BITQ vs. BITO
BITQ (Bitwise Crypto Industry Innovators ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index, while BITO is a Cryptocurrency fund actively managed by ProShares. BITQ is passively managed, while BITO is actively managed. Over the past 3 years, BITQ returned 39.21%/yr vs 22.22%/yr for BITO. Their 0.74 correlation means they have sometimes moved together and sometimes differently. BITQ charges 0.85%/yr vs 0.95%/yr for BITO.
Performance
BITQ vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, BITQ achieves a 18.16% return, which is significantly higher than BITO's -28.40% return.
BITQ
- 1D
- 3.33%
- 1M
- -1.01%
- 6M
- 14.26%
- YTD
- 18.16%
- 1Y
- 24.60%
- 3Y*
- 39.21%
- 5Y*
- 0.93%
- 10Y*
- —
- ALL TIME*
- 0.18%
BITO
- 1D
- 1.45%
- 1M
- 3.64%
- 6M
- -19.37%
- YTD
- -28.40%
- 1Y
- -45.62%
- 3Y*
- 22.22%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59B | $2.59B | $2.08B | |
| $2.37M | $2.10M | $2.97M |
BITQ vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 18.16% | 18.00% | 46.97% | 246.83% | -83.86% | -15.26% |
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between BITQ and BITO is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.74 |
The correlation between BITQ and BITO has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.
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Return for Risk
BITQ vs. BITO — Risk / Return Rank
BITQ
BITO
BITQ vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) and ProShares Bitcoin Strategy ETF (BITO). 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.
| BITQ | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.54 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.83 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | -0.84 | +1.39 |
| Martin ratioReturn relative to average drawdown | 1.10 | -1.28 | +2.38 |
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Drawdowns
BITQ vs. BITO - Drawdown Comparison
The maximum BITQ drawdown since its inception was -90.32%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BITQ and BITO.
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Drawdown Indicators
| BITQ | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.32% | -77.86% | -12.46% |
Max Drawdown (1Y)Largest decline over 1 year | -44.99% | -54.47% | +9.48% |
Max Drawdown (3Y)Largest decline over 3 years | -51.22% | -54.47% | +3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -90.32% | — | — |
Current DrawdownCurrent decline from peak | -27.36% | -50.61% | +23.25% |
Average DrawdownAverage peak-to-trough decline | -51.97% | -37.19% | -14.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.43% | 35.62% | -13.19% |
Volatility
BITQ vs. BITO - Volatility Comparison
Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 19.86% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.72%. This indicates that BITQ's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITQ | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.86% | 8.72% | +11.14% |
Volatility (6M)Calculated over the trailing 6-month period | 44.31% | 33.49% | +10.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 44.21% | +14.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.26% | 54.58% | +12.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.15% | 54.58% | +12.57% |
BITQ vs. BITO - Expense Ratio Comparison
BITQ has a 0.85% expense ratio, which is lower than BITO's 0.95% expense ratio.
Dividends
BITQ vs. BITO - Dividend Comparison
BITQ has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 47.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% |
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
Frequently Asked Questions
BITQ and BITO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (19.86%) compared to BITO (8.72%). In terms of maximum drawdown, BITQ dropped -90.32% vs BITO's -77.86%.
On 3-year performance, BITQ leads with 39.21% vs 22.22% for BITO. On fees, BITQ is cheaper at 0.85% per year. On volatility, BITO has been the lower-risk option at 8.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITQ has performed better with a 39.21% return vs 22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITQ is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 47.03%, compared with 0.00% for BITQ.
BITQ is categorized as Blockchain, while BITO is Cryptocurrency. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.85% for BITQ and 0.95% for BITO.
BITQ currently has the higher Sharpe Ratio (0.42 vs -1.04), 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.
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