XRP vs. BTOP
XRP (Bitwise XRP ETF) and BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) are both Cryptocurrency funds from Bitwise. Both are actively managed. A 0.50 correlation means they provide meaningful diversification when combined. XRP charges 0.34%/yr vs 0.90%/yr for BTOP.
Performance
XRP vs. BTOP - Performance Comparison
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Returns By Period
In the year-to-date period, XRP achieves a -34.50% return, which is significantly lower than BTOP's -0.19% return.
XRP
- 1D
- -1.54%
- 1M
- -14.12%
- YTD
- -34.50%
- 6M
- -45.52%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTOP
- 1D
- 0.00%
- 1M
- -7.13%
- YTD
- -0.19%
- 6M
- -7.39%
- 1Y
- -10.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XRP vs. BTOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XRP Bitwise XRP ETF | -34.50% | -8.64% |
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | -0.19% | -7.05% |
Correlation
The correlation between XRP and BTOP is 0.50, 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 21, 2025 | 0.50 |
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Return for Risk
XRP vs. BTOP — Risk / Return Rank
XRP
BTOP
XRP vs. BTOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise XRP ETF (XRP) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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.
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Sharpe Ratios by Period
| XRP | BTOP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | 0.61 | -1.45 |
Drawdowns
XRP vs. BTOP - Drawdown Comparison
The maximum XRP drawdown since its inception was -48.71%, which is greater than BTOP's maximum drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for XRP and BTOP.
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Drawdown Indicators
| XRP | BTOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.71% | -43.37% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | — | -31.35% | — |
Current DrawdownCurrent decline from peak | -48.21% | -29.59% | -18.62% |
Average DrawdownAverage peak-to-trough decline | -29.70% | -19.28% | -10.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 21.91% | — |
Volatility
XRP vs. BTOP - Volatility Comparison
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Volatility by Period
| XRP | BTOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.72% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 23.63% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 75.13% | 32.72% | +42.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.13% | 46.22% | +28.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.13% | 46.22% | +28.91% |
XRP vs. BTOP - Expense Ratio Comparison
XRP has a 0.34% expense ratio, which is lower than BTOP's 0.90% expense ratio.
Dividends
XRP vs. BTOP - Dividend Comparison
XRP has not paid dividends to shareholders, while BTOP's dividend yield for the trailing twelve months is around 2.39%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF | 2.39% | 2.38% | 59.44% | 5.82% |
XRP Bitwise XRP ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XRP and BTOP have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XRP is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XRP is cheaper with a 0.34% expense ratio, compared with 0.90% for BTOP.
BTOP has the higher dividend yield at 2.39%, compared with 0.00% for XRP.
Their fees differ too: 0.34% for XRP and 0.90% for BTOP.
Find the right allocation for XRP and BTOP
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