BITO vs. YBTC

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Bitcoin Strategy ETF (BITO) and Roundhill Bitcoin Covered Call Strategy ETF (YBTC).

BITO and YBTC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021. YBTC is an actively managed fund by Roundhill. It was launched on Jan 17, 2024.

Performance

BITO vs. YBTC - Performance Comparison

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

BITO vs. YBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	112.43%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-18.40%	-4.23%	58.55%

Returns By Period

In the year-to-date period, BITO achieves a -22.79% return, which is significantly lower than YBTC's -18.40% return.

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

YBTC

• 1D: -0.08%
• 1M: 3.24%
• YTD: -18.40%
• 6M: -38.10%
• 1Y: -16.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. YBTC - Expense Ratio Comparison

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

BITO

ProShares Bitcoin Strategy ETF

YBTC

Roundhill Bitcoin Covered Call Strategy ETF

Return for Risk

BITO vs. YBTC — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

YBTC

YBTC Risk / Return Rank: 6
YBTC Sharpe Ratio Rank: 5
YBTC Sortino Ratio Rank: 6
YBTC Omega Ratio Rank: 6
YBTC Calmar Ratio Rank: 7
YBTC Martin Ratio Rank: 7

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. YBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Roundhill Bitcoin Covered Call Strategy ETF (YBTC). 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.

	BITO	YBTC	Difference
Sharpe ratio Return per unit of total volatility	-0.52	-0.41	-0.10
Sortino ratio Return per unit of downside risk	-0.50	-0.33	-0.17
Omega ratio Gain probability vs. loss probability	0.94	0.96	-0.01
Calmar ratio Return relative to maximum drawdown	-0.42	-0.31	-0.11
Martin ratio Return relative to average drawdown	-0.89	-0.69	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. YBTC - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.52, which is comparable to the YBTC Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of BITO and YBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITO	YBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.41	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.25	-0.32

Correlation

The correlation between BITO and YBTC is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITO vs. YBTC - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 80.47%, less than YBTC's 86.80% yield.

	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	86.80%	76.04%	44.53%	0.00%

Drawdowns

BITO vs. YBTC - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than YBTC's maximum drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for BITO and YBTC.

Drawdown Indicators

	BITO	YBTC	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-47.09%	-30.77%
Max Drawdown (1Y) Largest decline over 1 year	-50.05%	-47.09%	-2.96%
Current Drawdown Current decline from peak	-46.75%	-40.41%	-6.34%
Average Drawdown Average peak-to-trough decline	-36.57%	-11.10%	-25.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.73%	20.98%	+2.75%

Volatility

BITO vs. YBTC - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 12.84% compared to Roundhill Bitcoin Covered Call Strategy ETF (YBTC) at 9.19%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than YBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	YBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.84%	9.19%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	34.09%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	45.32%	40.09%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.77%	41.56%	+14.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.77%	41.56%	+14.21%