BITQ vs. BITO

Last updated Jul 15, 2026

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 31.35%/yr vs 20.79%/yr for BITO. A 0.74 correlation means they provide meaningful diversification when combined. BITQ charges 0.85%/yr vs 0.95%/yr for BITO.

Performance

BITQ vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITQ achieves a 18.26% return, which is significantly higher than BITO's -27.52% return.

BITQ

• 1D: 1.68%
• 1M: -11.99%
• 6M: -0.04%
• YTD: 18.26%
• 1Y: 10.66%
• 3Y*: 31.35%
• 5Y*: 4.48%
• 10Y*: —

BITO

• 1D: 3.67%
• 1M: 1.29%
• 6M: -32.82%
• YTD: -27.52%
• 1Y: -48.25%
• 3Y*: 20.79%
• 5Y*: —
• 10Y*: —

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

BITQ vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	18.26%	18.00%	46.97%	246.83%	-83.86%	-15.26%
BITO ProShares Bitcoin Strategy ETF	-27.52%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between BITQ and BITO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	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.

Return for Risk

BITQ vs. BITO — Risk / Return Rank

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

BITQ

BITQ Risk / Return Rank: 13
BITQ Sharpe Ratio Rank: 12
BITQ Sortino Ratio Rank: 16
BITQ Omega Ratio Rank: 15
BITQ Calmar Ratio Rank: 12
BITQ Martin Ratio Rank: 12

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

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.

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 ratio: Return per unit of total volatility	0.19	-1.10	+1.28
Sortino ratio: Return per unit of downside risk	0.67	-1.70	+2.37
Omega ratio: Gain probability vs. loss probability	1.08	0.81	+0.26
Calmar ratio: Return relative to maximum drawdown	0.24	-0.89	+1.13
Martin ratio: Return relative to average drawdown	0.49	-1.44	+1.92

BITQ vs. BITO - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 0.19, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of BITQ and BITO, 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

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.

Drawdown Indicators

	BITQ	BITO	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-27.30%	-50.01%	+22.71%
Average Drawdown Average peak-to-trough decline	-52.23%	-37.04%	-15.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.02%	33.62%	-11.60%

Volatility

BITQ vs. BITO - Volatility Comparison

Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 12.18% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.44%. 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.

Volatility by Period

	BITQ	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.18%	11.44%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	42.48%	34.70%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	57.13%	44.20%	+12.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.31%	54.84%	+12.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.04%	54.84%	+12.20%

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 60.04%.

Position	TTM	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	60.04%	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

Can I hold both BITQ and BITO in my portfolio?

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.

Which is riskier, BITQ or BITO?

BITQ has higher volatility (12.18%) compared to BITO (11.44%). In terms of maximum drawdown, BITQ dropped -90.32% vs BITO's -77.86%.

Which ETF is better, BITQ or BITO?

On 3-year performance, BITQ leads with 31.35% vs 20.79% for BITO. On fees, BITQ is cheaper at 0.85% per year. On volatility, BITO has been the lower-risk option at 11.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITQ or BITO?

Over the 3-year period, BITQ has performed better with a 31.35% return vs 20.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITQ or BITO?

BITQ is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 60.04%, compared with 0.00% for BITQ.

What is the main difference between BITQ and BITO?

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.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (0.19 vs -1.10), 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.