BTCW vs. BITO

Last updated Jun 12, 2026

BTCW (Wisdom Tree Bitcoin Fund) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Over the past year, BTCW returned -41.75% vs -44.02% for BITO. With a 1.00 correlation, they move nearly in lockstep. BTCW charges 0.30%/yr vs 0.95%/yr for BITO.

Performance

BTCW vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) 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 BTCW having a -27.50% return and BITO slightly lower at -28.52%.

BTCW

• 1D: 2.64%
• 1M: -21.41%
• YTD: -27.50%
• 6M: -30.91%
• 1Y: -41.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 2.49%
• 1M: -21.63%
• YTD: -28.52%
• 6M: -31.94%
• 1Y: -44.02%
• 3Y*: 26.36%
• 5Y*: —
• 10Y*: —

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

BTCW vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-27.50%	-6.05%	92.79%
BITO ProShares Bitcoin Strategy ETF	-28.52%	-11.19%	87.35%

Correlation

The correlation between BTCW and BITO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between BTCW and BITO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BTCW vs. BITO — Risk / Return Rank

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

BTCW

BTCW Risk / Return Rank: 2
BTCW Sharpe Ratio Rank: 2
BTCW Sortino Ratio Rank: 2
BTCW Omega Ratio Rank: 2
BTCW Calmar Ratio Rank: 2
BTCW Martin Ratio Rank: 2

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

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.

BTCW vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	-1.01	+0.05
Sortino ratio: Return per unit of downside risk	-1.37	-1.49	+0.12
Omega ratio: Gain probability vs. loss probability	0.85	0.83	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.83	+0.03
Martin ratio: Return relative to average drawdown	-1.42	-1.46	+0.04

BTCW vs. BITO - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -0.95, which is comparable to the BITO Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of BTCW 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.

Drawdowns

BTCW vs. BITO - Drawdown Comparison

The maximum BTCW drawdown since its inception was -52.10%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BTCW and BITO.

Drawdown Indicators

	BTCW	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-52.10%	-77.86%	+25.76%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-53.10%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-49.47%	-50.70%	+1.23%
Average Drawdown Average peak-to-trough decline	-16.42%	-36.78%	+20.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.44%	30.15%	-0.71%

Volatility

BTCW vs. BITO - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.02% and 11.67%, 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.

Volatility by Period

	BTCW	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.02%	11.67%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	34.29%	34.20%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	43.91%	43.88%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.18%	55.09%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.18%	55.09%	-4.91%

BTCW vs. BITO - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

BTCW vs. BITO - Dividend Comparison

BTCW has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 69.67%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.67%	78.29%	61.59%	15.14%
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCW and BITO in my portfolio?

With a correlation of 1.00, BTCW and BITO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTCW or BITO?

BTCW has higher volatility (12.02%) compared to BITO (11.67%). In terms of maximum drawdown, BTCW dropped -52.10% vs BITO's -77.86%.

Which ETF is better, BTCW or BITO?

On 1-year performance, BTCW leads with -41.75% vs -44.02% for BITO. On fees, BTCW is cheaper at 0.30% per year. On volatility, BITO has been the lower-risk option at 11.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or BITO?

Over the 1-year period, BTCW has performed better with a -41.75% return vs -44.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or BITO?

BTCW is cheaper with a 0.30% expense ratio, compared with 0.95% for BITO.

Which ETF pays a higher dividend yield, BTCW or BITO?

BITO has the higher dividend yield at 69.67%, compared with 0.00% for BTCW.

What is the main difference between BTCW and BITO?

They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.30% for BTCW and 0.95% for BITO.

Which has better risk-adjusted returns?

BTCW currently has the higher Sharpe Ratio (-0.95 vs -1.01), 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.