BITO vs. TLT
BITO (ProShares Bitcoin Strategy ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. BITO is actively managed, while TLT is passively managed. Over the past 3 years, BITO returned 26.35%/yr vs -1.38%/yr for TLT. At a correlation of -0.00, they often move in opposite directions. BITO charges 0.95%/yr vs 0.15%/yr for TLT.
Performance
BITO vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than TLT's 0.27% return.
BITO
- 1D
- 0.12%
- 1M
- -19.87%
- YTD
- -28.44%
- 6M
- -30.74%
- 1Y
- -41.98%
- 3Y*
- 26.35%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.24%
- 1M
- 2.93%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
BITO vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -28.44% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | 2.07% |
Correlation
The correlation between BITO and TLT is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.00 |
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Return for Risk
BITO vs. TLT — Risk / Return Rank
BITO
TLT
BITO vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.06 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 0.38 | -1.19 |
| Martin ratioReturn relative to average drawdown | -1.42 | 0.92 | -2.34 |
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Drawdowns
BITO vs. TLT - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BITO and TLT.
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Drawdown Indicators
| BITO | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -48.35% | -29.51% |
Max Drawdown (1Y)Largest decline over 1 year | -53.10% | -7.58% | -45.52% |
Max Drawdown (3Y)Largest decline over 3 years | -53.10% | -19.18% | -33.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -50.64% | -40.12% | -10.52% |
Average DrawdownAverage peak-to-trough decline | -36.79% | -13.84% | -22.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.32% | 3.14% | +27.18% |
Volatility
BITO vs. TLT - Volatility Comparison
ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 11.73% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.83%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.73% | 2.83% | +8.90% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 6.64% | +27.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.88% | 9.68% | +34.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.07% | 15.85% | +39.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.07% | 14.91% | +40.16% |
BITO vs. TLT - Expense Ratio Comparison
BITO has a 0.95% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
BITO vs. TLT - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 69.59%, more than TLT's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
BITO and TLT have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (11.73%) compared to TLT (2.83%). In terms of maximum drawdown, BITO dropped -77.86% vs TLT's -48.35%.
On 3-year performance, BITO leads with 26.35% vs -1.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 26.35% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 69.59%, compared with 4.56% for TLT.
BITO is categorized as Cryptocurrency, while TLT is Government Bonds. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for BITO and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.30 vs -0.98), 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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