BITO vs. BTF

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and BTF (Valkyrie Bitcoin and Ether Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BITO returned 26.82%/yr vs 14.83%/yr for BTF. With a 0.96 correlation, they move nearly in lockstep. BITO charges 0.95%/yr vs 1.24%/yr for BTF.

Performance

BITO vs. BTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin and Ether Strategy ETF (BTF). 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 higher than BTF's -34.89% return.

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

BTF

• 1D: -2.12%
• 1M: -23.87%
• YTD: -34.89%
• 6M: -38.73%
• 1Y: -37.70%
• 3Y*: 14.83%
• 5Y*: —
• 10Y*: —

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

BITO vs. BTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-26.85%
BTF Valkyrie Bitcoin and Ether Strategy ETF	-34.89%	-12.44%	67.60%	136.86%	-63.05%	-26.38%

Correlation

The correlation between BITO and BTF is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 25, 2021	0.96

The correlation between BITO and BTF has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

BITO vs. BTF — 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

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 3
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 3
BTF Martin Ratio Rank: 4

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. BTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin and Ether Strategy ETF (BTF). 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.

	BITO	BTF	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.70	-0.27
Sortino ratio: Return per unit of downside risk	-1.39	-0.84	-0.56
Omega ratio: Gain probability vs. loss probability	0.84	0.91	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.66	-0.17
Martin ratio: Return relative to average drawdown	-1.44	-1.13	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. BTF - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.97, which is lower than the BTF Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of BITO and BTF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITO	BTF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	-0.70	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.17	+0.07

Drawdowns

BITO vs. BTF - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, roughly equal to the maximum BTF drawdown of -77.50%. Use the drawdown chart below to compare losses from any high point for BITO and BTF.

Drawdown Indicators

	BITO	BTF	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-77.50%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-50.64%	-57.42%	+6.78%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	-57.42%	+6.78%
Current Drawdown Current decline from peak	-50.64%	-57.42%	+6.78%
Average Drawdown Average peak-to-trough decline	-36.75%	-39.67%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	33.52%	-4.25%

Volatility

BITO vs. BTF - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin and Ether Strategy ETF (BTF) have volatilities of 9.03% and 9.25%, 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	BTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	9.25%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	38.82%	-5.11%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	54.30%	-10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.10%	58.41%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.10%	58.41%	-3.31%

BITO vs. BTF - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than BTF's 1.24% expense ratio.

Dividends

BITO vs. BTF - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, less than BTF's 223.87% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
BTF Valkyrie Bitcoin and Ether Strategy ETF	223.87%	146.05%	52.96%	15.98%

Frequently Asked Questions

Can I hold both BITO and BTF in my portfolio?

With a correlation of 0.94, BITO and BTF 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 BTF?

BTF has higher volatility (9.25%) compared to BITO (9.03%). In terms of maximum drawdown, BITO dropped -77.86% vs BTF's -77.50%.

Which ETF is better, BITO or BTF?

On 3-year performance, BITO leads with 26.82% vs 14.83% for BTF. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BTF?

Over the 3-year period, BITO has performed better with a 26.82% return vs 14.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BTF?

BITO is cheaper with a 0.95% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 223.87%, compared with 69.59% for BITO.

What is the main difference between BITO and BTF?

They also come from different issuers: ProShares and Valkyrie. Their fees differ too: 0.95% for BITO and 1.24% for BTF.

Which has better risk-adjusted returns?

BTF currently has the higher Sharpe Ratio (-0.70 vs -0.97), 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.