BLOX vs. BITO

Last updated Aug 2, 2026

BLOX (Nicholas Crypto Income ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BLOX returned -9.46% vs -46.40% for BITO. Their 0.76 correlation means they have sometimes moved together and sometimes differently. BLOX charges 1.03%/yr vs 0.95%/yr for BITO.

Performance

BLOX vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) 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, BLOX achieves a -5.17% return, which is significantly higher than BITO's -29.42% return.

BLOX

• 1D: -2.47%
• 1M: -3.84%
• 6M: -10.66%
• YTD: -5.17%
• 1Y: -9.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.29%

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
BLOX Nicholas Crypto Income ETF	$4.87M	$5.29M	$6.27M

BLOX vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	-5.17%	8.17%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-21.57%

Correlation

The correlation between BLOX and BITO is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.76

The correlation between BLOX and BITO has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

Return for Risk

BLOX vs. BITO — Risk / Return Rank

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

BLOX

BLOX Risk / Return Rank: 8
BLOX Sharpe Ratio Rank: 7
BLOX Sortino Ratio Rank: 9
BLOX Omega Ratio Rank: 9
BLOX Calmar Ratio Rank: 7
BLOX Martin Ratio Rank: 7

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.

BLOX vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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.

	BLOX	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	-1.09	+0.81
Sortino ratio: Return per unit of downside risk	-0.02	-1.69	+1.67
Omega ratio: Gain probability vs. loss probability	1.00	0.81	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.34	-0.89	+0.55
Martin ratio: Return relative to average drawdown	-0.62	-1.36	+0.74

BLOX vs. BITO - Sharpe Ratio Comparison

The current BLOX Sharpe Ratio is -0.28, which is higher than the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of BLOX 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

BLOX vs. BITO - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BLOX and BITO.

Drawdown Indicators

	BLOX	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-77.86%	+30.77%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-54.47%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-34.45%	-51.32%	+16.87%
Average Drawdown Average peak-to-trough decline	-19.83%	-37.18%	+17.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.55%	35.48%	-9.93%

Volatility

BLOX vs. BITO - Volatility Comparison

Nicholas Crypto Income ETF (BLOX) has a higher volatility of 20.64% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.96%. This indicates that BLOX'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

	BLOX	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.64%	8.96%	+11.68%
Volatility (6M) Calculated over the trailing 6-month period	43.34%	33.45%	+9.89%
Volatility (1Y) Calculated over the trailing 1-year period	57.17%	44.19%	+12.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.13%	54.60%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.13%	54.60%	+0.53%

BLOX vs. BITO - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

BLOX vs. BITO - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 50.86%, 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%
BLOX Nicholas Crypto Income ETF	49.69%	22.69%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLOX and BITO in my portfolio?

BLOX and BITO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLOX or BITO?

BLOX has higher volatility (20.64%) compared to BITO (8.96%). In terms of maximum drawdown, BLOX dropped -47.09% vs BITO's -77.86%.

Which ETF is better, BLOX or BITO?

On 1-year performance, BLOX leads with -9.46% vs -46.40% for BITO. 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, BLOX or BITO?

Over the 1-year period, BLOX has performed better with a -9.46% return vs -46.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLOX or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.03% for BLOX.

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

BLOX has the higher dividend yield at 49.69%, compared with 47.47% for BITO.

What is the main difference between BLOX and BITO?

They also come from different issuers: Nicholas and ProShares. Their fees differ too: 1.03% for BLOX and 0.95% for BITO.

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (-0.28 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.