OBTC vs. BITB

Last updated Jun 5, 2026

OBTC (Osprey Bitcoin Trust) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while BITB tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, OBTC returned -30.40% vs -39.60% for BITB. Their correlation of 0.90 suggests significant overlap in exposure. OBTC charges 0.49%/yr vs 0.20%/yr for BITB.

Performance

OBTC vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) 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 stocks are quite close, with OBTC having a -27.42% return and BITB slightly lower at -27.44%.

OBTC

• 1D: -2.64%
• 1M: -22.08%
• YTD: -27.42%
• 6M: -26.99%
• 1Y: -30.40%
• 3Y*: 55.47%
• 5Y*: 7.86%
• 10Y*: —

BITB

• 1D: -2.76%
• 1M: -22.13%
• YTD: -27.44%
• 6M: -31.39%
• 1Y: -39.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OBTC Osprey Bitcoin Trust	-27.42%	-1.87%	119.75%
BITB Bitwise Bitcoin ETF	-27.44%	-6.47%	99.10%

Correlation

The correlation between OBTC and BITB is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.90

The correlation between OBTC and BITB has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

OBTC vs. BITB — Risk / Return Rank

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

OBTC

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

BITB

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

OBTC vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	-0.91	+0.22
Sortino ratio: Return per unit of downside risk	-0.83	-1.27	+0.44
Omega ratio: Gain probability vs. loss probability	0.91	0.86	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.80	+0.13
Martin ratio: Return relative to average drawdown	-1.21	-1.39	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBTC vs. BITB - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.69, which is comparable to the BITB Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of OBTC 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.

Sharpe Ratios by Period

	OBTC	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.69	-0.91	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	0.27	-0.49

Drawdowns

OBTC vs. BITB - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than BITB's maximum drawdown of -49.45%. Use the drawdown chart below to compare losses from any high point for OBTC and BITB.

Drawdown Indicators

	OBTC	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-49.45%	-45.05%
Max Drawdown (1Y) Largest decline over 1 year	-45.41%	-49.45%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-45.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-63.75%	-49.45%	-14.30%
Average Drawdown Average peak-to-trough decline	-69.63%	-16.08%	-53.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.22%	28.59%	-3.37%

Volatility

OBTC vs. BITB - Volatility Comparison

Osprey Bitcoin Trust (OBTC) and Bitwise Bitcoin ETF (BITB) have volatilities of 9.14% and 9.05%, 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

	OBTC	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.14%	9.05%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	33.85%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	44.29%	43.66%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.12%	49.97%	+8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.54%	49.97%	+21.57%

OBTC vs. BITB - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is higher than BITB's 0.20% expense ratio.

Dividends

OBTC vs. BITB - Dividend Comparison

Neither OBTC nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OBTC and BITB in my portfolio?

With a correlation of 0.92, OBTC 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, OBTC or BITB?

OBTC has higher volatility (9.14%) compared to BITB (9.05%). In terms of maximum drawdown, OBTC dropped -94.50% vs BITB's -49.45%.

Which ETF is better, OBTC or BITB?

On 1-year performance, OBTC leads with -30.40% vs -39.60% for BITB. On fees, BITB is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or BITB?

Over the 1-year period, OBTC has performed better with a -30.40% return vs -39.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 0.49% for OBTC.

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

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

What is the main difference between OBTC and BITB?

OBTC tracks Bitcoin (BTC), while BITB tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Osprey Funds and Bitwise Asset Management. Their fees differ too: 0.49% for OBTC and 0.20% for BITB.

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.69 vs -0.91), 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.