A head-to-head comparison of iShares Bitcoin Trust ETF and Roundhill Bitcoin Covered Call Strategy ETF covering yield, cost, risk, and income potential.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
IBIT has outpaced YBTC over the trailing twelve months, posting a -27.14% total return against -33.51%. Measured from Jun 2024 — the start of shared available history — IBIT has compounded at 14.33% a year versus 5.10% for YBTC. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2024” measures every fund from June 27, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and return of capital
Metric
IBIT
YBTC
Forward distribution rate
—
29.91%
Trailing 12-month yield
—
60.11%
Return of capital
—
100.00%
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Provide exposure to bitcoin price performance through a physically backed trust structure.
Seeks current income through a synthetic covered call strategy on U.S.-listed bitcoin ETFs, investing at least 80% of net assets in options contracts that use a bitcoin ETF as the reference asset.
Bottom lineChoose IBIT if you want straightforward Bitcoin exposure for the long run. Choose YBTC if you want to maximize current income — roughly 29.91%, generated by selling options premium. There's no free lunch: YBTC's payout comes from selling options, which caps upside and can erode the share price over time, while IBIT keeps full price exposure.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Crypto volatility. IBIT and YBTC sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.
Capped upside and premium dependence. YBTC generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on IBIT.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.
See our curated list of related YouTube videos on YBTC.
IBIT (iShares Bitcoin Trust ETF) and YBTC (Roundhill Bitcoin Covered Call Strategy ETF) are both ETFs, but they take different approaches.
YBTC currently shows a 29.91% distribution yield. IBIT has not yet established a full distribution history, so a comparable yield figure is not available.
IBIT is cheaper with an expense ratio of 0.25% compared to 0.95%.
IBIT is the larger fund by assets ($67.1B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose IBIT
iShares Bitcoin Trust ETF
Want straightforward Bitcoin exposure for long-term appreciation, not income.
Want to keep costs low — a 0.25% expense ratio vs 0.95% for YBTC.
Choose YBTC
Roundhill Bitcoin Covered Call Strategy ETF
Want to maximize current income — YBTC distributes roughly 29.91% from selling options premium, while IBIT makes no distribution.
Want crypto exposure that pays income rather than waiting on price alone.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
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On a $10,000 investment, IBIT has no reported distribution yield yet, so a cash estimate is not available, while YBTC would produce $57.52 cash per distribution, at current distribution rates.
IBIT yield—
YBTC yield29.91%
Cost & efficiency
Over 10 years on $10,000, IBIT would cost approximately $250 in fees vs $950 for YBTC (simplified, not compounded). The $700.00 difference may be offset by yield or performance.
IBIT ER0.25%
YBTC ER0.95%
Strategy & risk
IBIT tracks Bitcoin with a crypto approach, while YBTC tracks Bitcoin with a covered call approach. Beta is 1.8887 for IBIT and 1.7556 for YBTC, making YBTC the less volatile of the two by this measure.
IBIT beta1.8887
YBTC beta1.7556
Fund details
IBIT is managed by iShares (launched 01/11/2024) with $67.1B in assets. YBTC is managed by Roundhill Investments (launched 06/27/2024) with $145M in assets.
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Frequently asked questions
Which of IBIT or YBTC pays more dividend income?
YBTC currently reports a distribution yield, while IBIT has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between IBIT and YBTC?
IBIT (iShares Bitcoin Trust ETF) tracks Bitcoin with a crypto approach, while YBTC (Roundhill Bitcoin Covered Call Strategy ETF) tracks Bitcoin with a covered call approach. They are issued by iShares and Roundhill Investments respectively.
Can I hold both IBIT and YBTC?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, IBIT or YBTC?
IBIT has an expense ratio of 0.25% while YBTC charges 0.95%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in IBIT vs YBTC generate?
At current rates, IBIT has not established a distribution history yet, so a cash estimate is not available. The same in YBTC would produce about $57.52 cash per distribution ($2,991.00 annually).
Which has performed better historically, IBIT or YBTC?
IBIT has outpaced YBTC over the trailing twelve months, posting a -27.14% total return against -33.51%. Measured from Jun 2024 — the start of shared available history — IBIT has compounded at 14.33% a year versus 5.10% for YBTC. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
IBIT and YBTC both provide exposure to bitcoin, but through fundamentally different structures. IBIT is a straightforward spot bitcoin ETF holding the underlying asset directly, while YBTC is a covered call strategy ETF that synthetically generates income by selling call options against bitcoin ETF holdings.
How they differ
The biggest difference is strategy. IBTC holds physical bitcoin and aims to track its price; YBTC sells call options on bitcoin ETFs to generate recurring income, which caps upside participation. YBTC's 0.95% expense ratio is nearly four times IBIT's 0.25%, reflecting the overhead of managing an options overlay.
Who each is best for
IBIT: Fits investors seeking direct bitcoin exposure without ongoing income needs, comfortable with volatility in exchange for full participation in price appreciation, and willing to manage capital gains tax timing themselves.
YBTC: Fits investors prioritizing regular cash flow over capital growth, comfortable with call-writing limiting upside on sharp bitcoin rallies, and seeking to harvest option premiums on their bitcoin exposure.
Key risks to know
Call assignment and upside capping:YBTC's covered call strategy systematically forgoes gains above the strike price. In sustained bull markets, this drag compounds; investors receive income but miss meaningful appreciation that IBIT holders capture. This pattern is likely to erode NAV over time unless bitcoin rallies significantly or implied volatility remains elevated.
Options liquidity and assignment risk:YBTC depends on the liquidity and functioning of options markets on the underlying bitcoin ETFs. Rapid market moves, widened bid-ask spreads, or gaps in options availability could impair the fund's ability to roll or establish positions as intended.
Relative beta and volatility mismatch:YBTC's beta of 1.7556 is slightly lower than IBIT's 1.8887, reflecting the damping effect of call-writing, but this masks the real risk: income capture during downturns offers little cushion if bitcoin declines sharply, while upside capture during rallies is capped.
Bottom line
If you want direct bitcoin exposure and are indifferent to distributions, IBIT offers simplicity, scale, and full price participation at a low cost. If you prioritize steady weekly income and can accept capped upside, YBTC's covered call structure delivers current yield—but verify you understand that income likely depends partly on capital drawdown and that sharp rallies will limit appreciation. Past performance of either structure does not predict future returns.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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