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 25.27%/yr vs 11.65%/yr for MARA. A 0.68 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 -26.37% return, which is significantly lower than MARA's 55.46% return.
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
MARA
- 1D
- -2.24%
- 1M
- 18.01%
- YTD
- 55.46%
- 6M
- 11.95%
- 1Y
- -8.94%
- 3Y*
- 11.65%
- 5Y*
- -10.53%
- 10Y*
- -10.91%
BITO vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
MARA MARA Holdings, Inc. | 55.46% | -46.45% | -28.61% | 586.84% | -89.59% | -39.05% |
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 20, 2021 | 0.68 |
The correlation between BITO and MARA has been stable across timeframes, ranging from 0.67 to 0.68 - 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.
| BITO | MARA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.05 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.13 | -0.69 |
| Martin ratioReturn relative to average drawdown | -1.41 | -0.21 | -1.20 |
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 | MARA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.12 | -0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.10 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.09 | 0.00 |
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 | -50.05% | -70.53% | +20.48% |
Max Drawdown (3Y)Largest decline over 3 years | -50.05% | -78.34% | +28.29% |
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 | -49.22% | -90.98% | +41.76% |
Average DrawdownAverage peak-to-trough decline | -36.73% | -78.00% | +41.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.09% | 42.03% | -12.94% |
Volatility
BITO vs. MARA - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 9.43%, while MARA Holdings, Inc. (MARA) has a volatility of 16.33%. 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 | 9.43% | 16.33% | -6.90% |
Volatility (6M)Calculated over the trailing 6-month period | 34.26% | 58.00% | -23.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.57% | 77.65% | -34.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.11% | 105.79% | -50.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.11% | 144.06% | -88.95% |
Dividends
BITO vs. MARA - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 67.63%, while MARA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 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 (16.33%) compared to BITO (9.43%). In terms of maximum drawdown, BITO dropped -77.86% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (-0.12 vs -0.94), 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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