BITO vs. MARA
BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares, while MARA (MARA Holdings, Inc.) is a stock. Over the past 3 years, BITO returned 16.49%/yr vs 3.27%/yr for MARA. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
BITO vs. MARA - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -32.58% return, which is significantly lower than MARA's 55.90% return.
BITO
- 1D
- -3.78%
- 1M
- -21.14%
- YTD
- -32.58%
- 6M
- -32.41%
- 1Y
- -45.57%
- 3Y*
- 16.49%
- 5Y*
- —
- 10Y*
- —
MARA
- 1D
- -4.76%
- 1M
- 1.38%
- YTD
- 55.90%
- 6M
- 40.85%
- 1Y
- -5.91%
- 3Y*
- 3.27%
- 5Y*
- -13.06%
- 10Y*
- -10.25%
BITO vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -32.58% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
MARA MARA Holdings, Inc. | 55.90% | -46.45% | -28.61% | 586.84% | -89.59% | -36.13% |
Correlation
The correlation between BITO and MARA is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.69 |
The correlation between BITO and MARA has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.
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Return for Risk
BITO vs. MARA — Risk / Return Rank
BITO
MARA
BITO vs. MARA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and MARA Holdings, Inc. (MARA). 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 | MARA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.06 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.08 | -0.77 |
| Martin ratioReturn relative to average drawdown | -1.45 | -0.14 | -1.31 |
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Drawdowns
BITO vs. MARA - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum MARA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for BITO and MARA.
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Drawdown Indicators
| BITO | MARA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -99.74% | +21.88% |
Max Drawdown (1Y)Largest decline over 1 year | -53.50% | -70.53% | +17.03% |
Max Drawdown (3Y)Largest decline over 3 years | -53.50% | -78.34% | +24.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.20% | — |
Current DrawdownCurrent decline from peak | -53.50% | -90.95% | +37.45% |
Average DrawdownAverage peak-to-trough decline | -36.87% | -78.03% | +41.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.47% | 42.99% | -11.52% |
Volatility
BITO vs. MARA - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 13.03%, while MARA Holdings, Inc. (MARA) has a volatility of 23.03%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than MARA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | MARA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.03% | 23.03% | -10.00% |
Volatility (6M)Calculated over the trailing 6-month period | 34.32% | 59.88% | -25.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.22% | 79.39% | -35.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.03% | 105.91% | -50.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.03% | 144.14% | -89.11% |
Dividends
BITO vs. MARA - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 73.86%, while MARA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 73.86% | 78.29% | 61.59% | 15.14% |
MARA MARA Holdings, Inc. | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITO and MARA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MARA has higher volatility (23.03%) compared to BITO (13.03%). In terms of maximum drawdown, BITO dropped -77.86% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (-0.07 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.
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