BITO vs. MSTY

Last updated Jun 12, 2026

BITO (ProShares Bitcoin Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while MSTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BITO returned -44.02% vs -63.32% for MSTY. A 0.77 correlation means they provide meaningful diversification when combined. BITO charges 0.95%/yr vs 0.99%/yr for MSTY.

Performance

BITO vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -28.52% return, which is significantly lower than MSTY's -18.29% return.

BITO

• 1D: 2.49%
• 1M: -21.63%
• YTD: -28.52%
• 6M: -31.94%
• 1Y: -44.02%
• 3Y*: 26.36%
• 5Y*: —
• 10Y*: —

MSTY

• 1D: 3.76%
• 1M: -31.40%
• YTD: -18.29%
• 6M: -29.79%
• 1Y: -63.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-28.52%	-11.19%	70.81%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-18.29%	-42.71%	212.16%

Correlation

The correlation between BITO and MSTY is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.77

The correlation between BITO and MSTY has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

BITO vs. MSTY — 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: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 3

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	-1.04	+0.03
Sortino ratio: Return per unit of downside risk	-1.49	-1.80	+0.32
Omega ratio: Gain probability vs. loss probability	0.83	0.80	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.88	+0.05
Martin ratio: Return relative to average drawdown	-1.46	-1.32	-0.14

BITO vs. MSTY - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.01, which is comparable to the MSTY Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of BITO and MSTY, 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. MSTY - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than MSTY's maximum drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for BITO and MSTY.

Drawdown Indicators

	BITO	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-71.79%	-6.07%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-71.79%	+18.69%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	—	—
Current Drawdown Current decline from peak	-50.70%	-67.88%	+17.18%
Average Drawdown Average peak-to-trough decline	-36.78%	-26.47%	-10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.15%	48.02%	-17.87%

Volatility

BITO vs. MSTY - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 11.67%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 18.66%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	18.66%	-6.99%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	49.55%	-15.35%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	61.25%	-17.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.09%	71.92%	-16.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.09%	71.92%	-16.83%

BITO vs. MSTY - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

BITO vs. MSTY - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.67%, less than MSTY's 247.89% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.67%	78.29%	61.59%	15.14%
MSTY YieldMax™ MSTR Option Income Strategy ETF	247.89%	294.61%	104.56%	0.00%

Frequently Asked Questions

Can I hold both BITO and MSTY in my portfolio?

BITO and MSTY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or MSTY?

MSTY has higher volatility (18.66%) compared to BITO (11.67%). In terms of maximum drawdown, BITO dropped -77.86% vs MSTY's -71.79%.

Which ETF is better, BITO or MSTY?

On 1-year performance, BITO leads with -44.02% vs -63.32% for MSTY. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 11.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or MSTY?

Over the 1-year period, BITO has performed better with a -44.02% return vs -63.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or MSTY?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for MSTY.

Which ETF pays a higher dividend yield, BITO or MSTY?

MSTY has the higher dividend yield at 247.89%, compared with 69.67% for BITO.

What is the main difference between BITO and MSTY?

BITO is categorized as Cryptocurrency, while MSTY is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for BITO and 0.99% for MSTY.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-1.01 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.