BTCI vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about NEOS Bitcoin High Income ETF (BTCI) and ProShares Bitcoin Strategy ETF (BITO).

BTCI and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCI is an actively managed fund by Neos. It was launched on Oct 16, 2024. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

BTCI vs. BITO - Performance Comparison

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

BTCI vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-20.23%	-1.09%	28.24%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	37.32%

Returns By Period

In the year-to-date period, BTCI achieves a -20.23% return, which is significantly higher than BITO's -22.79% return.

BTCI

• 1D: 0.09%
• 1M: -0.24%
• YTD: -20.23%
• 6M: -37.90%
• 1Y: -15.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

BTCI vs. BITO - Expense Ratio Comparison

BTCI has a 0.98% expense ratio, which is higher than BITO's 0.95% expense ratio.

BTCI

NEOS Bitcoin High Income ETF

BITO

ProShares Bitcoin Strategy ETF

Return for Risk

BTCI vs. BITO — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 6
BTCI Sharpe Ratio Rank: 5
BTCI Sortino Ratio Rank: 6
BTCI Omega Ratio Rank: 6
BTCI Calmar Ratio Rank: 7
BTCI Martin Ratio Rank: 7

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

BTCI vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.39	-0.52	+0.13
Sortino ratio Return per unit of downside risk	-0.30	-0.50	+0.19
Omega ratio Gain probability vs. loss probability	0.96	0.94	+0.02
Calmar ratio Return relative to maximum drawdown	-0.30	-0.42	+0.12
Martin ratio Return relative to average drawdown	-0.66	-0.89	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCI vs. BITO - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.39, which is comparable to the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of BTCI and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTCI	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	-0.52	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	-0.08	+0.10

Correlation

The correlation between BTCI and BITO is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BTCI vs. BITO - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 43.58%, less than BITO's 80.47% yield.

	TTM	2025	2024	2023
BTCI NEOS Bitcoin High Income ETF	43.58%	36.46%	6.76%	0.00%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

BTCI vs. BITO - Drawdown Comparison

The maximum BTCI drawdown since its inception was -44.98%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BTCI and BITO.

Drawdown Indicators

	BTCI	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-44.98%	-77.86%	+32.88%
Max Drawdown (1Y) Largest decline over 1 year	-44.98%	-50.05%	+5.07%
Current Drawdown Current decline from peak	-41.01%	-46.75%	+5.74%
Average Drawdown Average peak-to-trough decline	-12.85%	-36.57%	+23.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.50%	23.73%	-3.23%

Volatility

BTCI vs. BITO - Volatility Comparison

The current volatility for NEOS Bitcoin High Income ETF (BTCI) is 10.21%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.84%. This indicates that BTCI 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.

Volatility by Period

	BTCI	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.21%	12.84%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	36.71%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	40.04%	45.32%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.35%	55.77%	-14.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.35%	55.77%	-14.42%