COIN vs. BITO

Last updated Jun 3, 2026

COIN (Coinbase Global, Inc.) is a stock, while BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares. Over the past 3 years, COIN returned 39.17%/yr vs 26.52%/yr for BITO. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

COIN vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Coinbase Global, Inc. (COIN) 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 COIN having a -23.06% return and BITO slightly lower at -24.14%.

COIN

• 1D: -4.72%
• 1M: -9.02%
• YTD: -23.06%
• 6M: -33.91%
• 1Y: -29.48%
• 3Y*: 39.17%
• 5Y*: -5.73%
• 10Y*: —

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)

COIN vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
COIN Coinbase Global, Inc.	-23.06%	-8.92%	42.77%	391.44%	-85.98%	-17.43%
BITO ProShares Bitcoin Strategy ETF	-24.14%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between COIN and BITO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.67

The correlation between COIN and BITO has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

COIN vs. BITO — Risk / Return Rank

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

COIN

COIN Risk / Return Rank: 25
COIN Sharpe Ratio Rank: 22
COIN Sortino Ratio Rank: 24
COIN Omega Ratio Rank: 25
COIN Calmar Ratio Rank: 25
COIN Martin Ratio Rank: 26

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.

COIN vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Coinbase Global, Inc. (COIN) 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.

	COIN	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.42	-0.88	+0.46
Sortino ratio Return per unit of downside risk	-0.23	-1.21	+0.98
Omega ratio Gain probability vs. loss probability	0.97	0.86	+0.11
Calmar ratio Return relative to maximum drawdown	-0.44	-0.77	+0.32
Martin ratio Return relative to average drawdown	-0.75	-1.33	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COIN vs. BITO - Sharpe Ratio Comparison

The current COIN Sharpe Ratio is -0.42, which is higher than the BITO Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of COIN 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

	COIN	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	-0.88	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.08	-0.06

Drawdowns

COIN vs. BITO - Drawdown Comparison

The maximum COIN drawdown since its inception was -90.90%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for COIN and BITO.

Drawdown Indicators

	COIN	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-90.90%	-77.86%	-13.04%
Max Drawdown (1Y) Largest decline over 1 year	-66.39%	-50.05%	-16.34%
Max Drawdown (3Y) Largest decline over 3 years	-66.39%	-50.05%	-16.34%
Max Drawdown (5Y) Largest decline over 5 years	-90.90%	—	—
Current Drawdown Current decline from peak	-58.55%	-47.68%	-10.87%
Average Drawdown Average peak-to-trough decline	-49.82%	-36.72%	-13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.49%	28.93%	+10.56%

Volatility

COIN vs. BITO - Volatility Comparison

Coinbase Global, Inc. (COIN) has a higher volatility of 19.49% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.61%. This indicates that COIN'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

	COIN	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.49%	9.61%	+9.88%
Volatility (6M) Calculated over the trailing 6-month period	50.83%	34.65%	+16.18%
Volatility (1Y) Calculated over the trailing 1-year period	69.93%	43.48%	+26.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.82%	55.12%	+30.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.38%	55.12%	+30.26%

Dividends

COIN vs. BITO - Dividend Comparison

COIN has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 65.64%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	65.64%	78.29%	61.59%	15.14%
COIN Coinbase Global, Inc.	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COIN and BITO in my portfolio?

COIN and BITO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COIN or BITO?

COIN has higher volatility (19.49%) compared to BITO (9.61%). In terms of maximum drawdown, COIN dropped -90.90% vs BITO's -77.86%.

Which has better risk-adjusted returns?

COIN currently has the higher Sharpe Ratio (-0.42 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.