AETH vs. BITO

Last updated Jun 4, 2026

AETH (Bitwise Ethereum Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, AETH returned -16.05% vs -41.01% for BITO. A 0.63 correlation means they provide meaningful diversification when combined. AETH charges 0.90%/yr vs 0.95%/yr for BITO.

Performance

AETH vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AETH achieves a -9.79% return, which is significantly higher than BITO's -26.37% return.

AETH

• 1D: -0.01%
• 1M: -4.98%
• YTD: -9.79%
• 6M: -15.30%
• 1Y: -16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AETH vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	-9.79%	-0.11%	31.76%	37.65%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	46.76%

Correlation

The correlation between AETH and BITO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.63

The correlation between AETH and BITO shifts across timeframes, from 0.49 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AETH vs. BITO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 5
AETH Calmar Ratio Rank: 5
AETH Martin Ratio Rank: 6

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AETH vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and ProShares Bitcoin Strategy ETF (BITO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AETH	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	-0.95	+0.59
Sortino ratio: Return per unit of downside risk	-0.26	-1.35	+1.09
Omega ratio: Gain probability vs. loss probability	0.96	0.85	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.37	-0.82	+0.46
Martin ratio: Return relative to average drawdown	-0.52	-1.41	+0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AETH vs. BITO - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.36, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of AETH and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AETH	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	-0.95	+0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.09	+0.46

Drawdowns

AETH vs. BITO - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for AETH and BITO.

Drawdown Indicators

	AETH	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-77.86%	+30.08%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-50.05%	+6.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-43.85%	-49.22%	+5.37%
Average Drawdown Average peak-to-trough decline	-24.65%	-36.73%	+12.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	29.09%	+1.77%

Volatility

AETH vs. BITO - Volatility Comparison

The current volatility for Bitwise Ethereum Strategy ETF (AETH) is 4.02%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	9.43%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	27.18%	34.26%	-7.08%
Volatility (1Y) Calculated over the trailing 1-year period	45.03%	43.57%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.68%	55.11%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.68%	55.11%	-0.43%

AETH vs. BITO - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

AETH vs. BITO - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.67%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%

Frequently Asked Questions

Can I hold both AETH and BITO in my portfolio?

AETH and BITO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AETH or BITO?

BITO has higher volatility (9.43%) compared to AETH (4.02%). In terms of maximum drawdown, AETH dropped -47.78% vs BITO's -77.86%.

Which ETF is better, AETH or BITO?

On 1-year performance, AETH leads with -16.05% vs -41.01% for BITO. On fees, AETH is cheaper at 0.90% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or BITO?

Over the 1-year period, AETH has performed better with a -16.05% return vs -41.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or BITO?

AETH is cheaper with a 0.90% expense ratio, compared with 0.95% for BITO.

Which ETF pays a higher dividend yield, AETH or BITO?

BITO has the higher dividend yield at 67.63%, compared with 2.67% for AETH.

What is the main difference between AETH and BITO?

They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.90% for AETH and 0.95% for BITO.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.36 vs -0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.