BITW vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise 10 Crypto Index Fund (BITW) and ProShares Bitcoin Strategy ETF (BITO).

BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

BITW vs. BITO - Performance Comparison

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

BITW vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITW Bitwise 10 Crypto Index Fund	-23.55%	-2.63%	160.69%	331.10%	-85.92%	-23.70%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Returns By Period

The year-to-date returns for both investments are quite close, with BITW having a -23.55% return and BITO slightly higher at -22.79%.

BITW

• 1D: 0.70%
• 1M: -0.88%
• YTD: -23.55%
• 6M: -44.70%
• 1Y: -10.75%
• 3Y*: 60.08%
• 5Y*: -11.49%
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

Return for Risk

BITW vs. BITO — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 32
BITW Sharpe Ratio Rank: 31
BITW Sortino Ratio Rank: 30
BITW Omega Ratio Rank: 30
BITW Calmar Ratio Rank: 35
BITW Martin Ratio Rank: 34

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

BITW vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) 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.

	BITW	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.21	-0.52	+0.31
Sortino ratio Return per unit of downside risk	0.05	-0.50	+0.55
Omega ratio Gain probability vs. loss probability	1.01	0.94	+0.06
Calmar ratio Return relative to maximum drawdown	-0.19	-0.42	+0.23
Martin ratio Return relative to average drawdown	-0.41	-0.89	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITW vs. BITO - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.21, which is higher than the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of BITW and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITW	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	-0.52	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.08	+0.32

Correlation

The correlation between BITW and BITO is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITW vs. BITO - Dividend Comparison

BITW has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 80.47%.

	TTM	2025	2024	2023
BITW Bitwise 10 Crypto Index Fund	0.00%	0.00%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

BITW vs. BITO - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BITW and BITO.

Drawdown Indicators

	BITW	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-77.86%	-18.60%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-50.05%	-2.05%
Max Drawdown (5Y) Largest decline over 5 years	-94.79%	—	—
Current Drawdown Current decline from peak	-67.69%	-46.75%	-20.94%
Average Drawdown Average peak-to-trough decline	-69.75%	-36.57%	-33.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.52%	23.73%	+0.79%

Volatility

BITW vs. BITO - Volatility Comparison

Bitwise 10 Crypto Index Fund (BITW) has a higher volatility of 13.82% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.84%. This indicates that BITW'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

	BITW	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.82%	12.84%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	41.71%	36.71%	+5.00%
Volatility (1Y) Calculated over the trailing 1-year period	51.74%	45.32%	+6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.66%	55.77%	+11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.28%	55.77%	+54.51%