BITO vs. BTC-USD
BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, BITO returned 19.76%/yr vs 27.91%/yr for BTC-USD. A 0.70 correlation means they provide meaningful diversification when combined.
Performance
BITO vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -28.18% return, which is significantly lower than BTC-USD's -26.75% return.
BITO
- 1D
- 1.17%
- 1M
- 2.98%
- 6M
- -30.25%
- YTD
- -28.18%
- 1Y
- -45.83%
- 3Y*
- 19.76%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 1.45%
- 1M
- 4.30%
- 6M
- -29.20%
- YTD
- -26.75%
- 1Y
- -44.77%
- 3Y*
- 27.91%
- 5Y*
- 13.34%
- 10Y*
- 57.87%
BITO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -28.18% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
BTC-USD Bitcoin | -26.75% | -6.27% | 120.76% | 155.82% | -64.23% | -25.52% |
Correlation
The correlation between BITO and BTC-USD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.70 |
The correlation between BITO and BTC-USD has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.
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Return for Risk
BITO vs. BTC-USD — Risk / Return Rank
BITO
BTC-USD
BITO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.84 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.38 | +0.01 |
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Drawdowns
BITO vs. BTC-USD - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITO and BTC-USD.
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Drawdown Indicators
| BITO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -85.30% | +7.44% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -53.08% | -1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -54.47% | -53.08% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -50.47% | -48.61% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -37.02% | -42.54% | +5.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.31% | 31.31% | +2.00% |
Volatility
BITO vs. BTC-USD - Volatility Comparison
ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 10.76% compared to Bitcoin (BTC-USD) at 9.36%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.76% | 9.36% | +1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 34.39% | 34.92% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.21% | 35.73% | +8.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.85% | 43.96% | +10.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.85% | 56.33% | -1.48% |
Frequently Asked Questions
BITO and BTC-USD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (10.76%) compared to BTC-USD (9.36%). In terms of maximum drawdown, BITO dropped -77.86% vs BTC-USD's -85.30%.
BITO currently has the higher Sharpe Ratio (-1.04 vs -1.05), 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.
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