BTCE.DE vs. BITO
BTCE.DE (Bitwise Physical Bitcoin ETP) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BTCE.DE returned 25.27%/yr vs 20.91%/yr for BITO. Their 0.72 correlation means they have sometimes moved together and sometimes differently. BTCE.DE charges 2.00%/yr vs 0.95%/yr for BITO.
Performance
BTCE.DE vs. BITO - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while BITO is traded in USD. To make them comparable, the BITO values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with BTCE.DE having a -26.76% return and BITO slightly higher at -26.04%.
BTCE.DE
- 1D
- 0.00%
- 1M
- 1.37%
- 6M
- -11.75%
- YTD
- -26.76%
- 1Y
- -44.28%
- 3Y*
- 25.27%
- 5Y*
- 7.21%
- 10Y*
- —
- ALL TIME*
- 30.04%
BITO
- 1D
- 0.79%
- 1M
- 0.68%
- 6M
- -11.03%
- YTD
- -26.04%
- 1Y
- -44.93%
- 3Y*
- 20.91%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| €866.46M | €2.09B | €1.78B | |
BTCE.DE Bitwise Physical Bitcoin ETP | €508.71K | €595.77K | €1.12M |
BTCE.DE vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTCE.DE Bitwise Physical Bitcoin ETP | -26.76% | -18.20% | 125.79% | 146.52% | -63.89% | -21.60% |
BITO ProShares Bitcoin Strategy ETF | -26.04% | -21.73% | 117.95% | 130.21% | -61.67% | -27.66% |
Correlation
The correlation between BTCE.DE and BITO is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.72 |
The correlation between BTCE.DE and BITO shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTCE.DE vs. BITO — Risk / Return Rank
BTCE.DE
BITO
BTCE.DE vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Physical Bitcoin ETP (BTCE.DE) 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.
| BTCE.DE | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.85 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.27 | 0.00 |
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Drawdowns
BTCE.DE vs. BITO - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, roughly equal to the maximum BITO drawdown of -74.94%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and BITO.
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Drawdown Indicators
| BTCE.DE | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -74.94% | +0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -53.06% | -53.30% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -53.06% | -53.30% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -49.09% | -49.13% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -30.88% | -35.68% | +4.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 35.53% | -0.52% |
Volatility
BTCE.DE vs. BITO - Volatility Comparison
Bitwise Physical Bitcoin ETP (BTCE.DE) has a higher volatility of 8.48% compared to ProShares Bitcoin Strategy ETF (BITO) at 7.80%. This indicates that BTCE.DE'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.
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Volatility by Period
| BTCE.DE | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.48% | 7.80% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 31.99% | -3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.94% | 43.38% | -2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 53.81% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.53% | 53.81% | +3.72% |
BTCE.DE vs. BITO - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than BITO's 0.95% expense ratio.
Dividends
BTCE.DE vs. BITO - Dividend Comparison
BTCE.DE has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 46.28%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 46.28% | 78.29% | 61.59% | 15.14% |
BTCE.DE Bitwise Physical Bitcoin ETP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTCE.DE and BITO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BITO is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BITO is cheaper with a 0.95% expense ratio, compared with 2.00% for BTCE.DE.
They also come from different issuers: Bitwise and ProShares. Their fees differ too: 2.00% for BTCE.DE and 0.95% for BITO.
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