IBTI vs. BITC

Last updated Jun 4, 2026

IBTI (iShares iBonds Dec 2028 Term Treasury ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both exchange-traded funds - IBTI is a Government Bonds fund tracking the ICE 2028 Maturity US Treasury Index, while BITC is a Cryptocurrency fund actively managed by Bitwise. IBTI is passively managed, while BITC is actively managed. Over the past 3 years, IBTI returned 3.72%/yr vs 36.02%/yr for BITC. At a 0.04 correlation, their price movements are largely independent. IBTI charges 0.07%/yr vs 0.88%/yr for BITC.

Performance

IBTI vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2028 Term Treasury ETF (IBTI) 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, IBTI achieves a 0.31% return, which is significantly lower than BITC's 6.98% return.

IBTI

• 1D: -0.05%
• 1M: 0.05%
• YTD: 0.31%
• 6M: 0.52%
• 1Y: 3.59%
• 3Y*: 3.72%
• 5Y*: 0.19%
• 10Y*: —

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

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

IBTI vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTI iShares iBonds Dec 2028 Term Treasury ETF	0.31%	6.15%	2.52%	2.43%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	97.86%	42.29%

Correlation

The correlation between IBTI and BITC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.04

Return for Risk

IBTI vs. BITC — Risk / Return Rank

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

IBTI

IBTI Risk / Return Rank: 66
IBTI Sharpe Ratio Rank: 61
IBTI Sortino Ratio Rank: 75
IBTI Omega Ratio Rank: 68
IBTI Calmar Ratio Rank: 66
IBTI Martin Ratio Rank: 62

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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.

IBTI vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Treasury ETF (IBTI) 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.

	IBTI	BITC	Difference
Sharpe ratio Return per unit of total volatility	2.05	-0.59	+2.65
Sortino ratio Return per unit of downside risk	3.37	-0.71	+4.08
Omega ratio Gain probability vs. loss probability	1.41	0.90	+0.52
Calmar ratio Return relative to maximum drawdown	3.28	-0.57	+3.85
Martin ratio Return relative to average drawdown	11.08	-0.82	+11.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTI vs. BITC - Sharpe Ratio Comparison

The current IBTI Sharpe Ratio is 2.05, which is higher than the BITC Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of IBTI 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.

Sharpe Ratios by Period

	IBTI	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	-0.59	+2.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.68	-0.64

Drawdowns

IBTI vs. BITC - Drawdown Comparison

The maximum IBTI drawdown since its inception was -18.45%, smaller than the maximum BITC drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for IBTI and BITC.

Drawdown Indicators

	IBTI	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-18.45%	-38.51%	+20.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.10%	-26.51%	+25.41%
Max Drawdown (3Y) Largest decline over 3 years	-3.24%	-38.51%	+35.27%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	—	—
Current Drawdown Current decline from peak	-3.91%	-26.48%	+22.57%
Average Drawdown Average peak-to-trough decline	-8.26%	-16.37%	+8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	18.37%	-18.05%

Volatility

IBTI vs. BITC - Volatility Comparison

The current volatility for iShares iBonds Dec 2028 Term Treasury ETF (IBTI) is 0.37%, while Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) has a volatility of 6.39%. This indicates that IBTI experiences smaller price fluctuations and is considered to be less risky than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTI	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	6.39%	-6.02%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	19.98%	-18.92%
Volatility (1Y) Calculated over the trailing 1-year period	1.76%	25.54%	-23.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	46.65%	-41.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.17%	46.65%	-41.48%

IBTI vs. BITC - Expense Ratio Comparison

IBTI has a 0.07% expense ratio, which is lower than BITC's 0.88% expense ratio.

Dividends

IBTI vs. BITC - Dividend Comparison

IBTI's dividend yield for the trailing twelve months is around 3.81%, more than BITC's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%	0.00%	0.00%	0.00%
IBTI iShares iBonds Dec 2028 Term Treasury ETF	3.81%	3.87%	3.92%	3.27%	1.70%	0.90%	0.56%

Frequently Asked Questions

Can I hold both IBTI and BITC in my portfolio?

IBTI and BITC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTI or BITC?

BITC has higher volatility (6.39%) compared to IBTI (0.37%). In terms of maximum drawdown, IBTI dropped -18.45% vs BITC's -38.51%.

Which ETF is better, IBTI or BITC?

On 3-year performance, BITC leads with 36.02% vs 3.72% for IBTI. On fees, IBTI is cheaper at 0.07% per year. On volatility, IBTI has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTI or BITC?

Over the 3-year period, BITC has performed better with a 36.02% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTI or BITC?

IBTI is cheaper with a 0.07% expense ratio, compared with 0.88% for BITC.

Which ETF pays a higher dividend yield, IBTI or BITC?

IBTI has the higher dividend yield at 3.81%, compared with 3.14% for BITC.

What is the main difference between IBTI and BITC?

IBTI is categorized as Government Bonds, while BITC is Cryptocurrency. They also come from different issuers: iShares and Bitwise. Their fees differ too: 0.07% for IBTI and 0.88% for BITC.

Which has better risk-adjusted returns?

IBTI currently has the higher Sharpe Ratio (2.05 vs -0.59), 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.