CVNY vs. BITO

Last updated Jun 6, 2026

CVNY (YieldMax CVNA Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - CVNY is a Derivative Income fund actively managed by YieldMax, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, CVNY returned -0.68% vs -43.17% for BITO. At a 0.22 correlation, their price movements are largely independent. CVNY charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

CVNY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax CVNA Option Income Strategy ETF (CVNY) 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, CVNY achieves a -17.77% return, which is significantly higher than BITO's -32.00% return.

CVNY

• 1D: 1.22%
• 1M: -12.46%
• YTD: -17.77%
• 6M: -13.65%
• 1Y: -0.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -4.97%
• 1M: -26.17%
• YTD: -32.00%
• 6M: -33.58%
• 1Y: -43.17%
• 3Y*: 22.23%
• 5Y*: —
• 10Y*: —

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

CVNY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
CVNY YieldMax CVNA Option Income Strategy ETF	-17.77%	54.11%
BITO ProShares Bitcoin Strategy ETF	-32.00%	-20.54%

Correlation

The correlation between CVNY and BITO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.22

Return for Risk

CVNY vs. BITO — Risk / Return Rank

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

CVNY

CVNY Risk / Return Rank: 10
CVNY Sharpe Ratio Rank: 9
CVNY Sortino Ratio Rank: 11
CVNY Omega Ratio Rank: 11
CVNY Calmar Ratio Rank: 9
CVNY Martin Ratio Rank: 9

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

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.

CVNY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) 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.

	CVNY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	-0.99	+0.98
Sortino ratio: Return per unit of downside risk	0.33	-1.44	+1.77
Omega ratio: Gain probability vs. loss probability	1.04	0.84	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.02	-0.82	+0.80
Martin ratio: Return relative to average drawdown	-0.04	-1.47	+1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVNY vs. BITO - Sharpe Ratio Comparison

The current CVNY Sharpe Ratio is -0.01, which is higher than the BITO Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of CVNY 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

	CVNY	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.99	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	-0.12	+0.45

Drawdowns

CVNY vs. BITO - Drawdown Comparison

The maximum CVNY drawdown since its inception was -43.27%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for CVNY and BITO.

Drawdown Indicators

	CVNY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-77.86%	+34.59%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-53.10%	+16.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-26.00%	-53.10%	+27.10%
Average Drawdown Average peak-to-trough decline	-13.50%	-36.76%	+23.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.10%	29.46%	-13.36%

Volatility

CVNY vs. BITO - Volatility Comparison

YieldMax CVNA Option Income Strategy ETF (CVNY) has a higher volatility of 14.27% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.76%. This indicates that CVNY'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

	CVNY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.27%	9.76%	+4.51%
Volatility (6M) Calculated over the trailing 6-month period	36.94%	33.97%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	49.50%	43.86%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.19%	55.13%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.19%	55.13%	+3.06%

CVNY vs. BITO - Expense Ratio Comparison

CVNY has a 0.99% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

CVNY vs. BITO - Dividend Comparison

CVNY's dividend yield for the trailing twelve months is around 107.17%, more than BITO's 73.23% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.23%	78.29%	61.59%	15.14%
CVNY YieldMax CVNA Option Income Strategy ETF	107.17%	80.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVNY and BITO in my portfolio?

CVNY and BITO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNY or BITO?

CVNY has higher volatility (14.27%) compared to BITO (9.76%). In terms of maximum drawdown, CVNY dropped -43.27% vs BITO's -77.86%.

Which ETF is better, CVNY or BITO?

On 1-year performance, CVNY leads with -0.68% vs -43.17% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNY or BITO?

Over the 1-year period, CVNY has performed better with a -0.68% return vs -43.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNY or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for CVNY.

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

CVNY has the higher dividend yield at 107.17%, compared with 73.23% for BITO.

What is the main difference between CVNY and BITO?

CVNY is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for CVNY and 0.95% for BITO.

Which has better risk-adjusted returns?

CVNY currently has the higher Sharpe Ratio (-0.01 vs -0.99), 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.