BITO vs. YMAX

Last updated Jun 24, 2026

BITO (ProShares Bitcoin Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while YMAX is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BITO returned -42.09% vs 2.12% for YMAX. A 0.59 correlation means they provide meaningful diversification when combined. BITO charges 0.95%/yr vs 1.28%/yr for YMAX.

Performance

BITO vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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 YMAX's 0.77% return.

BITO

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

YMAX

• 1D: -2.10%
• 1M: -2.26%
• YTD: 0.77%
• 6M: -1.20%
• 1Y: 2.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	100.34%
YMAX YieldMax Universe Fund of Option Income ETFs	0.77%	6.04%	26.90%

Correlation

The correlation between BITO and YMAX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.59

The correlation between BITO and YMAX has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

BITO vs. YMAX — 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

YMAX

YMAX Risk / Return Rank: 10
YMAX Sharpe Ratio Rank: 10
YMAX Sortino Ratio Rank: 10
YMAX Omega Ratio Rank: 10
YMAX Calmar Ratio Rank: 9
YMAX Martin Ratio Rank: 9

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. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	0.09	-1.05
Sortino ratio: Return per unit of downside risk	-1.38	0.28	-1.66
Omega ratio: Gain probability vs. loss probability	0.85	1.04	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.80	0.08	-0.88
Martin ratio: Return relative to average drawdown	-1.35	0.19	-1.54

BITO vs. YMAX - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.96, which is lower than the YMAX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of BITO and YMAX, 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. YMAX - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for BITO and YMAX.

Drawdown Indicators

	BITO	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-26.13%	-51.73%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-26.13%	-26.97%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	—	—
Current Drawdown Current decline from peak	-51.67%	-10.66%	-41.01%
Average Drawdown Average peak-to-trough decline	-36.86%	-6.40%	-30.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.28%	11.24%	+20.04%

Volatility

BITO vs. YMAX - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 12.79% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 10.94%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.79%	10.94%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	34.39%	19.66%	+14.73%
Volatility (1Y) Calculated over the trailing 1-year period	44.08%	23.56%	+20.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.02%	23.61%	+31.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.02%	23.61%	+31.41%

BITO vs. YMAX - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

BITO vs. YMAX - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 71.07%, less than YMAX's 74.01% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
YMAX YieldMax Universe Fund of Option Income ETFs	74.01%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both BITO and YMAX in my portfolio?

BITO and YMAX have a correlation of 0.65, 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 YMAX?

BITO has higher volatility (12.79%) compared to YMAX (10.94%). In terms of maximum drawdown, BITO dropped -77.86% vs YMAX's -26.13%.

Which ETF is better, BITO or YMAX?

On 1-year performance, YMAX leads with 2.12% vs -42.09% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, YMAX has been the lower-risk option at 10.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or YMAX?

Over the 1-year period, YMAX has performed better with a 2.12% return vs -42.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or YMAX?

BITO is cheaper with a 0.95% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 74.01%, compared with 71.07% for BITO.

What is the main difference between BITO and YMAX?

BITO is categorized as Cryptocurrency, while YMAX is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for BITO and 1.28% for YMAX.

Which has better risk-adjusted returns?

YMAX currently has the higher Sharpe Ratio (0.09 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.