CoinShares Bitcoin and Ether ETF (BTF) Performance
BTF total return
Distributions reinvested · as of Oct 20, 2026- YTD
- −15.0% since Dec 31, 2025
- 1 year
- −35.4% total return
- 3 years
- +20.7% a year
- Since first price
- −4.3% a year since 2021
BTF trailing returns vs SPY, QQQ, AGG
| Period | BTF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.7% | −3.9% | +1.0% | −0.4% | −0.4% |
| 3 months | +25.0% | +24.6% | +3.9% | +3.2% | −1.7% |
| 6 months | +3.4% | +2.7% | +9.1% | +11.2% | −2.6% |
| YTD | −15.0% | −15.8% | +13.7% | +17.2% | −1.7% |
| 1 year | −35.4% | −36.0% | +15.8% | +17.9% | −1.9% |
| 3 years | +75.8%+20.7%/yr | +46.9% | +89.3%+23.7%/yr | +105.8%+27.2%/yr | +16.2%+5.1%/yr |
| Since inceptionOct 22, 2021 | −19.6%−4.3%/yr | −34.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BTF vs SPY
From Oct 22, 2021: BTF grew to $8,038, SPY to $17,932.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BTF returns by calendar year
2 of 4 full years positive. Best 2023 (+136.9%), worst 2022 (−63.1%). 2026 is year to date.
BTF annual returns table
| Year | BTF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −15.0% | −47.9% | +12.3% | +15.1% | −1.0% |
| 2025 | −12.4% | −46.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +67.6% | −38.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +136.9% | −22.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −63.1% | −67.9% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BTF largest drawdowns
Now 44.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 9, 2021 | −77.5% | Nov 9, 2022 | Mar 11, 2024 | 1.0 years | 2.3 years |
| Oct 6, 2025 | −61.6% | Jun 25, 2026 | not yet | 9 months | 1.0 years so far |
| Dec 16, 2024 | −50.1% | Apr 8, 2025 | Aug 8, 2025 | 4 months | 8 months |
| Mar 13, 2024 | −38.4% | Sep 6, 2024 | Nov 21, 2024 | 6 months | 8 months |
| Aug 13, 2025 | −14.7% | Sep 25, 2025 | Oct 6, 2025 | 43 days | 54 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
BTF risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +26.6% | −3.7% |
| Volatility (annualized) | 60.4% | 60.6% |
| Sharpe ratio | 0.60 | 0.17 |
| Sortino ratio | 1.09 | 0.27 |
| Best month | +46.3% | +46.3% |
| Worst month | −25.7% | −40.8% |
| Best 12 months | +98.8% | +149.6% |
| Worst 12 months | −49.3% | −70.2% |
| Positive months | 58% | 51% |
| Beta vs S&P 500 | 2.12 | — |
| Correlation with S&P 500 | 0.44 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BTF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 49 | −70.2% | +8.7% | +149.6% | 51% |
| 3-year (a year) | 25 | −6.9% | +20.3% | +61.4% | 96% |
| 5-year (a year) | 1 | −4.7% | −4.7% | −4.7% | 0% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
BTF performance overview
CoinShares Bitcoin and Ether ETF (BTF) returned −35.4% over the past year, with distributions reinvested. Since its first recorded price in 2021 it has returned −4.3% a year, turning $10,000 into about $8,038. Over the same year S&P 500 (SPY) returned +15.8%.
The deepest decline was −77.5%, from Nov 9, 2021 to Nov 9, 2022, and it took 1.3 years to get back to the old high. BTF finished 2 of its 4 full calendar years with a gain; the best year was 2023 (+136.9%) and the worst 2022 (−63.1%). Volatility has been 60.6% a year.
Related: BTF chart, BTF dividends. See the BTF overview for the latest quote and fund facts.
BTF performance FAQ
What is the BTF return over the past year?
BTF returned −35.4% over the 12 months to October 20, 2026, including reinvested distributions. On price alone it fell 36.0%.
How much would $10,000 invested in BTF be worth?
$10,000 invested in BTF at its first recorded close on October 22, 2021 would be worth about $8,038 on October 20, 2026 with distributions reinvested.
What was the worst year for BTF?
The worst calendar year was 2022, with a total return of −63.1%. The best was 2023 at +136.9%.
What is the biggest drawdown of BTF?
The largest peak-to-trough decline was −77.5% between November 9, 2021 and November 9, 2022. It recovered to the old high on March 11, 2024, 1.3 years after the bottom.
How volatile is BTF?
Over the past 3 years BTF had an annualized volatility of 60.4% and a Sharpe ratio of 0.60 (excess return over 1–3 month T-bills per unit of risk).