BITO vs. ZWU.TO

Last updated Jul 21, 2026

BITO (ProShares Bitcoin Strategy ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 3 years, BITO returned 21.57%/yr vs 8.90%/yr for ZWU.TO. At a 0.08 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 0.65%/yr for ZWU.TO.

Performance

BITO vs. ZWU.TO - Performance Comparison

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

Different Trading Currencies

BITO is traded in USD, while ZWU.TO is traded in CAD. To make them comparable, the ZWU.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BITO achieves a -26.94% return, which is significantly lower than ZWU.TO's 8.96% return.

BITO

• 1D: 1.50%
• 1M: 3.17%
• 6M: -33.00%
• YTD: -26.94%
• 1Y: -46.65%
• 3Y*: 21.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.51%

ZWU.TO

• 1D: -0.12%
• 1M: 1.20%
• 6M: 9.79%
• YTD: 8.96%
• 1Y: 12.82%
• 3Y*: 8.90%
• 5Y*: 4.17%
• 10Y*: 5.01%
• ALL TIME*: 3.13%

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

BITO vs. ZWU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-26.94%	-11.19%	104.45%	137.33%	-63.91%	-29.31%
ZWU.TO BMO Covered Call Utilities ETF	8.96%	18.60%	2.31%	-0.43%	-9.61%	-0.92%

Correlation

The correlation between BITO and ZWU.TO is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.08

The correlation between BITO and ZWU.TO shifts across timeframes, from -0.03 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITO vs. ZWU.TO — 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: 1
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

ZWU.TO

ZWU.TO Risk / Return Rank: 75
ZWU.TO Sharpe Ratio Rank: 78
ZWU.TO Sortino Ratio Rank: 79
ZWU.TO Omega Ratio Rank: 75
ZWU.TO Calmar Ratio Rank: 80
ZWU.TO Martin Ratio Rank: 64

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. ZWU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and BMO Covered Call Utilities ETF (ZWU.TO). 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	ZWU.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	1.40	-2.46
Sortino ratio: Return per unit of downside risk	-1.62	2.03	-3.64
Omega ratio: Gain probability vs. loss probability	0.82	1.24	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.86	2.13	-2.99
Martin ratio: Return relative to average drawdown	-1.37	6.55	-7.91

BITO vs. ZWU.TO - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.06, which is lower than the ZWU.TO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BITO and ZWU.TO, 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. ZWU.TO - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than ZWU.TO's maximum drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for BITO and ZWU.TO.

Drawdown Indicators

	BITO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-42.71%	-35.15%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-6.04%	-48.43%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	-15.36%	-39.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.71%	—
Current Drawdown Current decline from peak	-49.61%	-2.76%	-46.85%
Average Drawdown Average peak-to-trough decline	-37.08%	-11.11%	-25.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.20%	1.96%	+32.24%

Volatility

BITO vs. ZWU.TO - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 10.30% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 3.63%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	3.63%	+6.67%
Volatility (6M) Calculated over the trailing 6-month period	34.26%	7.62%	+26.64%
Volatility (1Y) Calculated over the trailing 1-year period	44.13%	9.23%	+34.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.76%	12.44%	+42.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.76%	15.81%	+38.95%

BITO vs. ZWU.TO - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than ZWU.TO's 0.65% expense ratio.

Dividends

BITO vs. ZWU.TO - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 59.56%, more than ZWU.TO's 7.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	59.56%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.05%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

Can I hold both BITO and ZWU.TO in my portfolio?

BITO and ZWU.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITO or ZWU.TO?

On fees, ZWU.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BITO or ZWU.TO?

ZWU.TO is cheaper with a 0.65% expense ratio, compared with 0.95% for BITO.

What is the main difference between BITO and ZWU.TO?

BITO is categorized as Cryptocurrency, while ZWU.TO is Utilities Equities. They also come from different issuers: ProShares and BMO. Their fees differ too: 0.95% for BITO and 0.65% for ZWU.TO.