.94	+2.40
Martin ratio: Return relative to average drawdown	3.80	-1.32	+5.13

HCMDX vs. BITC - Sharpe Ratio Comparison

The current HCMDX Sharpe Ratio is 0.97, which is higher than the BITC Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of HCMDX and BITC, 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

HCMDX vs. BITC - Drawdown Comparison

The maximum HCMDX drawdown since its inception was -40.89%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for HCMDX and BITC.

Drawdown Indicators

	HCMDX	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-40.89%	-38.51%	-2.38%
Max Drawdown (1Y) Largest decline over 1 year	-17.00%	-27.89%	+10.89%
Max Drawdown (3Y) Largest decline over 3 years	-25.96%	-38.51%	+12.55%
Max Drawdown (5Y) Largest decline over 5 years	-40.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.89%	—	—
Current Drawdown Current decline from peak	-4.22%	-33.13%	+28.91%
Average Drawdown Average peak-to-trough decline	-11.36%	-16.75%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	19.87%	-13.38%

Volatility

HCMDX vs. BITC - Volatility Comparison

HCM Tactical Growth Fund (HCMDX) has a higher volatility of 11.56% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.65%. This indicates that HCMDX's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMDX	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.56%	6.65%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	19.15%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	25.49%	24.83%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.72%	46.05%	-21.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.28%	46.05%	-21.77%

HCMDX vs. BITC - Expense Ratio Comparison

HCMDX has a 2.84% expense ratio, which is higher than BITC's 0.88% expense ratio.

Dividends

HCMDX vs. BITC - Dividend Comparison

HCMDX's dividend yield for the trailing twelve months is around 2.74%, less than BITC's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.46%	3.36%	42.68%	5.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HCMDX HCM Tactical Growth Fund	2.74%	2.98%	23.23%	0.00%	0.72%	0.99%	3.24%	0.00%	5.05%	0.00%	0.00%	1.47%

Frequently Asked Questions

Can I hold both HCMDX and BITC in my portfolio?

HCMDX and BITC have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCMDX or BITC?

HCMDX has higher volatility (11.56%) compared to BITC (6.65%). In terms of maximum drawdown, HCMDX dropped -40.89% vs BITC's -38.51%.

Which has better risk-adjusted returns?

HCMDX currently has the higher Sharpe Ratio (0.97 vs -1.06), 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.