Crypto index vs Bitcoin
Bitcoin is the reference point for almost every conversation about crypto performance. So the first question about any crypto index is a simple one: how does it compare with just holding Bitcoin? This page answers it with the C100's published data, explains why the results differ, and shows which measures matter beyond the headline return.
All figures update from the index data. C100 values before its live launch on November 1, 2026 are a backtest that applies the same rules to the market data of each past date. Past results describe what happened; they do not predict what will happen.
The headline comparison
Since the C100's base date of January 6, 2020:
- the C100 has returned +685%, an annual rate of +35.2%;
- Bitcoin has returned +985%, an annual rate of +41.7%;
- Ethereum has returned +1678%, an annual rate of +52.4%;
- the equal-weight C100-EW has returned +126%, an annual rate of +12.7%.
| Index or asset | Total return | Annual return | Volatility | Max drawdown | Sharpe |
|---|---|---|---|---|---|
| C100 | +685.24% | +35.19% | 72% | -80% | 0.79 |
| C100 Equal Weight | +126.10% | +12.68% | 80% | -91% | 0.56 |
| Bitcoin | +984.97% | +41.73% | 60% | -77% | 0.89 |
| Ethereum | +1677.85% | +52.35% | 80% | -79% | 0.93 |
The table shows four measures side by side. Total and annual return describe how much the level grew. Volatility describes how much it swung along the way. Maximum drawdown describes the deepest fall from a peak. The Sharpe ratio relates return to volatility, so a higher figure means more return for each unit of risk taken.
Why an index and Bitcoin give different results
A crypto index is not a different way of holding Bitcoin. It holds Bitcoin at a capped weight and fills the rest with other assets, so its result is a blend.
Bitcoin's weight is capped. In the C100, Bitcoin is limited to 20%. On the latest data it weighs 14.2%, while at the latest review it was 68% of the constituents' combined market value. When Bitcoin outperforms the rest of the market, the cap holds the index back; when the rest of the market outperforms Bitcoin, the cap helps.
The other 100 assets behave differently. Many crypto assets move with Bitcoin on most days but have larger swings, higher failure rates and occasional sharp rallies of their own. Some of the index's members in any given year will be among the best performers in the market, and some will lose most of their value.
Rebalancing changes the mix every month. Each month the C100 resets weights to target. After a rally in one asset, this trims it back to its cap and spreads the difference across the others; after a fall, it tops the asset back up. This is a source of difference from a buy-and-hold position in either direction.
Membership changes every quarter. Assets that fall out of the top ranks or fail the liquidity screens leave, and rising ones join. A Bitcoin holding never changes its composition.
Volatility and drawdowns
Return alone can mislead, because a strategy that gets to the same place with deeper falls is harder to stay with.
The C100's annualized volatility since the base date is 72%, against 60% for Bitcoin. Its maximum drawdown is −80%, against −77% for Bitcoin.
Diversification across 100 crypto assets does not remove crypto risk. Most crypto assets fall together in a broad sell-off, and smaller assets often fall further than Bitcoin. What a broad index changes is the source of risk: no single project failure can move it by more than its capped weight, while a Bitcoin position depends on one asset.
Calendar-year results
Annual results show how the relationship changes from year to year. In some years the wider market leads Bitcoin by a wide margin; in others Bitcoin leads and smaller assets lag far behind.
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|---|
| C100 | +202.94% | +338.73% | −72.76% | +104.43% | +76.57% | −32.82% | −10.58% |
| C100 Equal Weight | +105.81% | +586.76% | −80.50% | +97.62% | +24.03% | −61.39% | −13.34% |
| Bitcoin | +291.54% | +59.83% | −64.32% | +155.50% | +120.90% | −6.30% | −8.12% |
| Ethereum | +442.00% | +400.00% | −67.59% | +90.67% | +45.99% | −10.93% | −18.36% |
Reading down a single column shows how differently assets behaved in the same year. Reading along a row shows how uneven the path of any one of them has been.
Correlation: why they usually move together
Even when their totals differ, the C100 and Bitcoin usually move in the same direction on the same day. Bitcoin is the largest single constituent, most other crypto assets react to the same news and the same flows of money, and broad sell-offs hit almost every asset at once.
This matters for how the comparison should be read. A broad crypto index is not a hedge against Bitcoin; it is a wider view of the same market. The differences between the two come mostly from periods when leadership shifts: rallies concentrated in Bitcoin, broad rallies in the rest of the market, or collapses in particular projects. The monthly reports show which of these happened in each month, broken down by sector and constituent.
Choosing a comparison period
Any comparison of returns depends on its start and end dates. Starting at a market peak makes everything look poor; starting at a low makes everything look strong. The figures on this page use the C100's base date, January 6, 2020, as the common start, and the latest daily close, November 5, 2026, as the end.
To see how much the conclusion depends on timing, compare the calendar-year table with the totals: a single strong or weak year can account for much of the gap between two long-run results. The interactive chart on the C100 index page lets you pick other periods.
What the comparison does and does not tell you
A comparison like this is useful for understanding what a broad crypto index measures. It has limits:
- It is backward-looking. The period since January 6, 2020 includes particular market phases. A different start or end date can change the ranking.
- Most of the C100's history is a backtest. It was calculated with point-in-time data, so it includes assets that later failed, but it is still hypothetical.
- An index has no costs. The C100 is calculated, not traded. Real portfolios pay trading costs, spreads and fees, and rebalancing 100 assets would cost more than holding one.
- Correlation matters as much as return. The C100's daily returns are closely related to Bitcoin's, so the two usually move in the same direction even when their totals differ.
Following the comparison over time
The comparison on this page updates from the index data. For the month-by-month story, including which sectors and constituents drove each month's result and how the index was rebalanced, see the monthly reports. Each report compares the C100 with Bitcoin, Ethereum and the equal-weight variant for that month.
You can also compare the C100 with Bitcoin over any period on the C100 index page by switching on the comparison in the chart, or look at Bitcoin's own page for its weight and contribution in the index.
Frequently asked questions
Has a crypto index done better than Bitcoin?
It depends on the period. Since January 6, 2020, the C100 has returned +685% and Bitcoin +985%. The calendar-year table on this page shows that the order changes from year to year.
Why is the C100 different from Bitcoin if Bitcoin is its largest asset?
Bitcoin's weight is capped at 20%, so most of the index is made up of the other 100 constituents. Their returns, and the monthly rebalancing between them, make the result differ from Bitcoin's.
Is a crypto index less risky than Bitcoin?
Not necessarily. Since the base date the C100's annualized volatility has been 72% and Bitcoin's 60%, and its maximum drawdown −80% against −77%. A broad index spreads single-project risk, but crypto assets tend to fall together in a broad sell-off.
Are these returns achievable in practice?
No index return is directly achievable: an index has no trading costs or fees, and the C100 is not an investable product. Its history before November 1, 2026 is a backtest.
Where can I see the data behind the comparison?
Every C100 daily close can be recomputed from published data on the verify page, and the rules are in the methodology.
Informational index only. Not investment advice. Not an investable product. This page explains how indexes work and describes the C100's rules and published data; it is not a recommendation. Figures update from the index data; values before the launch date are backtested.