OBTC vs. BFAP

Last updated Jun 26, 2026

OBTC (Osprey Bitcoin Trust) and BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) are both Cryptocurrency funds. OBTC is passively managed, while BFAP is actively managed. Over the past year, OBTC returned -39.69% vs -28.52% for BFAP. Their correlation of 0.88 suggests significant overlap in exposure. OBTC charges 0.49%/yr vs 0.90%/yr for BFAP.

Performance

OBTC vs. BFAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBTC achieves a -32.48% return, which is significantly lower than BFAP's -23.65% return.

OBTC

• 1D: -1.11%
• 1M: -22.02%
• YTD: -32.48%
• 6M: -32.20%
• 1Y: -39.69%
• 3Y*: 42.23%
• 5Y*: 5.99%
• 10Y*: —

BFAP

• 1D: -0.19%
• 1M: -9.01%
• YTD: -23.65%
• 6M: -23.58%
• 1Y: -28.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. BFAP - Yearly Performance Comparison

	2026 (YTD)	2025
OBTC Osprey Bitcoin Trust	-32.48%	14.24%
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-23.65%	8.90%

Correlation

The correlation between OBTC and BFAP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.88

The correlation between OBTC and BFAP has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

OBTC vs. BFAP — Risk / Return Rank

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

OBTC

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

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 0
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 1

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.

OBTC vs. BFAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). 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.

	OBTC	BFAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-1.34	+0.45
Sortino ratio: Return per unit of downside risk	-1.25	-1.88	+0.63
Omega ratio: Gain probability vs. loss probability	0.86	0.78	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.85	+0.04
Martin ratio: Return relative to average drawdown	-1.45	-1.53	+0.09

OBTC vs. BFAP - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.89, which is higher than the BFAP Sharpe Ratio of -1.34. The chart below compares the historical Sharpe Ratios of OBTC and BFAP, 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

OBTC vs. BFAP - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than BFAP's maximum drawdown of -33.64%. Use the drawdown chart below to compare losses from any high point for OBTC and BFAP.

Drawdown Indicators

	OBTC	BFAP	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-33.64%	-60.86%
Max Drawdown (1Y) Largest decline over 1 year	-49.13%	-33.64%	-15.49%
Max Drawdown (3Y) Largest decline over 3 years	-49.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-66.28%	-33.64%	-32.64%
Average Drawdown Average peak-to-trough decline	-69.52%	-11.78%	-57.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.45%	18.63%	+8.82%

Volatility

OBTC vs. BFAP - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 13.17% compared to FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) at 5.33%. This indicates that OBTC's price experiences larger fluctuations and is considered to be riskier than BFAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	BFAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	5.33%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	34.90%	16.77%	+18.13%
Volatility (1Y) Calculated over the trailing 1-year period	44.83%	21.45%	+23.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	20.46%	+36.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.82%	20.46%	+56.36%

OBTC vs. BFAP - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than BFAP's 0.90% expense ratio.

Dividends

OBTC vs. BFAP - Dividend Comparison

OBTC has not paid dividends to shareholders, while BFAP's dividend yield for the trailing twelve months is around 24.85%.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.85%	18.97%
OBTC Osprey Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and BFAP in my portfolio?

OBTC and BFAP have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBTC or BFAP?

OBTC has higher volatility (13.17%) compared to BFAP (5.33%). In terms of maximum drawdown, OBTC dropped -94.50% vs BFAP's -33.64%.

Which ETF is better, OBTC or BFAP?

On 1-year performance, BFAP leads with -28.52% vs -39.69% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, BFAP has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or BFAP?

Over the 1-year period, BFAP has performed better with a -28.52% return vs -39.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or BFAP?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.90% for BFAP.

Which ETF pays a higher dividend yield, OBTC or BFAP?

BFAP has the higher dividend yield at 24.85%, compared with 0.00% for OBTC.

What is the main difference between OBTC and BFAP?

They also come from different issuers: Osprey Funds and First Trust. Their fees differ too: 0.49% for OBTC and 0.90% for BFAP.

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.89 vs -1.34), 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.