OWNB vs. BWOW

Last updated Jun 24, 2026

OWNB (Bitwise Bitcoin Standard Corporations ETF) and BWOW (Bitwise Dogecoin ETF) are both exchange-traded funds - OWNB is a Blockchain fund tracking the Bitwise Bitcoin Standard Corporations Inde, while BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return. Both are passively managed. A 0.68 correlation means they provide meaningful diversification when combined. OWNB charges 0.85%/yr vs 0.34%/yr for BWOW.

Performance

OWNB vs. BWOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Standard Corporations ETF (OWNB) and Bitwise Dogecoin ETF (BWOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OWNB achieves a -9.32% return, which is significantly higher than BWOW's -33.12% return.

OWNB

• 1D: -2.77%
• 1M: -11.48%
• YTD: -9.32%
• 6M: -15.24%
• 1Y: -34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWOW

• 1D: -5.22%
• 1M: -24.37%
• YTD: -33.12%
• 6M: -39.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OWNB vs. BWOW - Yearly Performance Comparison

	2026 (YTD)	2025
OWNB Bitwise Bitcoin Standard Corporations ETF	-9.32%	-10.91%
BWOW Bitwise Dogecoin ETF	-33.12%	-22.26%

Correlation

The correlation between OWNB and BWOW is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.68

Return for Risk

OWNB vs. BWOW — Risk / Return Rank

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

OWNB

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

BWOW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

OWNB vs. BWOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Standard Corporations ETF (OWNB) and Bitwise Dogecoin ETF (BWOW). 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.

	OWNB	BWOW	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	—	—
Sortino ratio: Return per unit of downside risk	-0.62	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.58	—	—
Martin ratio: Return relative to average drawdown	-0.97	—	—

Drawdowns

OWNB vs. BWOW - Drawdown Comparison

The maximum OWNB drawdown since its inception was -59.47%, which is greater than BWOW's maximum drawdown of -49.59%. Use the drawdown chart below to compare losses from any high point for OWNB and BWOW.

Drawdown Indicators

	OWNB	BWOW	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-49.59%	-9.88%
Max Drawdown (1Y) Largest decline over 1 year	-59.47%	—	—
Current Drawdown Current decline from peak	-48.91%	-49.59%	+0.68%
Average Drawdown Average peak-to-trough decline	-25.71%	-30.13%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.62%	—	—

Volatility

Volatility by Period

	OWNB	BWOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	43.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	58.05%	73.06%	-15.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.38%	73.06%	-10.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.38%	73.06%	-10.68%

OWNB vs. BWOW - Expense Ratio Comparison

OWNB has a 0.85% expense ratio, which is higher than BWOW's 0.34% expense ratio.

Dividends

OWNB vs. BWOW - Dividend Comparison

OWNB's dividend yield for the trailing twelve months is around 0.96%, while BWOW has not paid dividends to shareholders.

Position	TTM	2025
BWOW Bitwise Dogecoin ETF	0.00%	0.00%
OWNB Bitwise Bitcoin Standard Corporations ETF	0.96%	0.87%

Frequently Asked Questions

Can I hold both OWNB and BWOW in my portfolio?

OWNB and BWOW have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OWNB or BWOW?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OWNB or BWOW?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.85% for OWNB.

Which ETF pays a higher dividend yield, OWNB or BWOW?

OWNB has the higher dividend yield at 0.96%, compared with 0.00% for BWOW.

What is the main difference between OWNB and BWOW?

OWNB is categorized as Blockchain, while BWOW is Cryptocurrency. OWNB tracks Bitwise Bitcoin Standard Corporations Inde, while BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return. Their fees differ too: 0.85% for OWNB and 0.34% for BWOW.