TOK vs. IBIT

Last updated Jun 24, 2026

TOK (iShares MSCI Kokusai ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, TOK returned 22.54% vs -39.82% for IBIT. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

TOK vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, TOK achieves a 7.75% return, which is significantly higher than IBIT's -28.88% return.

TOK

• 1D: -1.13%
• 1M: -0.88%
• YTD: 7.75%
• 6M: 7.00%
• 1Y: 22.54%
• 3Y*: 19.77%
• 5Y*: 11.57%
• 10Y*: 13.73%

IBIT

• 1D: -3.26%
• 1M: -17.81%
• YTD: -28.88%
• 6M: -28.88%
• 1Y: -39.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOK vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOK iShares MSCI Kokusai ETF	7.75%	20.83%	19.76%
IBIT iShares Bitcoin Trust ETF	-28.88%	-6.41%	89.87%

Correlation

The correlation between TOK and IBIT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.41

Return for Risk

TOK vs. IBIT — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 58
TOK Sharpe Ratio Rank: 58
TOK Sortino Ratio Rank: 57
TOK Omega Ratio Rank: 57
TOK Calmar Ratio Rank: 54
TOK Martin Ratio Rank: 65

IBIT

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

TOK vs. IBIT - Risk-Adjusted Trends Comparison

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

	TOK	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.82	-0.90	+2.72
Sortino ratio: Return per unit of downside risk	2.54	-1.25	+3.79
Omega ratio: Gain probability vs. loss probability	1.33	0.86	+0.46
Calmar ratio: Return relative to maximum drawdown	2.50	-0.77	+3.26
Martin ratio: Return relative to average drawdown	11.15	-1.30	+12.46

TOK vs. IBIT - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 1.82, which is higher than the IBIT Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of TOK and IBIT, 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

TOK vs. IBIT - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for TOK and IBIT.

Drawdown Indicators

	TOK	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-52.11%	-4.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-52.11%	+43.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	—	—
Current Drawdown Current decline from peak	-2.61%	-50.47%	+47.86%
Average Drawdown Average peak-to-trough decline	-8.50%	-16.85%	+8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	30.58%	-28.55%

Volatility

TOK vs. IBIT - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 4.49%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 13.18%. This indicates that TOK experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	13.18%	-8.69%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	34.64%	-24.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	44.31%	-31.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	50.22%	-34.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	50.22%	-33.10%

TOK vs. IBIT - Expense Ratio Comparison

Both TOK and IBIT have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TOK vs. IBIT - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.33%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOK iShares MSCI Kokusai ETF	1.33%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and IBIT in my portfolio?

TOK and IBIT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOK or IBIT?

IBIT has higher volatility (13.18%) compared to TOK (4.49%). In terms of maximum drawdown, TOK dropped -56.18% vs IBIT's -52.11%.

Which ETF is better, TOK or IBIT?

On 1-year performance, TOK leads with 22.54% vs -39.82% for IBIT. Both ETFs have the same 0.25% expense ratio. On volatility, TOK has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or IBIT?

Over the 1-year period, TOK has performed better with a 22.54% return vs -39.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or IBIT?

TOK and IBIT have the same expense ratio: 0.25% per year.

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

TOK has the higher dividend yield at 1.33%, compared with 0.00% for IBIT.

What is the main difference between TOK and IBIT?

TOK is categorized as Large Cap Growth Equities, while IBIT is Cryptocurrency. TOK tracks MSCI Kokusai Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant.

Which has better risk-adjusted returns?

TOK currently has the higher Sharpe Ratio (1.82 vs -0.90), 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.