XRPT vs. BTOP

Last updated Apr 2, 2026

Compare and contrast key facts about Volatility Shares 2x XRP ETF (XRPT) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP).

XRPT and BTOP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XRPT is an actively managed fund by Volatility Shares. It was launched on May 22, 2025. BTOP is an actively managed fund by Bitwise. It was launched on Sep 29, 2023.

Performance

XRPT vs. BTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x XRP ETF (XRPT) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). The values are adjusted to include any dividend payments, if applicable.

XRPT vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025
XRPT Volatility Shares 2x XRP ETF	-58.49%	-67.83%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-1.52%	-15.09%

Returns By Period

In the year-to-date period, XRPT achieves a -58.49% return, which is significantly lower than BTOP's -1.52% return.

XRPT

• 1D: 1.34%
• 1M: -10.27%
• YTD: -58.49%
• 6M: -87.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTOP

• 1D: 0.00%
• 1M: 1.82%
• YTD: -1.52%
• 6M: -18.57%
• 1Y: 12.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRPT vs. BTOP - Expense Ratio Comparison

XRPT has a 0.94% expense ratio, which is higher than BTOP's 0.90% expense ratio.

XRPT

Volatility Shares 2x XRP ETF

BTOP

Bitwise Bitcoin And Ether Equal Weight Strategy ETF

Return for Risk

XRPT vs. BTOP — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 22
BTOP Sharpe Ratio Rank: 21
BTOP Sortino Ratio Rank: 26
BTOP Omega Ratio Rank: 28
BTOP Calmar Ratio Rank: 20
BTOP Martin Ratio Rank: 16

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.

XRPT vs. BTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x XRP ETF (XRPT) 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.

Sharpe Ratios by Period

	XRPT	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.57	0.63	-1.20

Correlation

The correlation between XRPT and BTOP is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XRPT vs. BTOP - Dividend Comparison

XRPT's dividend yield for the trailing twelve months is around 3.52%, more than BTOP's 2.42% yield.

	TTM	2025	2024	2023
XRPT Volatility Shares 2x XRP ETF	3.52%	1.23%	0.00%	0.00%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.42%	2.38%	59.44%	5.82%

Drawdowns

XRPT vs. BTOP - Drawdown Comparison

The maximum XRPT drawdown since its inception was -93.94%, which is greater than BTOP's maximum drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for XRPT and BTOP.

Drawdown Indicators

	XRPT	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-93.94%	-43.37%	-50.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.35%	—
Current Drawdown Current decline from peak	-93.00%	-30.53%	-62.47%
Average Drawdown Average peak-to-trough decline	-57.01%	-18.77%	-38.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	19.32%	—

Volatility

Volatility by Period

	XRPT	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	159.44%	36.45%	+122.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	159.44%	47.17%	+112.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	159.44%	47.17%	+112.27%