BITO vs. ETH

Last updated Jun 25, 2026

BITO (ProShares Bitcoin Strategy ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITO returned -45.57% vs -34.47% for ETH. Their correlation of 0.82 suggests significant overlap in exposure. BITO charges 0.95%/yr vs 0.15%/yr for ETH.

Performance

BITO vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Grayscale Ethereum Staking Mini ETF (ETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -32.58% return, which is significantly higher than ETH's -46.40% return.

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

ETH

• 1D: -4.75%
• 1M: -23.27%
• YTD: -46.40%
• 6M: -45.72%
• 1Y: -34.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	32.21%
ETH Grayscale Ethereum Staking Mini ETF	-46.40%	-10.89%	-4.58%

Correlation

The correlation between BITO and ETH is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between BITO and ETH has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

BITO vs. ETH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 2
BITO Martin Ratio Rank: 1

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 5

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. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Grayscale Ethereum Staking Mini ETF (ETH). 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	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.50	-0.53
Sortino ratio: Return per unit of downside risk	-1.56	-0.39	-1.17
Omega ratio: Gain probability vs. loss probability	0.83	0.96	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.51	-0.34
Martin ratio: Return relative to average drawdown	-1.45	-0.85	-0.59

BITO vs. ETH - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.04, which is lower than the ETH Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of BITO and ETH, 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. ETH - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than ETH's maximum drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for BITO and ETH.

Drawdown Indicators

	BITO	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-67.19%	-10.67%
Max Drawdown (1Y) Largest decline over 1 year	-53.50%	-67.19%	+13.69%
Max Drawdown (3Y) Largest decline over 3 years	-53.50%	—	—
Current Drawdown Current decline from peak	-53.50%	-66.99%	+13.49%
Average Drawdown Average peak-to-trough decline	-36.87%	-33.57%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.47%	40.37%	-8.90%

Volatility

BITO vs. ETH - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 13.03%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 19.94%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	19.94%	-6.91%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	46.45%	-12.13%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	69.09%	-24.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.03%	72.38%	-17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.03%	72.38%	-17.35%

BITO vs. ETH - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

BITO vs. ETH - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 73.86%, while ETH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and ETH in my portfolio?

BITO and ETH have a correlation of 0.88, 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 ETH?

ETH has higher volatility (19.94%) compared to BITO (13.03%). In terms of maximum drawdown, BITO dropped -77.86% vs ETH's -67.19%.

Which ETF is better, BITO or ETH?

On 1-year performance, ETH leads with -34.47% vs -45.57% for BITO. On fees, ETH is cheaper at 0.15% per year. On volatility, BITO has been the lower-risk option at 13.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or ETH?

Over the 1-year period, ETH has performed better with a -34.47% return vs -45.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 73.86%, compared with 0.00% for ETH.

What is the main difference between BITO and ETH?

They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for BITO and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.50 vs -1.04), 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.