BITO vs. BRRR

Last updated Jun 12, 2026

BITO (ProShares Bitcoin Strategy ETF) and BRRR (Valkyrie Bitcoin ETF) are both Cryptocurrency funds. BITO is actively managed, while BRRR is passively managed. Over the past year, BITO returned -44.02% vs -41.75% for BRRR. With a 1.00 correlation, they move nearly in lockstep. BITO charges 0.95%/yr vs 0.25%/yr for BRRR.

Performance

BITO vs. BRRR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BITO having a -28.52% return and BRRR slightly higher at -27.50%.

BITO

• 1D: 2.49%
• 1M: -21.63%
• YTD: -28.52%
• 6M: -31.94%
• 1Y: -44.02%
• 3Y*: 26.36%
• 5Y*: —
• 10Y*: —

BRRR

• 1D: 2.75%
• 1M: -21.36%
• YTD: -27.50%
• 6M: -30.88%
• 1Y: -41.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. BRRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-28.52%	-11.19%	87.35%
BRRR Valkyrie Bitcoin ETF	-27.50%	-6.50%	87.59%

Correlation

The correlation between BITO and BRRR 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 (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

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

Return for Risk

BITO vs. BRRR — 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

BRRR

BRRR Risk / Return Rank: 2
BRRR Sharpe Ratio Rank: 2
BRRR Sortino Ratio Rank: 2
BRRR Omega Ratio Rank: 2
BRRR Calmar Ratio Rank: 2
BRRR 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. BRRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin ETF (BRRR). 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	BRRR	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	-0.95	-0.05
Sortino ratio: Return per unit of downside risk	-1.49	-1.37	-0.12
Omega ratio: Gain probability vs. loss probability	0.83	0.85	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.80	-0.03
Martin ratio: Return relative to average drawdown	-1.46	-1.42	-0.04

BITO vs. BRRR - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.01, which is comparable to the BRRR Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of BITO and BRRR, 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. BRRR - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than BRRR's maximum drawdown of -52.09%. Use the drawdown chart below to compare losses from any high point for BITO and BRRR.

Drawdown Indicators

	BITO	BRRR	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-52.09%	-25.77%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-52.09%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	—	—
Current Drawdown Current decline from peak	-50.70%	-49.44%	-1.26%
Average Drawdown Average peak-to-trough decline	-36.78%	-16.50%	-20.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.15%	29.44%	+0.71%

Volatility

BITO vs. BRRR - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin ETF (BRRR) have volatilities of 11.67% and 12.04%, 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	BRRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	12.04%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	34.44%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	43.98%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.09%	50.06%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.09%	50.06%	+5.03%

BITO vs. BRRR - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than BRRR's 0.25% expense ratio.

Dividends

BITO vs. BRRR - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.67%, while BRRR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.67%	78.29%	61.59%	15.14%
BRRR Valkyrie Bitcoin ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and BRRR in my portfolio?

With a correlation of 1.00, BITO and BRRR 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 BRRR?

BRRR has higher volatility (12.04%) compared to BITO (11.67%). In terms of maximum drawdown, BITO dropped -77.86% vs BRRR's -52.09%.

Which ETF is better, BITO or BRRR?

On 1-year performance, BRRR leads with -41.75% vs -44.02% for BITO. On fees, BRRR is cheaper at 0.25% per year. On volatility, BITO has been the lower-risk option at 11.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BRRR?

Over the 1-year period, BRRR has performed better with a -41.75% return vs -44.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BRRR?

BRRR is cheaper with a 0.25% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 69.67%, compared with 0.00% for BRRR.

What is the main difference between BITO and BRRR?

They also come from different issuers: ProShares and Valkyrie Digital Assets. Their fees differ too: 0.95% for BITO and 0.25% for BRRR.

Which has better risk-adjusted returns?

BRRR currently has the higher Sharpe Ratio (-0.95 vs -1.01), 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.