BITO vs. GBTC

Last updated Apr 3, 2026

Compare and contrast key facts about ProShares Bitcoin Strategy ETF (BITO) and Grayscale Bitcoin Trust (BTC) (GBTC).

BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

BITO vs. GBTC - Performance Comparison

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

BITO vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-24.03%	-11.19%	104.45%	137.33%	-63.91%	-31.09%
GBTC Grayscale Bitcoin Trust (BTC)	-23.71%	-7.65%	113.81%	317.61%	-75.80%	-29.84%

Returns By Period

The year-to-date returns for both investments are quite close, with BITO having a -24.03% return and GBTC slightly higher at -23.71%.

BITO

• 1D: -1.60%
• 1M: -1.96%
• YTD: -24.03%
• 6M: -45.66%
• 1Y: -26.26%
• 3Y*: 24.92%
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -1.70%
• 1M: -1.94%
• YTD: -23.71%
• 6M: -45.06%
• 1Y: -24.09%
• 3Y*: 48.11%
• 5Y*: 0.50%
• 10Y*: 57.65%

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

Return for Risk

BITO vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITO

BITO Risk / Return Rank: 4
BITO Sharpe Ratio Rank: 3
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 4
BITO Calmar Ratio Rank: 4
BITO Martin Ratio Rank: 4

GBTC

GBTC Risk / Return Rank: 20
GBTC Sharpe Ratio Rank: 17
GBTC Sortino Ratio Rank: 18
GBTC Omega Ratio Rank: 19
GBTC Calmar Ratio Rank: 25
GBTC Martin Ratio Rank: 23

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. 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 (BTC) (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 ratio Return per unit of total volatility	-0.58	-0.54	-0.05
Sortino ratio Return per unit of downside risk	-0.62	-0.53	-0.09
Omega ratio Gain probability vs. loss probability	0.93	0.94	-0.01
Calmar ratio Return relative to maximum drawdown	-0.49	-0.45	-0.04
Martin ratio Return relative to average drawdown	-1.02	-0.95	-0.08
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. GBTC - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.58, which is comparable to the GBTC Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of BITO and GBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITO	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	-0.54	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.67	-0.75

Correlation

The correlation between BITO and GBTC is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITO vs. GBTC - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 81.78%, while GBTC has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	81.78%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust (BTC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

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.

Drawdown Indicators

	BITO	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-89.91%	+12.05%
Max Drawdown (1Y) Largest decline over 1 year	-50.05%	-49.55%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-47.60%	-47.02%	-0.58%
Average Drawdown Average peak-to-trough decline	-36.58%	-43.48%	+6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.92%	23.57%	+0.35%

Volatility

BITO vs. GBTC - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) and Grayscale Bitcoin Trust (BTC) (GBTC) have volatilities of 10.67% and 10.84%, 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.

Volatility by Period

	BITO	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.67%	10.84%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	36.60%	36.69%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	45.24%	45.22%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.75%	64.17%	-8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.75%	82.54%	-26.79%