BITO vs. BLOX

Last updated Jun 26, 2026

BITO (ProShares Bitcoin Strategy ETF) and BLOX (Nicholas Crypto Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITO returned -47.20% vs 10.47% for BLOX. Their correlation of 0.80 suggests significant overlap in exposure. BITO charges 0.95%/yr vs 1.03%/yr for BLOX.

Performance

BITO vs. BLOX - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -33.32% return, which is significantly lower than BLOX's 7.21% return.

BITO

• 1D: -1.10%
• 1M: -22.17%
• YTD: -33.32%
• 6M: -33.16%
• 1Y: -47.20%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

BLOX

• 1D: -2.05%
• 1M: -6.31%
• YTD: 7.21%
• 6M: 1.57%
• 1Y: 10.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. BLOX - Yearly Performance Comparison

	2026 (YTD)	2025
BITO ProShares Bitcoin Strategy ETF	-33.32%	-21.57%
BLOX Nicholas Crypto Income ETF	7.21%	8.17%

Correlation

The correlation between BITO and BLOX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.80

The correlation between BITO and BLOX has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

BITO vs. BLOX — 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

BLOX

BLOX Risk / Return Rank: 12
BLOX Sharpe Ratio Rank: 12
BLOX Sortino Ratio Rank: 14
BLOX Omega Ratio Rank: 14
BLOX Calmar Ratio Rank: 11
BLOX Martin Ratio Rank: 11

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. BLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Nicholas Crypto Income ETF (BLOX). 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	BLOX	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	0.19	-1.27
Sortino ratio: Return per unit of downside risk	-1.65	0.65	-2.30
Omega ratio: Gain probability vs. loss probability	0.82	1.08	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.88	0.22	-1.10
Martin ratio: Return relative to average drawdown	-1.49	0.45	-1.94

BITO vs. BLOX - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.07, which is lower than the BLOX Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of BITO and BLOX, 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. BLOX - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than BLOX's maximum drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for BITO and BLOX.

Drawdown Indicators

	BITO	BLOX	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-47.09%	-30.77%
Max Drawdown (1Y) Largest decline over 1 year	-54.01%	-47.09%	-6.92%
Max Drawdown (3Y) Largest decline over 3 years	-54.01%	—	—
Current Drawdown Current decline from peak	-54.01%	-25.89%	-28.12%
Average Drawdown Average peak-to-trough decline	-36.89%	-18.71%	-18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.65%	23.56%	+8.09%

Volatility

BITO vs. BLOX - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 12.96%, while Nicholas Crypto Income ETF (BLOX) has a volatility of 16.18%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than BLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	16.18%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	40.75%	-6.43%
Volatility (1Y) Calculated over the trailing 1-year period	44.16%	54.10%	-9.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.00%	53.88%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.00%	53.88%	+1.12%

BITO vs. BLOX - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than BLOX's 1.03% expense ratio.

Dividends

BITO vs. BLOX - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 74.68%, more than BLOX's 43.08% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	74.68%	78.29%	61.59%	15.14%
BLOX Nicholas Crypto Income ETF	43.08%	22.69%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and BLOX in my portfolio?

BITO and BLOX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or BLOX?

BLOX has higher volatility (16.18%) compared to BITO (12.96%). In terms of maximum drawdown, BITO dropped -77.86% vs BLOX's -47.09%.

Which ETF is better, BITO or BLOX?

On 1-year performance, BLOX leads with 10.47% vs -47.20% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 12.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BLOX?

Over the 1-year period, BLOX has performed better with a 10.47% return vs -47.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BLOX?

BITO is cheaper with a 0.95% expense ratio, compared with 1.03% for BLOX.

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

BITO has the higher dividend yield at 74.68%, compared with 43.08% for BLOX.

What is the main difference between BITO and BLOX?

They also come from different issuers: ProShares and Nicholas. Their fees differ too: 0.95% for BITO and 1.03% for BLOX.

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (0.19 vs -1.07), 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.