BTFAX vs. BITO

Last updated Jun 3, 2026

BTFAX (BTS Tactical Fixed Income Fund) and BITO (ProShares Bitcoin Strategy ETF) are both funds - BTFAX is a Nontraditional Bonds fund managed by BTS, while BITO is a Cryptocurrency fund actively managed by ProShares. Over the past 3 years, BTFAX returned 2.79%/yr vs 26.52%/yr for BITO. At a 0.23 correlation, their price movements are largely independent. BTFAX charges 1.65%/yr vs 0.95%/yr for BITO.

Performance

BTFAX vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, BTFAX achieves a -1.18% return, which is significantly higher than BITO's -24.14% return.

BTFAX

• 1D: -0.13%
• 1M: -0.00%
• YTD: -1.18%
• 6M: -0.79%
• 1Y: 2.82%
• 3Y*: 2.79%
• 5Y*: -1.78%
• 10Y*: -0.50%

BITO

• 1D: -5.85%
• 1M: -14.50%
• YTD: -24.14%
• 6M: -27.28%
• 1Y: -38.17%
• 3Y*: 26.52%
• 5Y*: —
• 10Y*: —

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

BTFAX vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTFAX BTS Tactical Fixed Income Fund	-1.18%	2.96%	3.52%	2.12%	-12.82%	-1.15%
BITO ProShares Bitcoin Strategy ETF	-24.14%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between BTFAX and BITO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.23

Return for Risk

BTFAX vs. BITO — Risk / Return Rank

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

BTFAX

BTFAX Risk / Return Rank: 9
BTFAX Sharpe Ratio Rank: 10
BTFAX Sortino Ratio Rank: 9
BTFAX Omega Ratio Rank: 10
BTFAX Calmar Ratio Rank: 10
BTFAX Martin Ratio Rank: 8

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.

BTFAX vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BTS Tactical Fixed Income Fund (BTFAX) 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.

	BTFAX	BITO	Difference
Sharpe ratio Return per unit of total volatility	0.78	-0.88	+1.66
Sortino ratio Return per unit of downside risk	1.10	-1.21	+2.31
Omega ratio Gain probability vs. loss probability	1.15	0.86	+0.28
Calmar ratio Return relative to maximum drawdown	1.04	-0.77	+1.81
Martin ratio Return relative to average drawdown	2.56	-1.33	+3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTFAX vs. BITO - Sharpe Ratio Comparison

The current BTFAX Sharpe Ratio is 0.78, which is higher than the BITO Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of BTFAX 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

	BTFAX	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	-0.88	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	-0.08	+0.18

Drawdowns

BTFAX vs. BITO - Drawdown Comparison

The maximum BTFAX drawdown since its inception was -19.78%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BTFAX and BITO.

Drawdown Indicators

	BTFAX	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-19.78%	-77.86%	+58.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-50.05%	+47.21%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-50.05%	+45.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.78%	—	—
Current Drawdown Current decline from peak	-10.97%	-47.68%	+36.71%
Average Drawdown Average peak-to-trough decline	-6.27%	-36.72%	+30.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	28.93%	-27.78%

Volatility

BTFAX vs. BITO - Volatility Comparison

The current volatility for BTS Tactical Fixed Income Fund (BTFAX) is 0.67%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.61%. This indicates that BTFAX 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

	BTFAX	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	9.61%	-8.94%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	34.65%	-32.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	43.48%	-39.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.46%	55.12%	-49.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	55.12%	-50.21%

BTFAX vs. BITO - Expense Ratio Comparison

BTFAX has a 1.65% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

BTFAX vs. BITO - Dividend Comparison

BTFAX's dividend yield for the trailing twelve months is around 4.32%, less than BITO's 65.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	65.64%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BTFAX BTS Tactical Fixed Income Fund	4.32%	4.39%	2.71%	3.52%	2.11%	1.69%	0.68%	3.17%	3.38%	2.67%	4.89%	0.87%

Frequently Asked Questions

Can I hold both BTFAX and BITO in my portfolio?

BTFAX and BITO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTFAX or BITO?

BITO has higher volatility (9.61%) compared to BTFAX (0.67%). In terms of maximum drawdown, BTFAX dropped -19.78% vs BITO's -77.86%.

Which has better risk-adjusted returns?

BTFAX currently has the higher Sharpe Ratio (0.78 vs -0.88), 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.