BITO vs. YBTC

Last updated Jun 3, 2026

BITO (ProShares Bitcoin Strategy ETF) and YBTC (Roundhill Bitcoin Covered Call Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITO returned -38.17% vs -32.96% for YBTC. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

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.

Returns By Period

In the year-to-date period, BITO achieves a -24.14% return, which is significantly lower than YBTC's -21.21% return.

BITO

• 1D: -5.85%
• 1M: -14.50%
• YTD: -24.14%
• 6M: -27.28%
• 1Y: -38.17%
• 3Y*: 26.52%
• 5Y*: —
• 10Y*: —

YBTC

• 1D: -5.87%
• 1M: -12.83%
• YTD: -21.21%
• 6M: -23.02%
• 1Y: -32.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. YBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-24.14%	-11.19%	112.43%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-21.21%	-4.23%	58.55%

Correlation

The correlation between BITO and YBTC is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.87

The correlation between BITO and YBTC has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

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: 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

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 3
YBTC Martin Ratio Rank: 2

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	-0.88	-0.85	-0.04
Sortino ratio Return per unit of downside risk	-1.21	-1.08	-0.12
Omega ratio Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio Return relative to maximum drawdown	-0.77	-0.69	-0.08
Martin ratio Return relative to average drawdown	-1.33	-1.27	-0.05
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 -0.88, which is comparable to the YBTC Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of BITO and YBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITO	YBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	-0.85	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.19	-0.27

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%
Max Drawdown (3Y) Largest decline over 3 years	-50.05%	—	—
Current Drawdown Current decline from peak	-47.68%	-42.46%	-5.22%
Average Drawdown Average peak-to-trough decline	-36.72%	-12.84%	-23.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	25.54%	+3.39%

Volatility

BITO vs. YBTC - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 9.61% compared to Roundhill Bitcoin Covered Call Strategy ETF (YBTC) at 8.85%. 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	9.61%	8.85%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	34.65%	32.13%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	43.48%	39.11%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.12%	40.81%	+14.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.12%	40.81%	+14.31%

BITO vs. YBTC - Expense Ratio Comparison

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

Dividends

BITO vs. YBTC - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 65.64%, less than YBTC's 84.48% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	65.64%	78.29%	61.59%	15.14%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	84.48%	76.04%	44.53%	0.00%

Frequently Asked Questions

Can I hold both BITO and YBTC in my portfolio?

With a correlation of 0.93, BITO and YBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITO or YBTC?

BITO has higher volatility (9.61%) compared to YBTC (8.85%). In terms of maximum drawdown, BITO dropped -77.86% vs YBTC's -47.09%.

Which ETF is better, BITO or YBTC?

On 1-year performance, YBTC leads with -32.96% vs -38.17% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, YBTC has been the lower-risk option at 8.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or YBTC?

Over the 1-year period, YBTC has performed better with a -32.96% return vs -38.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or YBTC?

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

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

YBTC has the higher dividend yield at 84.48%, compared with 65.64% for BITO.

What is the main difference between BITO and YBTC?

They also come from different issuers: ProShares and Roundhill.

Which has better risk-adjusted returns?

YBTC currently has the higher Sharpe Ratio (-0.85 vs -0.88), 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.