BCHG vs. BITO

Last updated Jun 4, 2026

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 27.85%/yr vs 25.27%/yr for BITO. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

BCHG vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Cash Trust (BCHG) 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, BCHG achieves a -58.88% return, which is significantly lower than BITO's -26.37% return.

BCHG

• 1D: -11.79%
• 1M: -42.88%
• YTD: -58.88%
• 6M: -61.63%
• 1Y: -42.88%
• 3Y*: 27.85%
• 5Y*: -38.75%
• 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)

BCHG vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BCHG Grayscale Bitcoin Cash Trust	-58.88%	-17.71%	24.56%	1,039.19%	-87.55%	-37.19%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between BCHG and BITO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.58

The correlation between BCHG and BITO has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

BCHG vs. BITO — Risk / Return Rank

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

BCHG

BCHG Risk / Return Rank: 13
BCHG Sharpe Ratio Rank: 15
BCHG Sortino Ratio Rank: 16
BCHG Omega Ratio Rank: 18
BCHG Calmar Ratio Rank: 16
BCHG Martin Ratio Rank: 2

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.

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.

	BCHG	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.62	-0.95	+0.33
Sortino ratio: Return per unit of downside risk	-0.67	-1.35	+0.68
Omega ratio: Gain probability vs. loss probability	0.93	0.85	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.82	+0.15
Martin ratio: Return relative to average drawdown	-1.77	-1.41	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCHG vs. BITO - Sharpe Ratio Comparison

The current BCHG Sharpe Ratio is -0.62, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of BCHG 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

	BCHG	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	-0.95	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	-0.09	-0.13

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.

Drawdown Indicators

	BCHG	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.36%	-77.86%	-21.50%
Max Drawdown (1Y) Largest decline over 1 year	-64.18%	-50.05%	-14.13%
Max Drawdown (3Y) Largest decline over 3 years	-91.79%	-50.05%	-41.74%
Max Drawdown (5Y) Largest decline over 5 years	-98.25%	—	—
Current Drawdown Current decline from peak	-96.84%	-49.22%	-47.62%
Average Drawdown Average peak-to-trough decline	-86.50%	-36.73%	-49.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.21%	29.09%	-4.88%

Volatility

BCHG vs. BITO - Volatility Comparison

Grayscale Bitcoin Cash Trust (BCHG) has a higher volatility of 21.32% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. 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.

Volatility by Period

	BCHG	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.32%	9.43%	+11.89%
Volatility (6M) Calculated over the trailing 6-month period	49.29%	34.26%	+15.03%
Volatility (1Y) Calculated over the trailing 1-year period	69.91%	43.57%	+26.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.72%	55.11%	+53.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.16%	55.11%	+77.05%

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 67.63%.

Position	TTM	2025	2024	2023
BCHG Grayscale Bitcoin Cash Trust	0.00%	0.00%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%

Frequently Asked Questions

Can I hold both BCHG and BITO in my portfolio?

BCHG and BITO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCHG or BITO?

BCHG has higher volatility (21.32%) compared to BITO (9.43%). In terms of maximum drawdown, BCHG dropped -99.36% vs BITO's -77.86%.

Which has better risk-adjusted returns?

BCHG currently has the higher Sharpe Ratio (-0.62 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.