BITO vs. BTCI

Last updated Aug 2, 2026

BITO (ProShares Bitcoin Strategy ETF) and BTCI (NEOS Bitcoin High Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITO returned -46.40% vs -40.21% for BTCI. Their 0.99 correlation means they have historically moved very closely together. BITO charges 0.95%/yr vs 0.99%/yr for BTCI.

Performance

BITO vs. BTCI - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -29.42% return, which is significantly lower than BTCI's -25.73% return.

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

BTCI

• 1D: -2.39%
• 1M: 2.51%
• 6M: -23.02%
• YTD: -25.73%
• 1Y: -40.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B
BTCI NEOS Bitcoin High Income ETF	$12.53M	$12.80M	$22.67M

BITO vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	35.47%
BTCI NEOS Bitcoin High Income ETF	-25.73%	-1.09%	26.12%

Correlation

The correlation between BITO and BTCI is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.99

The correlation between BITO and BTCI has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

BITO vs. BTCI — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 1
BITO Martin Ratio Rank: 1

BTCI

BTCI Risk / Return Rank: 1
BTCI Sharpe Ratio Rank: 1
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITO vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	-1.05	-0.04
Sortino ratio: Return per unit of downside risk	-1.69	-1.53	-0.16
Omega ratio: Gain probability vs. loss probability	0.81	0.83	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.87	-0.02
Martin ratio: Return relative to average drawdown	-1.36	-1.36	0.00

BITO vs. BTCI - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.09, which is comparable to the BTCI Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of BITO and BTCI, 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. BTCI - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than BTCI's maximum drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for BITO and BTCI.

Drawdown Indicators

	BITO	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-48.42%	-29.44%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-48.42%	-6.05%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	—	—
Current Drawdown Current decline from peak	-51.32%	-45.08%	-6.24%
Average Drawdown Average peak-to-trough decline	-37.18%	-17.81%	-19.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.48%	30.79%	+4.69%

Volatility

BITO vs. BTCI - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 8.96% compared to NEOS Bitcoin High Income ETF (BTCI) at 7.31%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	7.31%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	33.45%	30.70%	+2.75%
Volatility (1Y) Calculated over the trailing 1-year period	44.19%	40.00%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.60%	39.67%	+14.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.60%	39.67%	+14.93%

BITO vs. BTCI - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

BITO vs. BTCI - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 61.66%, more than BTCI's 41.26% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%
BTCI NEOS Bitcoin High Income ETF	41.26%	36.46%	6.76%	0.00%

Frequently Asked Questions

Can I hold both BITO and BTCI in my portfolio?

With a correlation of 0.99, BITO and BTCI 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 BTCI?

BITO has higher volatility (8.96%) compared to BTCI (7.31%). In terms of maximum drawdown, BITO dropped -77.86% vs BTCI's -48.42%.

Which ETF is better, BITO or BTCI?

On 1-year performance, BTCI leads with -40.21% vs -46.40% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BTCI has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BTCI?

Over the 1-year period, BTCI has performed better with a -40.21% return vs -46.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BTCI?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for BTCI.

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

BITO has the higher dividend yield at 47.47%, compared with 41.26% for BTCI.

What is the main difference between BITO and BTCI?

They also come from different issuers: ProShares and Neos. Their fees differ too: 0.95% for BITO and 0.99% for BTCI.

Which has better risk-adjusted returns?

BTCI currently has the higher Sharpe Ratio (-1.05 vs -1.09), 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.