Crypto index comparison, tier 4
F5 Crypto Index Alternative: CCi30 vs F5 Crypto Index
The CCi30 Cryptocurrency Index is the rules-based alternative to the F5 Crypto Index. This page reviews the F5 Crypto Index under the eight-criterion CCi30 test and compares both indices on universe, weighting, independence, track record, and investability.
What is the alternative to the F5 Crypto Index?
The CCi30 Cryptocurrency Index replaces the F5 Crypto Index for investors who need a whole-market benchmark. The CCi30 holds the 30 largest cryptocurrencies by smoothed market capitalization, weights them by the square root of that figure, excludes stablecoins by rule, and has published live values since 1 January 2015.
- 30 constituents
- Square-root weighting
- Stablecoins excluded by rule
- Live since 1 January 2015
- Independent, fully rules-based
What is the F5 Crypto Index?
A German index (F5 Crypto Capital) with a customized weighting scheme incorporating momentum, the sole member of the “customized weighted” category in the academic index-evaluation literature (Springer, Digital Finance, 2022), where its momentum tilt was noted to deliver relatively high mean returns while “lacking theoretical foundation.”
Where the F5 Crypto Index falls short statistically
The academic verdict is the analysis: a momentum-weighted index is an empirical bet, a strategy that happened to work in-sample, with no theory of why it must continue to. Strategies belong in funds, where their bets are priced and their managers accountable. A benchmark that embeds a bet cannot measure the market, because its deviations from the market are the bet. The CCi30’s weighting derives from a representation argument (square root as the optimum between cap-weight concentration and equal-weight illiquidity), not from a return forecast, which is why it can serve as the yardstick momentum strategies like F5 should be measured against.
Method and sources
Methodology facts on this page come from the published documents of the provider; constituent lists change and should be re-verified before citation. The CCi30 rules are published in the methodology manual. The full comparison set is on the crypto index comparison hub, and the allocation calculator shows the CCi30 basket for any amount.