BITC vs. BITO

Last updated Aug 2, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BITC returned 29.84%/yr vs 21.20%/yr for BITO. Their correlation of 0.81 means they have usually moved in the same direction. BITC charges 0.88%/yr vs 0.95%/yr for BITO.

Performance

BITC vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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, BITC achieves a -1.76% return, which is significantly higher than BITO's -29.42% return.

BITC

• 1D: -2.97%
• 1M: -1.31%
• 6M: -1.00%
• YTD: -1.76%
• 1Y: -24.54%
• 3Y*: 29.84%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.54%

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	$51.18K	$64.98K	$91.15K
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B

BITC vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-1.76%	-20.46%	97.86%	42.71%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	104.45%	41.70%

Correlation

The correlation between BITC and BITO is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023	0.81

Over the past year, the correlation between BITC and BITO has dropped to 0.53 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

BITC vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITC

BITC Risk / Return Rank: 2
BITC Sharpe Ratio Rank: 2
BITC Sortino Ratio Rank: 2
BITC Omega Ratio Rank: 1
BITC Calmar Ratio Rank: 1
BITC Martin Ratio Rank: 3

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 1
BITO Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITC vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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.

	BITC	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-1.09	+0.11
Sortino ratio: Return per unit of downside risk	-1.33	-1.69	+0.36
Omega ratio: Gain probability vs. loss probability	0.80	0.81	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.89	0.00
Martin ratio: Return relative to average drawdown	-1.19	-1.36	+0.17

BITC vs. BITO - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.98, which is comparable to the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of BITC 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

BITC vs. BITO - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BITC and BITO.

Drawdown Indicators

	BITC	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-77.86%	+39.35%
Max Drawdown (1Y) Largest decline over 1 year	-27.89%	-54.47%	+26.58%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	-54.47%	+15.96%
Current Drawdown Current decline from peak	-32.48%	-51.32%	+18.84%
Average Drawdown Average peak-to-trough decline	-16.98%	-37.18%	+20.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.72%	35.48%	-14.76%

Volatility

BITC vs. BITO - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 8.07%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. This indicates that BITC 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

	BITC	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	8.96%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	18.32%	33.45%	-15.13%
Volatility (1Y) Calculated over the trailing 1-year period	25.11%	44.19%	-19.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.81%	54.60%	-8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.81%	54.60%	-8.79%

BITC vs. BITO - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

BITC vs. BITO - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.42%, less than BITO's 61.66% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.42%	3.36%	42.68%	5.82%
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%

Frequently Asked Questions

Can I hold both BITC and BITO in my portfolio?

BITC and BITO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITC or BITO?

BITO has higher volatility (8.96%) compared to BITC (8.07%). In terms of maximum drawdown, BITC dropped -38.51% vs BITO's -77.86%.

Which ETF is better, BITC or BITO?

On 3-year performance, BITC leads with 29.84% vs 21.20% for BITO. On fees, BITC is cheaper at 0.88% per year. On volatility, BITC has been the lower-risk option at 8.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or BITO?

Over the 3-year period, BITC has performed better with a 29.84% return vs 21.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or BITO?

BITC is cheaper with a 0.88% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 47.47%, compared with 3.42% for BITC.

What is the main difference between BITC and BITO?

They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.88% for BITC and 0.95% for BITO.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.98 vs -1.09), 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.