BITO vs. BTRN

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds. BITO is actively managed, while BTRN is passively managed. Over the past year, BITO returned -41.98% vs -17.28% for BTRN. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

BITO vs. BTRN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Global X Bitcoin Trend Strategy ETF (BTRN). 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 BTRN's -9.20% return.

BITO

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

BTRN

• 1D: 0.10%
• 1M: -13.54%
• YTD: -9.20%
• 6M: -9.80%
• 1Y: -17.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. BTRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	34.70%
BTRN Global X Bitcoin Trend Strategy ETF	-9.20%	4.89%	5.22%

Correlation

The correlation between BITO and BTRN is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Mar 22, 2024	0.79

The correlation between BITO and BTRN has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

BITO vs. BTRN - Sectors Allocation Comparison

Sectors	BITO	BTRN
Financial Services	68.5%	68.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BITO vs. BTRN — 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

BTRN

BTRN Risk / Return Rank: 3
BTRN Sharpe Ratio Rank: 2
BTRN Sortino Ratio Rank: 3
BTRN Omega Ratio Rank: 2
BTRN Calmar Ratio Rank: 3
BTRN Martin Ratio Rank: 3

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. BTRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Global X Bitcoin Trend Strategy ETF (BTRN). 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	BTRN	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.88	-0.09
Sortino ratio: Return per unit of downside risk	-1.39	-1.15	-0.24
Omega ratio: Gain probability vs. loss probability	0.84	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.69	-0.15
Martin ratio: Return relative to average drawdown	-1.44	-1.17	-0.26
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. BTRN - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.97, which is comparable to the BTRN Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of BITO and BTRN, 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	BTRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	-0.88	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.00	-0.10

Drawdowns

BITO vs. BTRN - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for BITO and BTRN.

Drawdown Indicators

	BITO	BTRN	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-36.97%	-40.89%
Max Drawdown (1Y) Largest decline over 1 year	-50.64%	-25.29%	-25.35%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	—	—
Current Drawdown Current decline from peak	-50.64%	-25.22%	-25.42%
Average Drawdown Average peak-to-trough decline	-36.75%	-14.43%	-22.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	14.76%	+14.51%

Volatility

BITO vs. BTRN - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 9.03% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 6.93%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BTRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	6.93%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	10.35%	+23.36%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	19.84%	+23.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.10%	30.94%	+24.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.10%	30.94%	+24.16%

BITO vs. BTRN - Expense Ratio Comparison

Both BITO and BTRN have an expense ratio of 0.95%.

Dividends

BITO vs. BTRN - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, more than BTRN's 30.57% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
BTRN Global X Bitcoin Trend Strategy ETF	30.57%	27.76%	2.56%	0.00%

Frequently Asked Questions

Can I hold both BITO and BTRN in my portfolio?

BITO and BTRN have a correlation of 0.71, 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 BTRN?

BITO has higher volatility (9.03%) compared to BTRN (6.93%). In terms of maximum drawdown, BITO dropped -77.86% vs BTRN's -36.97%.

Which ETF is better, BITO or BTRN?

On 1-year performance, BTRN leads with -17.28% vs -41.98% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BTRN has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BTRN?

Over the 1-year period, BTRN has performed better with a -17.28% return vs -41.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BTRN?

BITO and BTRN have the same expense ratio: 0.95% per year.

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

BITO has the higher dividend yield at 69.59%, compared with 30.57% for BTRN.

What is the main difference between BITO and BTRN?

They also come from different issuers: ProShares and Global X.

Which has better risk-adjusted returns?

BTRN currently has the higher Sharpe Ratio (-0.88 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.