BAGY vs. BITO

Last updated Jun 24, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, BAGY returned -38.64% vs -42.09% for BITO. With a 0.98 correlation, they move nearly in lockstep. BAGY charges 0.65%/yr vs 0.95%/yr for BITO.

Performance

BAGY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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, BAGY achieves a -25.28% return, which is significantly higher than BITO's -29.93% return.

BAGY

• 1D: -3.61%
• 1M: -18.40%
• YTD: -25.28%
• 6M: -25.26%
• 1Y: -38.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

BAGY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-25.28%	-8.33%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-10.85%

Correlation

The correlation between BAGY and BITO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.98

The correlation between BAGY and BITO has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

BAGY vs. BITO — Risk / Return Rank

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

BAGY

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
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.

BAGY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BAGY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.96	+0.05
Sortino ratio: Return per unit of downside risk	-1.23	-1.38	+0.15
Omega ratio: Gain probability vs. loss probability	0.86	0.85	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.80	+0.02
Martin ratio: Return relative to average drawdown	-1.37	-1.35	-0.02

BAGY vs. BITO - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -0.90, which is comparable to the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of BAGY 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.

Drawdowns

BAGY vs. BITO - Drawdown Comparison

The maximum BAGY drawdown since its inception was -49.84%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BAGY and BITO.

Drawdown Indicators

	BAGY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-49.84%	-77.86%	+28.02%
Max Drawdown (1Y) Largest decline over 1 year	-49.84%	-53.10%	+3.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-47.43%	-51.67%	+4.24%
Average Drawdown Average peak-to-trough decline	-20.76%	-36.86%	+16.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.33%	31.28%	-2.95%

Volatility

BAGY vs. BITO - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 14.04% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that BAGY's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.04%	12.79%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	33.99%	34.39%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	42.91%	44.08%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.30%	55.02%	-13.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.30%	55.02%	-13.72%

BAGY vs. BITO - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

BAGY vs. BITO - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 60.88%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023
BAGY Amplify Bitcoin Max Income Covered Call ETF	60.88%	30.16%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%

Frequently Asked Questions

Can I hold both BAGY and BITO in my portfolio?

With a correlation of 0.98, BAGY and BITO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BAGY or BITO?

BAGY has higher volatility (14.04%) compared to BITO (12.79%). In terms of maximum drawdown, BAGY dropped -49.84% vs BITO's -77.86%.

Which ETF is better, BAGY or BITO?

On 1-year performance, BAGY leads with -38.64% vs -42.09% for BITO. On fees, BAGY is cheaper at 0.65% per year. On volatility, BITO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or BITO?

Over the 1-year period, BAGY has performed better with a -38.64% return vs -42.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or BITO?

BAGY is cheaper with a 0.65% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 71.07%, compared with 60.88% for BAGY.

What is the main difference between BAGY and BITO?

BAGY is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: Amplify and ProShares. Their fees differ too: 0.65% for BAGY and 0.95% for BITO.

Which has better risk-adjusted returns?

BAGY currently has the higher Sharpe Ratio (-0.90 vs -0.96), 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.