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 28.42%/yr vs 21.06%/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
The year-to-date returns for both stocks are quite close, with BTC-USD having a -27.04% return and BITO slightly lower at -27.77%.
BTC-USD
- 1D
- -1.36%
- 1M
- -2.71%
- 6M
- -33.22%
- YTD
- -27.04%
- 1Y
- -46.21%
- 3Y*
- 28.42%
- 5Y*
- 15.15%
- 10Y*
- 57.60%
BITO
- 1D
- -0.91%
- 1M
- -2.11%
- 6M
- -33.51%
- YTD
- -27.77%
- 1Y
- -48.16%
- 3Y*
- 21.06%
- 5Y*
- —
- 10Y*
- —
BTC-USD vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -27.04% | -6.27% | 120.76% | 155.82% | -64.23% | -25.52% |
BITO ProShares Bitcoin Strategy ETF | -27.77% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between BTC-USD and BITO is 0.73, 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 | 0.73 |
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 0.73 - 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 | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.89 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.42 | +0.02 |
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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 | -53.08% | -54.47% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -53.08% | -54.47% | +1.39% |
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 | -48.82% | -50.18% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -42.58% | -37.06% | -5.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.30% | 33.91% | -4.61% |
Volatility
BTC-USD vs. BITO - Volatility Comparison
The current volatility for Bitcoin (BTC-USD) is 9.78%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 10.49%. This indicates that BTC-USD experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. 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 | 9.78% | 10.49% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 34.90% | 34.48% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.73% | 44.10% | -8.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.96% | 54.80% | -10.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.33% | 54.80% | +1.53% |
Frequently Asked Questions
BTC-USD and BITO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (10.49%) compared to BTC-USD (9.78%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs BITO's -77.86%.
BTC-USD currently has the higher Sharpe Ratio (-1.07 vs -1.10), 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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