BITO vs. BOXX

Last updated Jun 14, 2026

BITO (ProShares Bitcoin Strategy ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. BITO is actively managed, while BOXX is passively managed. Over the past 3 years, BITO returned 26.35%/yr vs 4.74%/yr for BOXX. At a correlation of -0.01, they often move in opposite directions. BITO charges 0.95%/yr vs 0.19%/yr for BOXX.

Performance

BITO vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than BOXX's 1.66% return.

BITO

• 1D: 0.12%
• 1M: -19.87%
• YTD: -28.44%
• 6M: -30.74%
• 1Y: -41.98%
• 3Y*: 26.35%
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.03%
• 1M: 0.24%
• YTD: 1.66%
• 6M: 1.95%
• 1Y: 4.06%
• 3Y*: 4.74%
• 5Y*: —
• 10Y*: —

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

BITO vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	0.58%
BOXX Alpha Architect 1-3 Month Box ETF	1.66%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between BITO and BOXX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	-0.01

Return for Risk

BITO vs. BOXX — 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

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

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. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Alpha Architect 1-3 Month Box ETF (BOXX). 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	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	12.70	-13.69
Sortino ratio: Return per unit of downside risk	-1.43	37.36	-38.79
Omega ratio: Gain probability vs. loss probability	0.84	9.61	-8.77
Calmar ratio: Return relative to maximum drawdown	-0.81	59.46	-60.27
Martin ratio: Return relative to average drawdown	-1.42	524.03	-525.45

BITO vs. BOXX - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.98, which is lower than the BOXX Sharpe Ratio of 12.70. The chart below compares the historical Sharpe Ratios of BITO and BOXX, 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. BOXX - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for BITO and BOXX.

Drawdown Indicators

	BITO	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-0.12%	-77.74%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-0.07%	-53.03%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	-0.12%	-52.98%
Current Drawdown Current decline from peak	-50.64%	0.00%	-50.64%
Average Drawdown Average peak-to-trough decline	-36.79%	-0.00%	-36.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.32%	0.01%	+30.31%

Volatility

BITO vs. BOXX - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 11.73% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.10%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	0.10%	+11.63%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	0.25%	+33.95%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	0.32%	+43.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.07%	0.37%	+54.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.07%	0.37%	+54.70%

BITO vs. BOXX - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

BITO vs. BOXX - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%

Frequently Asked Questions

Can I hold both BITO and BOXX in my portfolio?

BITO and BOXX have a correlation of -0.01, 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 BOXX?

BITO has higher volatility (11.73%) compared to BOXX (0.10%). In terms of maximum drawdown, BITO dropped -77.86% vs BOXX's -0.12%.

Which ETF is better, BITO or BOXX?

On 3-year performance, BITO leads with 26.35% vs 4.74% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BOXX?

Over the 3-year period, BITO has performed better with a 26.35% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 69.59%, compared with 0.00% for BOXX.

What is the main difference between BITO and BOXX?

BITO is categorized as Cryptocurrency, while BOXX is Ultrashort Bond. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.95% for BITO and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.70 vs -0.98), 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.