BITO vs. BITW

Last updated Jun 4, 2026

BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares, while BITW (Bitwise 10 Crypto Index Fund) is a stock. Over the past 3 years, BITO returned 25.27%/yr vs 58.56%/yr for BITW. Their correlation of 0.80 suggests significant overlap in exposure.

Performance

BITO vs. BITW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Bitwise 10 Crypto Index Fund (BITW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -26.37% return, which is significantly higher than BITW's -28.62% return.

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

BITW

• 1D: -3.34%
• 1M: -18.81%
• YTD: -28.62%
• 6M: -33.87%
• 1Y: -32.03%
• 3Y*: 58.56%
• 5Y*: -7.67%
• 10Y*: —

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

BITO vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%
BITW Bitwise 10 Crypto Index Fund	-28.62%	-2.63%	160.69%	331.10%	-85.92%	-23.70%

Correlation

The correlation between BITO and BITW is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.80

The correlation between BITO and BITW shifts across timeframes, from 0.80 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BITO vs. BITW — Risk / Return Rank

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

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

BITW

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

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.

BITO vs. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Bitwise 10 Crypto Index Fund (BITW). 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.

	BITO	BITW	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	-0.66	-0.29
Sortino ratio: Return per unit of downside risk	-1.35	-0.75	-0.60
Omega ratio: Gain probability vs. loss probability	0.85	0.91	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.62	-0.21
Martin ratio: Return relative to average drawdown	-1.41	-1.06	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. BITW - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.95, which is lower than the BITW Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of BITO and BITW, 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

	BITO	BITW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	-0.66	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.23	-0.32

Drawdowns

BITO vs. BITW - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BITO and BITW.

Drawdown Indicators

	BITO	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-96.46%	+18.60%
Max Drawdown (1Y) Largest decline over 1 year	-50.05%	-52.10%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-50.05%	-52.10%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-92.13%	—
Current Drawdown Current decline from peak	-49.22%	-69.83%	+20.61%
Average Drawdown Average peak-to-trough decline	-36.73%	-69.59%	+32.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.09%	30.25%	-1.16%

Volatility

BITO vs. BITW - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) and Bitwise 10 Crypto Index Fund (BITW) have volatilities of 9.43% and 9.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	9.49%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	34.26%	37.71%	-3.45%
Volatility (1Y) Calculated over the trailing 1-year period	43.57%	49.10%	-5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.11%	66.30%	-11.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.11%	108.75%	-53.64%

Dividends

BITO vs. BITW - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 67.63%, while BITW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
BITW Bitwise 10 Crypto Index Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and BITW in my portfolio?

With a correlation of 0.96, BITO and BITW 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, BITO or BITW?

BITW has higher volatility (9.49%) compared to BITO (9.43%). In terms of maximum drawdown, BITO dropped -77.86% vs BITW's -96.46%.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.66 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.