BITO vs. TLTW
BITO (ProShares Bitcoin Strategy ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). BITO is actively managed, while TLTW is passively managed. Over the past 3 years, BITO returned 26.35%/yr vs 1.13%/yr for TLTW. At a 0.05 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 0.35%/yr for TLTW.
Performance
BITO vs. TLTW - 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 TLTW's 1.90% return.
BITO
- 1D
- 0.12%
- 1M
- -20.38%
- YTD
- -28.44%
- 6M
- -30.74%
- 1Y
- -42.91%
- 3Y*
- 26.35%
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.14%
- 1M
- 1.72%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.02%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
BITO vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -28.44% | -11.19% | 104.45% | 137.33% | -20.26% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between BITO and TLTW is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.05 |
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Return for Risk
BITO vs. TLTW — Risk / Return Rank
BITO
TLTW
BITO vs. TLTW - 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 BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.52 | -2.33 |
| Martin ratioReturn relative to average drawdown | -1.42 | 4.41 | -5.82 |
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Drawdowns
BITO vs. TLTW - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for BITO and TLTW.
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Drawdown Indicators
| BITO | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -18.61% | -59.25% |
Max Drawdown (1Y)Largest decline over 1 year | -53.10% | -5.97% | -47.13% |
Max Drawdown (3Y)Largest decline over 3 years | -53.10% | -17.19% | -35.91% |
Current DrawdownCurrent decline from peak | -50.64% | -2.54% | -48.10% |
Average DrawdownAverage peak-to-trough decline | -36.79% | -8.20% | -28.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.32% | 2.05% | +28.27% |
Volatility
BITO vs. TLTW - Volatility Comparison
ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 11.73% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.73% | 2.31% | +9.42% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 5.85% | +28.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.88% | 7.68% | +36.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.07% | 11.36% | +43.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.07% | 11.36% | +43.71% |
BITO vs. TLTW - Expense Ratio Comparison
BITO has a 0.95% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
BITO vs. TLTW - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 69.59%, more than TLTW's 11.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
BITO and TLTW 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.
BITO has higher volatility (11.73%) compared to TLTW (2.31%). In terms of maximum drawdown, BITO dropped -77.86% vs TLTW's -18.61%.
On 3-year performance, BITO leads with 26.35% vs 1.13% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. 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 1.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 69.59%, compared with 11.68% for TLTW.
BITO is categorized as Cryptocurrency, while TLTW is Derivative Income. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for BITO and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.18 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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