BITX vs. BITO

Last updated Aug 2, 2026

BITX (2x Bitcoin Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. BITX is passively managed, while BITO is actively managed. Over the past 3 years, BITX returned 5.01%/yr vs 21.20%/yr for BITO. Their 1.00 correlation means they have historically moved very closely together. BITX charges 2.38%/yr vs 0.95%/yr for BITO.

Performance

BITX vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) 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, BITX achieves a -57.64% return, which is significantly lower than BITO's -29.42% return.

BITX

• 1D: -5.89%
• 1M: 3.21%
• 6M: -52.61%
• YTD: -57.64%
• 1Y: -77.94%
• 3Y*: 5.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.01%

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B
BITX 2x Bitcoin Strategy ETF	$90.28M	$99.74M	$121.60M

BITX vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX 2x Bitcoin Strategy ETF	-57.64%	-38.71%	163.41%	46.18%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	104.45%	32.47%

Correlation

The correlation between BITX and BITO is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	1.00

The correlation between BITX and BITO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BITX vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITX

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

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: 1
BITO Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITX vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-1.09	+0.19
Sortino ratio: Return per unit of downside risk	-1.78	-1.69	-0.09
Omega ratio: Gain probability vs. loss probability	0.81	0.81	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.89	-0.07
Martin ratio: Return relative to average drawdown	-1.34	-1.36	+0.02

BITX vs. BITO - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.90, which is comparable to the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of BITX 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

BITX vs. BITO - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BITX and BITO.

Drawdown Indicators

	BITX	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-77.86%	-5.59%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-54.47%	-28.98%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	-54.47%	-28.98%
Current Drawdown Current decline from peak	-81.28%	-51.32%	-29.96%
Average Drawdown Average peak-to-trough decline	-34.19%	-37.18%	+2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.44%	35.48%	+23.96%

Volatility

BITX vs. BITO - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.98% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.96%. This indicates that BITX'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

	BITX	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.98%	8.96%	+9.02%
Volatility (6M) Calculated over the trailing 6-month period	67.72%	33.45%	+34.27%
Volatility (1Y) Calculated over the trailing 1-year period	88.19%	44.19%	+44.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	54.60%	+42.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	54.60%	+42.59%

BITX vs. BITO - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

BITX vs. BITO - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.89%, less than BITO's 61.66% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%
BITX 2x Bitcoin Strategy ETF	27.89%	21.69%	10.70%	0.00%

Frequently Asked Questions

Can I hold both BITX and BITO in my portfolio?

With a correlation of 1.00, BITX 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, BITX or BITO?

BITX has higher volatility (17.98%) compared to BITO (8.96%). In terms of maximum drawdown, BITX dropped -83.45% vs BITO's -77.86%.

Which ETF is better, BITX or BITO?

On 3-year performance, BITO leads with 21.20% vs 5.01% for BITX. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or BITO?

Over the 3-year period, BITO has performed better with a 21.20% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITO has the higher dividend yield at 47.47%, compared with 27.89% for BITX.

What is the main difference between BITX and BITO?

They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.38% for BITX and 0.95% for BITO.

Which has better risk-adjusted returns?

BITX currently has the higher Sharpe Ratio (-0.90 vs -1.09), 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.