IBIT vs. BITB

Last updated Jun 23, 2026

IBIT (iShares Bitcoin Trust ETF) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds tracking the CME CF Bitcoin Reference Rate - New York Variant, from iShares and Bitwise Asset Management respectively. Both are passively managed. Over the past year, IBIT returned -37.79% vs -37.80% for BITB. With a 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 0.20%/yr for BITB.

Performance

IBIT vs. BITB - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IBIT having a -26.49% return and BITB slightly higher at -26.47%.

IBIT

• 1D: 2.47%
• 1M: -15.04%
• YTD: -26.49%
• 6M: -27.13%
• 1Y: -37.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: 2.46%
• 1M: -15.00%
• YTD: -26.47%
• 6M: -27.10%
• 1Y: -37.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBIT vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-26.49%	-6.41%	89.87%
BITB Bitwise Bitcoin ETF	-26.47%	-6.47%	89.74%

Correlation

The correlation between IBIT and BITB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between IBIT and BITB has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

IBIT vs. BITB — Risk / Return Rank

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

IBIT

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

BITB

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

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.

IBIT vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.

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.

	IBIT	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.86	0.00
Sortino ratio: Return per unit of downside risk	-1.16	-1.17	+0.01
Omega ratio: Gain probability vs. loss probability	0.87	0.87	0.00
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.73	0.00
Martin ratio: Return relative to average drawdown	-1.24	-1.25	0.00

IBIT vs. BITB - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -0.86, which is comparable to the BITB Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of IBIT 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.

Drawdowns

IBIT vs. BITB - Drawdown Comparison

The maximum IBIT drawdown since its inception was -52.11%, roughly equal to the maximum BITB drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for IBIT and BITB.

Drawdown Indicators

	IBIT	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-52.11%	-52.04%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-52.11%	-52.04%	-0.07%
Current Drawdown Current decline from peak	-48.80%	-48.78%	-0.02%
Average Drawdown Average peak-to-trough decline	-16.79%	-16.80%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.41%	30.39%	+0.02%

Volatility

IBIT vs. BITB - Volatility Comparison

iShares Bitcoin Trust ETF (IBIT) and Bitwise Bitcoin ETF (BITB) have volatilities of 13.00% and 12.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBIT	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.00%	12.90%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	34.47%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	44.29%	44.18%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.21%	50.00%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.21%	50.00%	+0.21%

IBIT vs. BITB - Expense Ratio Comparison

IBIT has a 0.25% expense ratio, which is higher than BITB's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBIT vs. BITB - Dividend Comparison

Neither IBIT nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IBIT and BITB in my portfolio?

With a correlation of 1.00, IBIT and BITB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IBIT or BITB?

IBIT has higher volatility (13.00%) compared to BITB (12.90%). In terms of maximum drawdown, IBIT dropped -52.11% vs BITB's -52.04%.

Which ETF is better, IBIT or BITB?

On 1-year performance, IBIT leads with -37.79% vs -37.80% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 12.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIT or BITB?

Over the 1-year period, IBIT has performed better with a -37.79% return vs -37.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIT or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 0.25% for IBIT.

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

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

What is the main difference between IBIT and BITB?

Both ETFs track CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: iShares and Bitwise Asset Management. Their fees differ too: 0.25% for IBIT and 0.20% for BITB.

Which has better risk-adjusted returns?

IBIT currently has the higher Sharpe Ratio (-0.86 vs -0.86), 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.