BITO vs. XYLD

Last updated Jun 13, 2026

BITO (ProShares Bitcoin Strategy ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. BITO is actively managed, while XYLD is passively managed. Over the past 3 years, BITO returned 26.35%/yr vs 11.00%/yr for XYLD. At a 0.37 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 0.60%/yr for XYLD.

Performance

BITO vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than XYLD's 4.83% return.

BITO

• 1D: 0.12%
• 1M: -20.38%
• YTD: -28.44%
• 6M: -30.74%
• 1Y: -42.91%
• 3Y*: 26.35%
• 5Y*: —
• 10Y*: —

XYLD

• 1D: 0.57%
• 1M: 1.15%
• YTD: 4.83%
• 6M: 6.01%
• 1Y: 16.64%
• 3Y*: 11.00%
• 5Y*: 7.61%
• 10Y*: 8.35%

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

BITO vs. XYLD - 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%
XYLD Global X S&P 500 Covered Call ETF	4.83%	8.02%	19.49%	11.10%	-12.05%	2.10%

Correlation

The correlation between BITO and XYLD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.37

The correlation between BITO and XYLD shifts across timeframes, from 0.29 (3 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

BITO vs. XYLD - Sectors Allocation Comparison

Sectors	BITO	XYLD
Financial Services	64.9%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.3%

Return for Risk

BITO vs. XYLD — 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: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

XYLD

XYLD Risk / Return Rank: 85
XYLD Sharpe Ratio Rank: 87
XYLD Sortino Ratio Rank: 88
XYLD Omega Ratio Rank: 93
XYLD Calmar Ratio Rank: 72
XYLD Martin Ratio Rank: 88

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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	2.46	-3.44
Sortino ratio: Return per unit of downside risk	-1.43	3.49	-4.92
Omega ratio: Gain probability vs. loss probability	0.84	1.57	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.81	3.16	-3.97
Martin ratio: Return relative to average drawdown	-1.42	16.57	-17.98

BITO vs. XYLD - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.98, which is lower than the XYLD Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of BITO and XYLD, 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. XYLD - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for BITO and XYLD.

Drawdown Indicators

	BITO	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-33.46%	-44.40%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-5.29%	-47.81%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	-15.53%	-37.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-50.64%	-0.29%	-50.35%
Average Drawdown Average peak-to-trough decline	-36.79%	-3.71%	-33.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.32%	1.01%	+29.31%

Volatility

BITO vs. XYLD - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 11.73% compared to Global X S&P 500 Covered Call ETF (XYLD) at 2.17%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	2.17%	+9.56%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	5.71%	+28.49%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	6.79%	+37.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.07%	11.25%	+43.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.07%	14.22%	+40.85%

BITO vs. XYLD - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

BITO vs. XYLD - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, more than XYLD's 10.53% 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%
XYLD Global X S&P 500 Covered Call ETF	10.53%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both BITO and XYLD in my portfolio?

BITO and XYLD have a correlation of 0.45, 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 XYLD?

BITO has higher volatility (11.73%) compared to XYLD (2.17%). In terms of maximum drawdown, BITO dropped -77.86% vs XYLD's -33.46%.

Which ETF is better, BITO or XYLD?

On 3-year performance, BITO leads with 26.35% vs 11.00% for XYLD. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or XYLD?

Over the 3-year period, BITO has performed better with a 26.35% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or XYLD?

XYLD is cheaper with a 0.60% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 69.59%, compared with 10.53% for XYLD.

What is the main difference between BITO and XYLD?

BITO is categorized as Cryptocurrency, while XYLD is Derivative Income. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for BITO and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.46 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.