BCHG vs. BITO
BCHG (Grayscale Bitcoin Cash Trust) is a stock, while BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares. Over the past 3 years, BCHG returned -6.07%/yr vs 17.05%/yr for BITO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
BCHG vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, BCHG achieves a -68.06% return, which is significantly lower than BITO's -33.32% return.
BCHG
- 1D
- 2.99%
- 1M
- -42.26%
- YTD
- -68.06%
- 6M
- -66.99%
- 1Y
- -61.18%
- 3Y*
- -6.07%
- 5Y*
- -38.04%
- 10Y*
- —
BITO
- 1D
- -1.10%
- 1M
- -22.17%
- YTD
- -33.32%
- 6M
- -33.16%
- 1Y
- -47.20%
- 3Y*
- 17.05%
- 5Y*
- —
- 10Y*
- —
BCHG vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | -68.06% | -17.71% | 24.56% | 1,039.19% | -87.55% | -38.36% |
BITO ProShares Bitcoin Strategy ETF | -33.32% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between BCHG and BITO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.58 |
The correlation between BCHG and BITO shifts across timeframes, from 0.57 (3 years) to 0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BCHG vs. BITO — Risk / Return Rank
BCHG
BITO
BCHG vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Cash Trust (BCHG) 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.
| BCHG | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.82 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.88 | +0.04 |
| Martin ratioReturn relative to average drawdown | -2.07 | -1.49 | -0.58 |
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Drawdowns
BCHG vs. BITO - Drawdown Comparison
The maximum BCHG drawdown since its inception was -99.36%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BCHG and BITO.
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Drawdown Indicators
| BCHG | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -77.86% | -21.50% |
Max Drawdown (1Y)Largest decline over 1 year | -72.98% | -54.01% | -18.97% |
Max Drawdown (3Y)Largest decline over 3 years | -93.81% | -54.01% | -39.80% |
Max Drawdown (5Y)Largest decline over 5 years | -97.62% | — | — |
Current DrawdownCurrent decline from peak | -97.55% | -54.01% | -43.54% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -36.89% | -50.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.52% | 31.65% | -2.13% |
Volatility
BCHG vs. BITO - Volatility Comparison
Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 23.91% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.96%. This indicates that BCHG'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.
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Volatility by Period
| BCHG | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.91% | 12.96% | +10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 48.61% | 34.32% | +14.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.61% | 44.16% | +26.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 107.81% | 55.00% | +52.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 133.62% | 55.00% | +78.62% |
Dividends
BCHG vs. BITO - Dividend Comparison
BCHG has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 74.68%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BCHG Grayscale Bitcoin Cash Trust | 0.00% | 0.00% | 0.00% | 0.00% |
BITO ProShares Bitcoin Strategy ETF | 74.68% | 78.29% | 61.59% | 15.14% |
Frequently Asked Questions
BCHG and BITO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHG has higher volatility (23.91%) compared to BITO (12.96%). In terms of maximum drawdown, BCHG dropped -99.36% vs BITO's -77.86%.
BCHG currently has the higher Sharpe Ratio (-0.87 vs -1.07), 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.
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