BTOP vs SPY
Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BTOP or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. BTOP led over the full window, SPY 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 | SPY |
|---|---|---|
| Expense Ratio | 0.88% | 0.09%Best |
| AUM | $4M | $804.7B |
| Dividend Yield | 2.32% | 0.98% |
| Holdings | 5 | 505 |
| Volatility (annualized) | 53.5% | 12.8%Best |
| Max Drawdown | -43.4% | -18.8%Best |
| $10,000 over 2.6 years | $19,147Best | $17,797 |
| Fund Family | Bitwise | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Sep 29, 2023 | Jan 22, 1993 |
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 SPY 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 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 -43.4% for BTOP and -18.8% for SPY. 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 SPY charges 0.09%. On a $10,000 position that is $88 vs $9 annually, a gap of $79 per year that compounds over a long holding period. On income, BTOP currently yields 2.32% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in BTOP and 504 in SPY, totalling 83.2% and 99.9% 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 214 days apart, BTOP as of Jan 30, 2026 and SPY as of Sep 1, 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 504 in SPY, against full books of 5 and 505.
You are not choosing between two funds in isolation.
Whichever of BTOP and SPY 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 SPY?
BTOP has an expense ratio of 0.88% while SPY charges 0.09%. SPY is the cheaper option, by $79 a year on a $10,000 investment.
Which is riskier, BTOP or SPY?
BTOP has been the more volatile fund at 53.5% annualized versus 12.8% for SPY. Worst drawdown: BTOP -43.4% vs SPY -18.8%.
Should I hold both BTOP and SPY?
BTOP and SPY 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 SPY?
BTOP yields 2.32% while SPY yields 0.98%, so BTOP currently pays the higher dividend yield.
Is SPY better than BTOP?
SPY has a lower expense ratio. BTOP led over the full window, SPY over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.