BTC-USD vs. BITO
BTC-USD (Bitcoin) is a cryptocurrency, while BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares. Over the past 3 years, BTC-USD returned 28.88%/yr vs 25.06%/yr for BITO. A 0.70 correlation means they provide meaningful diversification when combined.
Performance
BTC-USD vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, BTC-USD achieves a -26.61% return, which is significantly higher than BITO's -29.18% return.
BTC-USD
- 1D
- 1.16%
- 1M
- -17.20%
- YTD
- -26.61%
- 6M
- -27.30%
- 1Y
- -37.85%
- 3Y*
- 28.88%
- 5Y*
- 15.23%
- 10Y*
- 59.45%
BITO
- 1D
- -1.95%
- 1M
- -19.13%
- YTD
- -29.18%
- 6M
- -29.66%
- 1Y
- -41.50%
- 3Y*
- 25.06%
- 5Y*
- —
- 10Y*
- —
BTC-USD vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -26.61% | -6.27% | 120.76% | 155.82% | -64.23% | -25.52% |
BITO ProShares Bitcoin Strategy ETF | -29.18% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between BTC-USD and BITO is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.70 |
The correlation between BTC-USD and BITO has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.
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Return for Risk
BTC-USD vs. BITO — Risk / Return Rank
BTC-USD
BITO
BTC-USD vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.
| BTC-USD | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.85 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.79 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.35 | +0.10 |
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Drawdowns
BTC-USD vs. BITO - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BTC-USD and BITO.
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Drawdown Indicators
| BTC-USD | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -77.86% | -7.44% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -53.10% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -53.10% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | — | — |
Current DrawdownCurrent decline from peak | -48.51% | -51.16% | +2.65% |
Average DrawdownAverage peak-to-trough decline | -42.42% | -36.83% | -5.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.31% | 30.95% | +0.36% |
Volatility
BTC-USD vs. BITO - Volatility Comparison
Bitcoin (BTC-USD) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.47% and 12.34%, 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.
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Volatility by Period
| BTC-USD | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.47% | 12.34% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 34.51% | 34.21% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.68% | 43.90% | -8.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.48% | 55.04% | -10.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.49% | 55.04% | +1.45% |
Frequently Asked Questions
BTC-USD and BITO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (12.47%) compared to BITO (12.34%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs BITO's -77.86%.
BTC-USD currently has the higher Sharpe Ratio (-0.88 vs -0.96), 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.
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