BITO vs. TQQQ

Last updated Jun 25, 2026

BITO (ProShares Bitcoin Strategy ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). BITO is actively managed, while TQQQ is passively managed. Over the past 3 years, BITO returned 16.49%/yr vs 57.21%/yr for TQQQ. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BITO vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -32.58% return, which is significantly lower than TQQQ's 39.27% return.

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: -1.53%
• 1M: -5.83%
• YTD: 39.27%
• 6M: 32.62%
• 1Y: 89.02%
• 3Y*: 57.21%
• 5Y*: 21.17%
• 10Y*: 45.25%

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

BITO vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	104.45%	137.33%	-63.91%	-29.31%
TQQQ ProShares UltraPro QQQ	39.27%	34.35%	58.27%	198.04%	-79.09%	18.99%

Correlation

The correlation between BITO and TQQQ is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.43

The correlation between BITO and TQQQ shifts across timeframes, from 0.37 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BITO vs. TQQQ — Risk / Return Rank

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

BITO

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

TQQQ

TQQQ Risk / Return Rank: 51
TQQQ Sharpe Ratio Rank: 54
TQQQ Sortino Ratio Rank: 46
TQQQ Omega Ratio Rank: 48
TQQQ Calmar Ratio Rank: 55
TQQQ Martin Ratio Rank: 49

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.68	-2.72
Sortino ratio: Return per unit of downside risk	-1.56	2.11	-3.67
Omega ratio: Gain probability vs. loss probability	0.83	1.28	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.85	2.42	-3.28
Martin ratio: Return relative to average drawdown	-1.45	7.68	-9.13

BITO vs. TQQQ - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.04, which is lower than the TQQQ Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of BITO and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for BITO and TQQQ.

Drawdown Indicators

	BITO	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-81.66%	+3.80%
Max Drawdown (1Y) Largest decline over 1 year	-53.50%	-36.97%	-16.53%
Max Drawdown (3Y) Largest decline over 3 years	-53.50%	-58.04%	+4.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-53.50%	-15.96%	-37.54%
Average Drawdown Average peak-to-trough decline	-36.87%	-18.49%	-18.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.47%	11.64%	+19.83%

Volatility

BITO vs. TQQQ - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 13.03%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	27.27%	-14.24%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	43.24%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	53.35%	-9.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.03%	67.41%	-12.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.03%	66.31%	-11.28%

BITO vs. TQQQ - Expense Ratio Comparison

Both BITO and TQQQ have an expense ratio of 0.95%.

Dividends

BITO vs. TQQQ - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 73.86%, more than TQQQ's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.43%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both BITO and TQQQ in my portfolio?

BITO and TQQQ have a correlation of 0.50, 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 TQQQ?

TQQQ has higher volatility (27.27%) compared to BITO (13.03%). In terms of maximum drawdown, BITO dropped -77.86% vs TQQQ's -81.66%.

Which ETF is better, BITO or TQQQ?

On 3-year performance, TQQQ leads with 57.21% vs 16.49% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 13.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or TQQQ?

Over the 3-year period, TQQQ has performed better with a 57.21% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or TQQQ?

BITO and TQQQ have the same expense ratio: 0.95% per year.

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

BITO has the higher dividend yield at 73.86%, compared with 0.43% for TQQQ.

What is the main difference between BITO and TQQQ?

BITO is categorized as Cryptocurrency, while TQQQ is Leveraged Equities.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.68 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.