BITO vs. MMA.AX

Last updated Jul 21, 2026

BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares, while MMA.AX (Maronan Metals Limited) is a stock. Over the past 3 years, BITO returned 21.57%/yr vs 21.36%/yr for MMA.AX. At a 0.07 correlation, their price movements are largely independent.

Performance

BITO vs. MMA.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Maronan Metals Limited (MMA.AX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BITO is traded in USD, while MMA.AX is traded in AUD. To make them comparable, the MMA.AX values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BITO achieves a -26.94% return, which is significantly lower than MMA.AX's -1.32% return.

BITO

• 1D: 1.50%
• 1M: 3.17%
• 6M: -33.00%
• YTD: -26.94%
• 1Y: -46.65%
• 3Y*: 21.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.51%

MMA.AX

• 1D: 0.00%
• 1M: -22.64%
• 6M: -32.47%
• YTD: -1.32%
• 1Y: 80.96%
• 3Y*: 21.36%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.52%

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

BITO vs. MMA.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	-26.94%	-11.19%	104.45%	137.33%	-58.18%
MMA.AX Maronan Metals Limited	-1.32%	115.63%	-27.98%	-5.42%	-9.91%

Correlation

The correlation between BITO and MMA.AX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022	0.07

Return for Risk

BITO vs. MMA.AX — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

MMA.AX

MMA.AX Risk / Return Rank: 70
MMA.AX Sharpe Ratio Rank: 70
MMA.AX Sortino Ratio Rank: 74
MMA.AX Omega Ratio Rank: 69
MMA.AX Calmar Ratio Rank: 71
MMA.AX Martin Ratio Rank: 66

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. MMA.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Maronan Metals Limited (MMA.AX). 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	MMA.AX	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	0.86	-1.93
Sortino ratio: Return per unit of downside risk	-1.62	1.77	-3.39
Omega ratio: Gain probability vs. loss probability	0.82	1.19	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.86	1.46	-2.32
Martin ratio: Return relative to average drawdown	-1.37	2.55	-3.91

BITO vs. MMA.AX - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.06, which is lower than the MMA.AX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of BITO and MMA.AX, 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. MMA.AX - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than MMA.AX's maximum drawdown of -56.69%. Use the drawdown chart below to compare losses from any high point for BITO and MMA.AX.

Drawdown Indicators

	BITO	MMA.AX	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-56.69%	-21.17%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-54.64%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	-54.64%	+0.17%
Current Drawdown Current decline from peak	-49.61%	-40.93%	-8.68%
Average Drawdown Average peak-to-trough decline	-37.08%	-36.86%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.20%	31.71%	+2.49%

Volatility

BITO vs. MMA.AX - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 10.30%, while Maronan Metals Limited (MMA.AX) has a volatility of 21.76%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than MMA.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	MMA.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	21.76%	-11.46%
Volatility (6M) Calculated over the trailing 6-month period	34.26%	67.73%	-33.47%
Volatility (1Y) Calculated over the trailing 1-year period	44.13%	92.47%	-48.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.76%	77.32%	-22.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.76%	77.32%	-22.56%

Dividends

BITO vs. MMA.AX - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 59.56%, while MMA.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	59.56%	78.29%	61.59%	15.14%
MMA.AX Maronan Metals Limited	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and MMA.AX in my portfolio?

BITO and MMA.AX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.