BITW vs. BITO

Last updated Jun 5, 2026

BITW (Bitwise 10 Crypto Index Fund) is a stock, while BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares. Over the past 3 years, BITW returned 58.00%/yr vs 26.82%/yr for BITO. Their correlation of 0.80 suggests significant overlap in exposure.

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.

Returns By Period

In the year-to-date period, BITW achieves a -30.38% return, which is significantly lower than BITO's -28.44% return.

BITW

• 1D: -2.46%
• 1M: -22.16%
• YTD: -30.38%
• 6M: -34.73%
• 1Y: -33.43%
• 3Y*: 58.00%
• 5Y*: -8.13%
• 10Y*: —

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

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

BITW vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITW Bitwise 10 Crypto Index Fund	-30.38%	-2.63%	160.69%	331.10%	-85.92%	-23.70%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between BITW and BITO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.80

The correlation between BITW and BITO shifts across timeframes, from 0.80 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

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: 16
BITW Sharpe Ratio Rank: 13
BITW Sortino Ratio Rank: 15
BITW Omega Ratio Rank: 16
BITW Calmar Ratio Rank: 19
BITW Martin Ratio Rank: 18

BITO

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

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	-0.68	-0.97	+0.28
Sortino ratio: Return per unit of downside risk	-0.81	-1.39	+0.59
Omega ratio: Gain probability vs. loss probability	0.91	0.84	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.83	+0.19
Martin ratio: Return relative to average drawdown	-1.10	-1.44	+0.34
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 -0.68, which is comparable to the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of BITW 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.

Sharpe Ratios by Period

	BITW	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.97	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	-0.10	+0.33

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	-52.59%	-50.64%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-52.59%	-50.64%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-92.13%	—	—
Current Drawdown Current decline from peak	-70.57%	-50.64%	-19.93%
Average Drawdown Average peak-to-trough decline	-69.60%	-36.75%	-32.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.43%	29.27%	+1.16%

Volatility

BITW vs. BITO - Volatility Comparison

Bitwise 10 Crypto Index Fund (BITW) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.15% and 9.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	9.15%	9.03%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	36.54%	33.71%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	49.07%	43.61%	+5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.31%	55.10%	+11.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.72%	55.10%	+53.62%

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 69.59%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
BITW Bitwise 10 Crypto Index Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITW and BITO in my portfolio?

With a correlation of 0.96, BITW and BITO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITW or BITO?

BITW has higher volatility (9.15%) compared to BITO (9.03%). In terms of maximum drawdown, BITW dropped -96.46% vs BITO's -77.86%.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.68 vs -0.97), 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.