CSM vs. BITO
CSM (Proshares Large Cap Core Plus) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while BITO is a Cryptocurrency fund actively managed by ProShares. CSM is passively managed, while BITO is actively managed. Over the past 3 years, CSM returned 19.26%/yr vs 21.20%/yr for BITO. Their 0.42 correlation means their historical movements had little consistent relationship. CSM charges 0.45%/yr vs 0.95%/yr for BITO.
Performance
CSM vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, CSM achieves a 9.15% return, which is significantly higher than BITO's -29.42% return.
CSM
- 1D
- 0.77%
- 1M
- 1.39%
- 6M
- 8.81%
- YTD
- 9.15%
- 1Y
- 23.59%
- 3Y*
- 19.26%
- 5Y*
- 12.61%
- 10Y*
- 14.08%
- ALL TIME*
- 14.88%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $421.46K | $485.98K | $561.72K |
CSM vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 9.15% | 21.84% | 22.09% | 23.50% | -18.27% | 7.24% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between CSM and BITO is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.42 |
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Return for Risk
CSM vs. BITO — Risk / Return Rank
CSM
BITO
CSM vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.
| CSM | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.81 | ||
| Sortino ratioReturn per unit of downside risk | +4.08 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.81 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | -0.89 | +3.21 |
| Martin ratioReturn relative to average drawdown | 9.34 | -1.36 | +10.70 |
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Drawdowns
CSM vs. BITO - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for CSM and BITO.
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Drawdown Indicators
| CSM | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -77.86% | +41.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -54.47% | +45.07% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -54.47% | +36.17% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | — | — |
Current DrawdownCurrent decline from peak | -0.69% | -51.32% | +50.63% |
Average DrawdownAverage peak-to-trough decline | -4.02% | -37.18% | +33.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 35.48% | -33.14% |
Volatility
CSM vs. BITO - Volatility Comparison
The current volatility for Proshares Large Cap Core Plus (CSM) is 3.59%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. This indicates that CSM 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.
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Volatility by Period
| CSM | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 8.96% | -5.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 33.45% | -23.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.69% | 44.19% | -31.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.19% | 54.60% | -37.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 54.60% | -36.23% |
CSM vs. BITO - Expense Ratio Comparison
CSM has a 0.45% expense ratio, which is lower than BITO's 0.95% expense ratio.
Dividends
CSM vs. BITO - Dividend Comparison
CSM's dividend yield for the trailing twelve months is around 1.04%, less than BITO's 61.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CSM Proshares Large Cap Core Plus | 1.04% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
Frequently Asked Questions
CSM and BITO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.96%) compared to CSM (3.59%). In terms of maximum drawdown, CSM dropped -36.11% vs BITO's -77.86%.
On 3-year performance, BITO leads with 21.20% vs 19.26% for CSM. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 21.20% return vs 19.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 47.47%, compared with 1.04% for CSM.
CSM is categorized as Long-Short, while BITO is Cryptocurrency. Their fees differ too: 0.45% for CSM and 0.95% for BITO.
CSM currently has the higher Sharpe Ratio (1.72 vs -1.09), 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.
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