BITO vs. BITX

Last updated Jul 15, 2026

BITO (ProShares Bitcoin Strategy ETF) and BITX (2x Bitcoin Strategy ETF) are both Cryptocurrency funds. BITO is actively managed, while BITX is passively managed. Over the past 3 years, BITO returned 20.79%/yr vs 4.38%/yr for BITX. With a 1.00 correlation, they move nearly in lockstep. BITO charges 0.95%/yr vs 2.38%/yr for BITX.

Performance

BITO vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -27.52% return, which is significantly higher than BITX's -55.00% return.

BITO

• 1D: 3.67%
• 1M: 1.29%
• 6M: -32.82%
• YTD: -27.52%
• 1Y: -48.25%
• 3Y*: 20.79%
• 5Y*: —
• 10Y*: —

BITX

• 1D: 7.45%
• 1M: 0.87%
• 6M: -61.05%
• YTD: -55.00%
• 1Y: -79.48%
• 3Y*: 4.38%
• 5Y*: —
• 10Y*: —

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

BITO vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	-27.52%	-11.19%	104.45%	32.47%
BITX 2x Bitcoin Strategy ETF	-55.00%	-38.71%	163.41%	46.18%

Correlation

The correlation between BITO and BITX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	1.00

The correlation between BITO and BITX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BITO vs. BITX — Risk / Return Rank

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

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: 2
BITO Martin Ratio Rank: 1

BITX

BITX Risk / Return Rank: 1
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX 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.

BITO vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and 2x Bitcoin Strategy ETF (BITX). 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.

	BITO	BITX	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.90	-0.19
Sortino ratio: Return per unit of downside risk	-1.70	-1.79	+0.09
Omega ratio: Gain probability vs. loss probability	0.81	0.80	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.95	+0.07
Martin ratio: Return relative to average drawdown	-1.44	-1.40	-0.03

BITO vs. BITX - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.10, which is comparable to the BITX Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BITO and BITX, 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

BITO vs. BITX - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum BITX drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for BITO and BITX.

Drawdown Indicators

	BITO	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-83.45%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-83.45%	+28.98%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	-83.45%	+28.98%
Current Drawdown Current decline from peak	-50.01%	-80.11%	+30.10%
Average Drawdown Average peak-to-trough decline	-37.04%	-33.41%	-3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.62%	56.60%	-22.98%

Volatility

BITO vs. BITX - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 11.44%, while 2x Bitcoin Strategy ETF (BITX) has a volatility of 23.23%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	23.23%	-11.79%
Volatility (6M) Calculated over the trailing 6-month period	34.70%	70.21%	-35.51%
Volatility (1Y) Calculated over the trailing 1-year period	44.20%	88.21%	-44.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.84%	97.81%	-42.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.84%	97.81%	-42.97%

BITO vs. BITX - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

BITO vs. BITX - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 60.04%, more than BITX's 31.05% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.04%	78.29%	61.59%	15.14%
BITX 2x Bitcoin Strategy ETF	31.05%	21.69%	10.70%	0.00%

Frequently Asked Questions

Can I hold both BITO and BITX in my portfolio?

With a correlation of 1.00, BITO and BITX 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 BITX?

BITX has higher volatility (23.23%) compared to BITO (11.44%). In terms of maximum drawdown, BITO dropped -77.86% vs BITX's -83.45%.

Which ETF is better, BITO or BITX?

On 3-year performance, BITO leads with 20.79% vs 4.38% for BITX. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 11.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BITX?

Over the 3-year period, BITO has performed better with a 20.79% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BITX?

BITO is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITO has the higher dividend yield at 60.04%, compared with 31.05% for BITX.

What is the main difference between BITO and BITX?

They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for BITO and 2.38% for BITX.

Which has better risk-adjusted returns?

BITX currently has the higher Sharpe Ratio (-0.90 vs -1.10), 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.