BITO vs. COIN
BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares, while COIN (Coinbase Global, Inc.) is a stock. Over the past 3 years, BITO returned 26.82%/yr vs 40.88%/yr for COIN. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
BITO vs. COIN - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BITO having a -28.44% return and COIN slightly higher at -27.42%.
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
COIN
- 1D
- 0.56%
- 1M
- -17.00%
- YTD
- -27.42%
- 6M
- -40.11%
- 1Y
- -35.89%
- 3Y*
- 40.88%
- 5Y*
- -6.43%
- 10Y*
- —
BITO vs. COIN - 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% | -31.09% |
COIN Coinbase Global, Inc. | -27.42% | -8.92% | 42.77% | 391.44% | -85.98% | -17.43% |
Correlation
The correlation between BITO and COIN is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | 0.67 |
The correlation between BITO and COIN has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.
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Return for Risk
BITO vs. COIN — Risk / Return Rank
BITO
COIN
BITO vs. COIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Coinbase Global, Inc. (COIN). 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 | COIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.95 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.54 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.44 | -0.90 | -0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BITO | COIN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | -0.51 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | -0.15 | +0.05 |
Drawdowns
BITO vs. COIN - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum COIN drawdown of -90.90%. Use the drawdown chart below to compare losses from any high point for BITO and COIN.
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Drawdown Indicators
| BITO | COIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -90.90% | +13.04% |
Max Drawdown (1Y)Largest decline over 1 year | -50.64% | -66.39% | +15.75% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -66.39% | +15.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.90% | — |
Current DrawdownCurrent decline from peak | -50.64% | -60.90% | +10.26% |
Average DrawdownAverage peak-to-trough decline | -36.75% | -49.84% | +13.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.27% | 39.86% | -10.59% |
Volatility
BITO vs. COIN - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 9.03%, while Coinbase Global, Inc. (COIN) has a volatility of 19.12%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than COIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | COIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.03% | 19.12% | -10.09% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 50.97% | -17.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 70.03% | -26.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.10% | 85.85% | -30.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.10% | 85.36% | -30.26% |
Dividends
BITO vs. COIN - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 69.59%, while COIN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% |
COIN Coinbase Global, Inc. | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITO and COIN have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COIN has higher volatility (19.12%) compared to BITO (9.03%). In terms of maximum drawdown, BITO dropped -77.86% vs COIN's -90.90%.
COIN currently has the higher Sharpe Ratio (-0.51 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.
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