BTOP vs IVV
Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF vs iShares Core S&P 500 ETF
Which is better, BTOP or IVV?
Multi Alternative against Large Cap Blend.
IVV has a lower expense ratio. BTOP led over the full window, IVV over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BTOP | IVV |
|---|---|---|
| Expense Ratio | 0.88% | 0.03%Best |
| AUM | $4M | $876.4B |
| Dividend Yield | 2.32% | 1.06% |
| Holdings | 5 | 508 |
| Volatility (annualized) | 53.5% | 12.8%Best |
| Max Drawdown | -43.4% | -18.8%Best |
| $10,000 over 2.6 years | $19,147Best | $17,830 |
| Fund Family | Bitwise | iShares by BlackRock (US) |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Sep 29, 2023 | May 15, 2000 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 120 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. BTOP has data through May 21, 2026 and IVV through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 2.6 years row, are measured over the window both funds cover: Oct 2, 2023 to May 21, 2026 (2.6 years).
Risk: Volatility and Drawdowns
BTOP has been the more volatile fund, with annualized monthly volatility of 53.5% compared with 12.8% for IVV. 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 -43.4% for BTOP and -18.8% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.45. They move together some of the time, and apart the rest.
Fees and Cost Over Time
BTOP charges 0.88% per year while IVV charges 0.03%. On a $10,000 position that is $88 vs $3 annually, a gap of $85 per year that compounds over a long holding period. On income, BTOP currently yields 2.32% against 1.06% for IVV.
Holdings Overlap
We hold position weights for 1 holding in BTOP and 490 in IVV, totalling 83.2% and 99.3% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 213 days apart, BTOP as of Jan 30, 2026 and IVV as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 1 positions we hold weights for in BTOP and 490 in IVV, against full books of 5 and 508.
You are not choosing between two funds in isolation.
Whichever of BTOP and IVV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BTOP or IVV?
BTOP has an expense ratio of 0.88% while IVV charges 0.03%. IVV is the cheaper option, by $85 a year on a $10,000 investment.
Which is riskier, BTOP or IVV?
BTOP has been the more volatile fund at 53.5% annualized versus 12.8% for IVV. Worst drawdown: BTOP -43.4% vs IVV -18.8%.
Should I hold both BTOP and IVV?
BTOP and IVV have a monthly-return correlation of 0.45, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, BTOP or IVV?
BTOP yields 2.32% while IVV yields 1.06%, so BTOP currently pays the higher dividend yield.
Is IVV better than BTOP?
IVV has a lower expense ratio. BTOP led over the full window, IVV over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.