BTC-USD vs. BITO

Last updated Apr 18, 2026

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 36.45%/yr vs 27.91%/yr for BITO. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

BTC-USD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin (BTC-USD) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BTC-USD having a -11.76% return and BITO slightly lower at -12.31%.

BTC-USD

• 1D: 2.72%
• 1M: 8.37%
• YTD: -11.76%
• 6M: -27.48%
• 1Y: -9.13%
• 3Y*: 36.45%
• 5Y*: 6.53%
• 10Y*: 67.77%

BITO

• 1D: 2.71%
• 1M: 8.76%
• YTD: -12.31%
• 6M: -28.45%
• 1Y: -12.96%
• 3Y*: 27.91%
• 5Y*: —
• 10Y*: —

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

BTC-USD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTC-USD Bitcoin	-11.76%	-6.27%	120.76%	155.82%	-64.23%	-28.14%
BITO ProShares Bitcoin Strategy ETF	-12.31%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

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 20, 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.

Return for Risk

BTC-USD vs. BITO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTC-USD

BTC-USD Risk / Return Rank: 55
BTC-USD Sharpe Ratio Rank: 68
BTC-USD Sortino Ratio Rank: 59
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 61
BTC-USD Martin Ratio Rank: 31

BITO

BITO Risk / Return Rank: 4
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 4
BITO Calmar Ratio Rank: 4
BITO Martin Ratio Rank: 4

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.

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.

	BTC-USD	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.21	-0.30	+0.09
Sortino ratio Return per unit of downside risk	-0.01	-0.14	+0.13
Omega ratio Gain probability vs. loss probability	1.00	0.98	+0.02
Calmar ratio Return relative to maximum drawdown	-0.91	-0.24	-0.67
Martin ratio Return relative to average drawdown	-1.52	-0.47	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTC-USD vs. BITO - Sharpe Ratio Comparison

The current BTC-USD Sharpe Ratio is -0.21, which is comparable to the BITO Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of BTC-USD 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

	BTC-USD	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	-0.30	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	-0.02	+1.21

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.

Drawdown Indicators

	BTC-USD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-85.30%	-77.86%	-7.44%
Max Drawdown (1Y) Largest decline over 1 year	-49.65%	-50.05%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-83.80%	—	—
Current Drawdown Current decline from peak	-38.10%	-39.52%	+1.42%
Average Drawdown Average peak-to-trough decline	-42.11%	-36.64%	-5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.60%	25.37%	+4.23%

Volatility

BTC-USD vs. BITO - Volatility Comparison

Bitcoin (BTC-USD) has a higher volatility of 12.08% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.20%. This indicates that BTC-USD'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

	BTC-USD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	9.20%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	35.72%	36.61%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	35.71%	43.53%	-7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.86%	55.58%	-8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.75%	55.58%	+1.17%