BETH vs. BTF

Last updated Jun 24, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and BTF (Valkyrie Bitcoin and Ether Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BETH returned -40.77% vs -36.03% for BTF. With a 0.97 correlation, they move nearly in lockstep. BETH charges 0.95%/yr vs 1.24%/yr for BTF.

Performance

BETH vs. BTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Valkyrie Bitcoin and Ether Strategy ETF (BTF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BETH achieves a -32.64% return, which is significantly higher than BTF's -37.72% return.

BETH

• 1D: -3.37%
• 1M: -18.22%
• YTD: -32.64%
• 6M: -32.87%
• 1Y: -40.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTF

• 1D: -3.72%
• 1M: -18.83%
• YTD: -37.72%
• 6M: -37.84%
• 1Y: -36.03%
• 3Y*: 5.96%
• 5Y*: —
• 10Y*: —

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

BETH vs. BTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-32.64%	-11.20%	85.03%	39.34%
BTF Valkyrie Bitcoin and Ether Strategy ETF	-37.72%	-12.44%	67.60%	54.09%

Correlation

The correlation between BETH and BTF 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 Oct 2, 2023	0.97

The correlation between BETH and BTF has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

BETH vs. BTF — Risk / Return Rank

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

BETH

BETH Risk / Return Rank: 3
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 3
BETH Omega Ratio Rank: 3
BETH Calmar Ratio Rank: 3
BETH Martin Ratio Rank: 3

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 4
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 4
BTF Martin Ratio Rank: 4

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.

BETH vs. BTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Valkyrie Bitcoin and Ether Strategy ETF (BTF). 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.

	BETH	BTF	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.66	-0.20
Sortino ratio: Return per unit of downside risk	-1.18	-0.75	-0.43
Omega ratio: Gain probability vs. loss probability	0.87	0.92	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.59	-0.14
Martin ratio: Return relative to average drawdown	-1.24	-1.01	-0.23

BETH vs. BTF - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.86, which is lower than the BTF Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of BETH and BTF, 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

BETH vs. BTF - Drawdown Comparison

The maximum BETH drawdown since its inception was -56.03%, smaller than the maximum BTF drawdown of -77.50%. Use the drawdown chart below to compare losses from any high point for BETH and BTF.

Drawdown Indicators

	BETH	BTF	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-77.50%	+21.47%
Max Drawdown (1Y) Largest decline over 1 year	-56.03%	-60.85%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-60.85%	—
Current Drawdown Current decline from peak	-54.48%	-59.27%	+4.79%
Average Drawdown Average peak-to-trough decline	-18.31%	-39.85%	+21.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.01%	35.81%	-2.80%

Volatility

BETH vs. BTF - Volatility Comparison

The current volatility for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) is 13.75%, while Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a volatility of 15.71%. This indicates that BETH experiences smaller price fluctuations and is considered to be less risky than BTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETH	BTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	15.71%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	36.61%	39.94%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	47.49%	55.04%	-7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.18%	58.48%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.18%	58.48%	-7.30%

BETH vs. BTF - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is lower than BTF's 1.24% expense ratio.

Dividends

BETH vs. BTF - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 60.67%, less than BTF's 233.68% yield.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	60.67%	57.68%	19.71%	0.36%
BTF Valkyrie Bitcoin and Ether Strategy ETF	233.68%	146.05%	52.96%	15.98%

Frequently Asked Questions

Can I hold both BETH and BTF in my portfolio?

With a correlation of 0.98, BETH and BTF 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, BETH or BTF?

BTF has higher volatility (15.71%) compared to BETH (13.75%). In terms of maximum drawdown, BETH dropped -56.03% vs BTF's -77.50%.

Which ETF is better, BETH or BTF?

On 1-year performance, BTF leads with -36.03% vs -40.77% for BETH. On fees, BETH is cheaper at 0.95% per year. On volatility, BETH has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETH or BTF?

Over the 1-year period, BTF has performed better with a -36.03% return vs -40.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETH or BTF?

BETH is cheaper with a 0.95% expense ratio, compared with 1.24% for BTF.

Which ETF pays a higher dividend yield, BETH or BTF?

BTF has the higher dividend yield at 233.68%, compared with 60.67% for BETH.

What is the main difference between BETH and BTF?

They also come from different issuers: ProShares and Valkyrie. Their fees differ too: 0.95% for BETH and 1.24% for BTF.

Which has better risk-adjusted returns?

BTF currently has the higher Sharpe Ratio (-0.66 vs -0.86), 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.