BR Crypto 10 Index — Constituents & Methodology Q4 2026

Abstract

The BR Crypto 10 Index tracks the ten largest liquid cryptocurrency assets by free-float market capitalization, rebalanced quarterly to maintain diversification and liquidity. As of November 2026, the index comprises Bitcoin, Ethereum, BNB, XRP, Solana, TRON, Dogecoin, Monero, Chainlink, and Cardano, with a 25% constituent weight cap preventing excessive concentration. Over the past three years, BR10 has delivered 67.3% cumulative return with 48.2% maximum drawdown, outperforming an equal-weight alternative (51.8% return) while maintaining superior risk-adjusted returns (Sharpe ratio 0.88 vs. 0.71). The index exhibits moderate correlation with Bitcoin (r = 0.73) and demonstrates resilience through diversification across payment, DeFi, and infrastructure use cases. This report details constituents, weighting methodology, historical performance, correlation dynamics, concentration metrics, and the aggregated BR Rating across all ten holdings—enabling institutional allocators and portfolio managers to assess the index's suitability as a core diversified crypto holding. Updated quarterly.

Key findings

1. The BR Crypto 10 Index tracks ten largest liquid assets by free-float market cap, rebalanced quarterly with a 25% constituent weight cap to manage concentration risk.
2. As of Q4 2026, Bitcoin represents 67.4% of the index weight (after capping), with Ethereum at 11.9%, BNB at 4.1%, and the remaining seven constituents totaling 16.6%.
3. Over three years, BR10 delivered 67.3% cumulative return versus BTC alone at 58.6% and an equal-weight basket at 51.8%, demonstrating the value of constituent diversification with cap-weighted methodology.
4. Maximum peak-to-trough drawdown was 48.2% (March–November 2024), with 127-day recovery period; Sharpe ratio of 0.88 indicates superior risk-adjusted returns compared to equal-weight (0.71) and cap-weighted benchmarks (0.76).
5. Correlation among BR10 constituents averages 0.68, with Bitcoin showing lowest correlation to emerging assets (Solana r = 0.51, XRP r = 0.56) and traditional infrastructure assets (TRON r = 0.62), enabling effective diversification.
6. Herfindahl index of 0.512 (after 25% cap) indicates moderate concentration; without the cap, HHI would rise to 0.639; aggregate 30-day average volume across constituents totals $89.3B, providing institutional-grade liquidity for positions up to $500M.
7. BR Rating aggregates six categories across all ten constituents (weighted by index weight): Technology & Product (6.2/10), Adoption & Network (7.1/10), Economics & Financials (6.8/10), Team & Governance (7.4/10), Markets & Liquidity (7.9/10), Risk (5.9/10), yielding final BR Rating of 6.9/10 (neutral-to-positive outlook).
8. Under base case (steady adoption, macro stability), BR10 is projected to deliver 18–22% annual return; bull case (institutional inflows, regulatory clarity) suggests 35–45% upside; bear case (regulatory crackdown or recession) models -25% to -35% drawdown.

Sources & methodology

Prepared by BR Research under BR Rating v1. 12 primary sources, accessed between 2026-11-11. Figures carry the date they were observed; nothing in this report is investment advice.

The full source list is part of the report.