BITO vs. GBTC
BITO (ProShares Bitcoin Strategy ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. BITO is actively managed, while GBTC is passively managed. Over the past 3 years, BITO returned 26.82%/yr vs 53.36%/yr for GBTC. Their correlation of 0.95 suggests significant overlap in exposure. BITO charges 0.95%/yr vs 1.50%/yr for GBTC.
Performance
BITO vs. GBTC - 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 GBTC slightly higher at -27.82%.
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
BITO vs. GBTC - 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% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | -29.84% |
Correlation
The correlation between BITO and GBTC is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | 0.95 |
The correlation between BITO and GBTC has been stable across timeframes, ranging from 0.95 to 1.00 - a consistent structural relationship.
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Return for Risk
BITO vs. GBTC — Risk / Return Rank
BITO
GBTC
BITO vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.81 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.40 | -0.03 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | -0.93 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.65 | -0.75 |
Drawdowns
BITO vs. GBTC - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BITO and GBTC.
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Drawdown Indicators
| BITO | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -89.91% | +12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -50.64% | -49.87% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -49.87% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -50.64% | -49.87% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -36.75% | -43.43% | +6.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.27% | 28.81% | +0.46% |
Volatility
BITO vs. GBTC - Volatility Comparison
ProShares Bitcoin Strategy ETF (BITO) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 9.03% and 9.07%, 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.
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Volatility by Period
| BITO | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.03% | 9.07% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 33.86% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 43.69% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.10% | 62.44% | -7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.10% | 82.20% | -27.10% |
BITO vs. GBTC - Expense Ratio Comparison
BITO has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BITO vs. GBTC - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 69.59%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
With a correlation of 1.00, BITO and GBTC 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.
GBTC has higher volatility (9.07%) compared to BITO (9.03%). In terms of maximum drawdown, BITO dropped -77.86% vs GBTC's -89.91%.
On 3-year performance, GBTC leads with 53.36% vs 26.82% for BITO. On fees, BITO is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 53.36% return vs 26.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
BITO has the higher dividend yield at 69.59%, compared with 0.00% for GBTC.
They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for BITO and 1.50% for GBTC.
GBTC currently has the higher Sharpe Ratio (-0.93 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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