BITO vs. TSLY

Last updated Jun 24, 2026

BITO (ProShares Bitcoin Strategy ETF) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while TSLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past 3 years, BITO returned 18.00%/yr vs 8.26%/yr for TSLY. At a 0.34 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 1.07%/yr for TSLY.

Performance

BITO vs. TSLY - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -29.93% return, which is significantly lower than TSLY's -9.17% return.

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

TSLY

• 1D: -4.63%
• 1M: -8.15%
• YTD: -9.17%
• 6M: -14.89%
• 1Y: 15.73%
• 3Y*: 8.26%
• 5Y*: —
• 10Y*: —

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

BITO vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	6.54%
TSLY YieldMax TSLA Option Income Strategy ETF	-9.17%	13.62%	27.83%	50.69%	-27.09%

Correlation

The correlation between BITO and TSLY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	0.34

Return for Risk

BITO vs. TSLY — 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: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

TSLY

TSLY Risk / Return Rank: 16
TSLY Sharpe Ratio Rank: 15
TSLY Sortino Ratio Rank: 16
TSLY Omega Ratio Rank: 16
TSLY Calmar Ratio Rank: 18
TSLY Martin Ratio Rank: 17

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. TSLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and YieldMax TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	0.44	-1.40
Sortino ratio: Return per unit of downside risk	-1.38	0.83	-2.21
Omega ratio: Gain probability vs. loss probability	0.85	1.10	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.80	0.73	-1.53
Martin ratio: Return relative to average drawdown	-1.35	1.73	-3.07

BITO vs. TSLY - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.96, which is lower than the TSLY Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of BITO and TSLY, 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. TSLY - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than TSLY's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for BITO and TSLY.

Drawdown Indicators

	BITO	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-49.52%	-28.34%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-21.64%	-31.46%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	-49.52%	-3.58%
Current Drawdown Current decline from peak	-51.67%	-15.07%	-36.60%
Average Drawdown Average peak-to-trough decline	-36.86%	-19.87%	-16.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.28%	9.28%	+22.00%

Volatility

BITO vs. TSLY - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) and YieldMax TSLA Option Income Strategy ETF (TSLY) have volatilities of 12.79% and 12.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.79%	12.37%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	34.39%	23.73%	+10.66%
Volatility (1Y) Calculated over the trailing 1-year period	44.08%	36.06%	+8.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.02%	45.52%	+9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.02%	45.52%	+9.50%

BITO vs. TSLY - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than TSLY's 1.07% expense ratio.

Dividends

BITO vs. TSLY - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 71.07%, less than TSLY's 89.48% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
TSLY YieldMax TSLA Option Income Strategy ETF	89.48%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both BITO and TSLY in my portfolio?

BITO and TSLY have a correlation of 0.42, 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 TSLY?

BITO has higher volatility (12.79%) compared to TSLY (12.37%). In terms of maximum drawdown, BITO dropped -77.86% vs TSLY's -49.52%.

Which ETF is better, BITO or TSLY?

On 3-year performance, BITO leads with 18.00% vs 8.26% for TSLY. On fees, BITO is cheaper at 0.95% per year. On volatility, TSLY has been the lower-risk option at 12.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or TSLY?

Over the 3-year period, BITO has performed better with a 18.00% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or TSLY?

BITO is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLY.

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

TSLY has the higher dividend yield at 89.48%, compared with 71.07% for BITO.

What is the main difference between BITO and TSLY?

BITO is categorized as Cryptocurrency, while TSLY is Options Trading. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for BITO and 1.07% for TSLY.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.44 vs -0.96), 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.