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 21.06%/yr vs 14.99%/yr for COIN. A 0.68 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 stocks are quite close, with BITO having a -27.77% return and COIN slightly lower at -29.03%.
BITO
- 1D
- -0.91%
- 1M
- -2.11%
- 6M
- -33.51%
- YTD
- -27.77%
- 1Y
- -48.16%
- 3Y*
- 21.06%
- 5Y*
- —
- 10Y*
- —
COIN
- 1D
- -4.02%
- 1M
- -5.19%
- 6M
- -32.93%
- YTD
- -29.03%
- 1Y
- -59.70%
- 3Y*
- 14.99%
- 5Y*
- -6.53%
- 10Y*
- —
BITO vs. COIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -27.77% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
COIN Coinbase Global, Inc. | -29.03% | -8.92% | 42.77% | 391.44% | -85.98% | -13.97% |
Correlation
The correlation between BITO and COIN is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.68 |
The correlation between BITO and COIN has been stable across timeframes, ranging from 0.68 to 0.76 - 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.
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 | COIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.84 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.90 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.33 | -0.09 |
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Drawdowns
BITO vs. COIN - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum COIN drawdown of -91.46%. 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% | -91.46% | +13.60% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -66.39% | +11.92% |
Max Drawdown (3Y)Largest decline over 3 years | -54.47% | -66.39% | +11.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.90% | — |
Current DrawdownCurrent decline from peak | -50.18% | -61.77% | +11.59% |
Average DrawdownAverage peak-to-trough decline | -37.06% | -52.75% | +15.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.91% | 44.90% | -10.99% |
Volatility
BITO vs. COIN - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 10.49%, while Coinbase Global, Inc. (COIN) has a volatility of 16.57%. 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 | 10.49% | 16.57% | -6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 34.48% | 52.94% | -18.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 67.72% | -23.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.80% | 85.96% | -31.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 85.12% | -30.32% |
Dividends
BITO vs. COIN - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 60.24%, while COIN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 60.24% | 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 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COIN has higher volatility (16.57%) compared to BITO (10.49%). In terms of maximum drawdown, BITO dropped -77.86% vs COIN's -91.46%.
COIN currently has the higher Sharpe Ratio (-0.88 vs -1.10), 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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