BITO vs. USFR
BITO (ProShares Bitcoin Strategy ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. BITO is actively managed, while USFR is passively managed. Over the past 3 years, BITO returned 16.49%/yr vs 4.74%/yr for USFR. At a 0.03 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 0.15%/yr for USFR.
Performance
BITO vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -32.58% return, which is significantly lower than USFR's 1.82% return.
BITO
- 1D
- -3.78%
- 1M
- -21.14%
- YTD
- -32.58%
- 6M
- -32.41%
- 1Y
- -45.57%
- 3Y*
- 16.49%
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.72%
- 10Y*
- 2.43%
BITO vs. USFR - 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% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% |
Correlation
The correlation between BITO and USFR is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.03 |
The correlation between BITO and USFR shifts across timeframes, from -0.09 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BITO vs. USFR — Risk / Return Rank
BITO
USFR
BITO vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.71 | ||
| Sortino ratioReturn per unit of downside risk | -51.69 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 13.31 | -12.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 201.33 | -202.19 |
| Martin ratioReturn relative to average drawdown | -1.45 | 779.76 | -781.21 |
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Drawdowns
BITO vs. USFR - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BITO and USFR.
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Drawdown Indicators
| BITO | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -1.36% | -76.50% |
Max Drawdown (1Y)Largest decline over 1 year | -53.50% | -0.02% | -53.48% |
Max Drawdown (3Y)Largest decline over 3 years | -53.50% | -0.06% | -53.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -53.50% | 0.00% | -53.50% |
Average DrawdownAverage peak-to-trough decline | -36.87% | -0.15% | -36.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.47% | 0.01% | +31.46% |
Volatility
BITO vs. USFR - Volatility Comparison
ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 13.03% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.03% | 0.09% | +12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 34.32% | 0.19% | +34.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.22% | 0.27% | +43.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.03% | 0.40% | +54.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.03% | 0.78% | +54.25% |
BITO vs. USFR - Expense Ratio Comparison
BITO has a 0.95% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
BITO vs. USFR - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 73.86%, more than USFR's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
BITO and USFR have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (13.03%) compared to USFR (0.09%). In terms of maximum drawdown, BITO dropped -77.86% vs USFR's -1.36%.
On 3-year performance, BITO leads with 16.49% vs 4.74% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. 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 16.49% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 73.86%, compared with 3.90% for USFR.
BITO is categorized as Cryptocurrency, while USFR is Government Bonds. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for BITO and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 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.
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