TTOP vs. BITB

Last updated Apr 2, 2026

Compare and contrast key facts about 21Shares FTSE Crypto 10 Index ETF (TTOP) and Bitwise Bitcoin ETF (BITB).

TTOP and BITB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TTOP is a passively managed fund by 21Shares that tracks the performance of the FTSE Crypto 10 Select Index. It was launched on Nov 12, 2025. BITB is a passively managed fund by Bitwise Asset Management that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 10, 2024. Both TTOP and BITB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TTOP vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares FTSE Crypto 10 Index ETF (TTOP) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

TTOP vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025
TTOP 21Shares FTSE Crypto 10 Index ETF	-22.30%	-11.19%
BITB Bitwise Bitcoin ETF	-22.18%	-10.69%

Returns By Period

The year-to-date returns for both investments are quite close, with TTOP having a -22.30% return and BITB slightly higher at -22.18%.

TTOP

• 1D: 2.00%
• 1M: 0.39%
• YTD: -22.30%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: 0.54%
• 1M: -1.46%
• YTD: -22.18%
• 6M: -42.10%
• 1Y: -20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TTOP vs. BITB - Expense Ratio Comparison

TTOP has a 0.50% expense ratio, which is higher than BITB's 0.20% expense ratio.

TTOP

21Shares FTSE Crypto 10 Index ETF

BITB

Bitwise Bitcoin ETF

Return for Risk

TTOP vs. BITB — Risk / Return Rank

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

BITB

BITB Risk / Return Rank: 6
BITB Sharpe Ratio Rank: 5
BITB Sortino Ratio Rank: 5
BITB Omega Ratio Rank: 6
BITB Calmar Ratio Rank: 6
BITB Martin Ratio Rank: 6

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.

TTOP vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares FTSE Crypto 10 Index ETF (TTOP) 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.

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

Sharpe Ratios by Period

	TTOP	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.07	0.36	-1.43

Correlation

The correlation between TTOP and BITB is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TTOP vs. BITB - Dividend Comparison

Neither TTOP nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

TTOP vs. BITB - Drawdown Comparison

The maximum TTOP drawdown since its inception was -37.32%, smaller than the maximum BITB drawdown of -49.38%. Use the drawdown chart below to compare losses from any high point for TTOP and BITB.

Drawdown Indicators

	TTOP	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-49.38%	+12.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.38%	—
Current Drawdown Current decline from peak	-30.99%	-45.79%	+14.80%
Average Drawdown Average peak-to-trough decline	-18.33%	-14.19%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.25%	—

Volatility

Volatility by Period

	TTOP	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	58.94%	45.26%	+13.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.94%	51.01%	+7.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.94%	51.01%	+7.93%