TOPC vs. IBIT

Last updated Jul 21, 2026

TOPC (iShares S&P 500 3% Capped ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - TOPC is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped 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, TOPC returned 19.27% vs -44.68% for IBIT. At a 0.44 correlation, their price movements are largely independent. TOPC charges 0.09%/yr vs 0.25%/yr for IBIT.

Performance

TOPC vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 3% Capped ETF (TOPC) 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, TOPC achieves a 9.97% return, which is significantly higher than IBIT's -25.70% return.

TOPC

• 1D: -0.41%
• 1M: -1.19%
• 6M: 7.64%
• YTD: 9.97%
• 1Y: 19.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.40%

IBIT

• 1D: 1.49%
• 1M: 3.57%
• 6M: -31.99%
• YTD: -25.70%
• 1Y: -44.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.65%

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

TOPC vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025
TOPC iShares S&P 500 3% Capped ETF	9.97%	25.80%
IBIT iShares Bitcoin Trust ETF	-25.70%	4.00%

Correlation

The correlation between TOPC 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 Apr 16, 2025	0.44

Return for Risk

TOPC vs. IBIT — Risk / Return Rank

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

TOPC

TOPC Risk / Return Rank: 68
TOPC Sharpe Ratio Rank: 67
TOPC Sortino Ratio Rank: 65
TOPC Omega Ratio Rank: 64
TOPC Calmar Ratio Rank: 66
TOPC Martin Ratio Rank: 79

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.

TOPC vs. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) 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.

	TOPC	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.61	-1.01	+2.63
Sortino ratio: Return per unit of downside risk	2.25	-1.50	+3.75
Omega ratio: Gain probability vs. loss probability	1.29	0.83	+0.45
Calmar ratio: Return relative to maximum drawdown	2.41	-0.84	+3.25
Martin ratio: Return relative to average drawdown	10.82	-1.34	+12.15

TOPC vs. IBIT - Sharpe Ratio Comparison

The current TOPC Sharpe Ratio is 1.61, which is higher than the IBIT Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of TOPC 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

TOPC vs. IBIT - Drawdown Comparison

The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for TOPC and IBIT.

Drawdown Indicators

	TOPC	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-8.04%	-53.30%	+45.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-53.30%	+45.26%
Current Drawdown Current decline from peak	-2.21%	-48.25%	+46.04%
Average Drawdown Average peak-to-trough decline	-0.95%	-17.81%	+16.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	33.42%	-31.63%

Volatility

TOPC vs. IBIT - Volatility Comparison

The current volatility for iShares S&P 500 3% Capped ETF (TOPC) is 3.05%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 10.67%. This indicates that TOPC 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

	TOPC	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	10.67%	-7.62%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	34.60%	-25.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	44.40%	-32.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	49.85%	-37.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	49.85%	-37.44%

TOPC vs. IBIT - Expense Ratio Comparison

TOPC has a 0.09% expense ratio, which is lower than IBIT's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TOPC vs. IBIT - Dividend Comparison

TOPC's dividend yield for the trailing twelve months is around 1.06%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%
TOPC iShares S&P 500 3% Capped ETF	1.06%	0.80%

Frequently Asked Questions

Can I hold both TOPC and IBIT in my portfolio?

TOPC 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, TOPC or IBIT?

IBIT has higher volatility (10.67%) compared to TOPC (3.05%). In terms of maximum drawdown, TOPC dropped -8.04% vs IBIT's -53.30%.

Which ETF is better, TOPC or IBIT?

On 1-year performance, TOPC leads with 19.27% vs -44.68% for IBIT. On fees, TOPC is cheaper at 0.09% per year. On volatility, TOPC has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPC or IBIT?

Over the 1-year period, TOPC has performed better with a 19.27% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPC or IBIT?

TOPC is cheaper with a 0.09% expense ratio, compared with 0.25% for IBIT.

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

TOPC has the higher dividend yield at 1.06%, compared with 0.00% for IBIT.

What is the main difference between TOPC and IBIT?

TOPC is categorized as Large Cap Blend Equities, while IBIT is Cryptocurrency. TOPC tracks S&P 500 3% Capped Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.09% for TOPC and 0.25% for IBIT.

Which has better risk-adjusted returns?

TOPC currently has the higher Sharpe Ratio (1.61 vs -1.01), 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.