BITB vs SPY
BITB vs SPY
Bitwise Bitcoin ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BITB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $2.4B | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 1 | 505 | |
| YTD Return | -27.79% | +13.79% | |
| 1Y Return | -44.92% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 52.7% | 15.3% | |
| Max Drawdown | -53.3% | -56.5% | |
| Fund Family | Bitwise | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 10, 2024 | Jan 22, 1993 |
BITB vs SPY Performance
Bitwise Bitcoin ETF (BITB) is a ETF from Bitwise and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BITB returned -44.92% while SPY returned +23.66%. Year to date, BITB is down 27.79% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
BITB has been the more volatile fund, with annualized monthly volatility of 52.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -53.3% for BITB and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.49. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BITB charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, BITB currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, BITB or SPY?
BITB has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, BITB or SPY?
Over the past year BITB returned -44.92% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), BITB annualized +13.34% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BITB or SPY?
BITB has been the more volatile fund at 52.7% annualized versus 15.3% for SPY. Worst drawdown: BITB -53.3% vs SPY -56.5%.
Should I hold both BITB and SPY?
BITB and SPY have a monthly-return correlation of 0.49, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, BITB or SPY?
BITB yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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