EFO vs. BITO
EFO (ProShares Ultra MSCI EAFE) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. EFO is passively managed, while BITO is actively managed. Over the past 3 years, EFO returned 23.54%/yr vs 21.20%/yr for BITO. Their 0.37 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
EFO vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, EFO achieves a 18.24% return, which is significantly higher than BITO's -29.42% return.
EFO
- 1D
- -1.03%
- 1M
- 1.60%
- 6M
- 8.37%
- YTD
- 18.24%
- 1Y
- 44.10%
- 3Y*
- 23.54%
- 5Y*
- 8.97%
- 10Y*
- 10.93%
- ALL TIME*
- 8.79%
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 | |
| $261.38K | $262.27K | $430.81K |
EFO vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 18.24% | 58.51% | -2.15% | 25.77% | -33.62% | 0.56% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between EFO and BITO is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.37 |
The correlation between EFO and BITO shifts across timeframes, from 0.30 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EFO vs. BITO — Risk / Return Rank
EFO
BITO
EFO vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) 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.
| EFO | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.81 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.89 | +2.84 |
| Martin ratioReturn relative to average drawdown | 6.65 | -1.36 | +8.01 |
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Drawdowns
EFO vs. BITO - Drawdown Comparison
The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for EFO and BITO.
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Drawdown Indicators
| EFO | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.52% | -77.86% | +14.34% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -54.47% | +32.29% |
Max Drawdown (3Y)Largest decline over 3 years | -26.85% | -54.47% | +27.62% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -63.52% | — | — |
Current DrawdownCurrent decline from peak | -1.05% | -51.32% | +50.27% |
Average DrawdownAverage peak-to-trough decline | -18.53% | -37.18% | +18.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 35.48% | -28.99% |
Volatility
EFO vs. BITO - Volatility Comparison
ProShares Ultra MSCI EAFE (EFO) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.36% and 8.96%, 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.
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Volatility by Period
| EFO | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 8.96% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 27.57% | 33.45% | -5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.88% | 44.19% | -12.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.25% | 54.60% | -21.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.58% | 54.60% | -21.02% |
EFO vs. BITO - Expense Ratio Comparison
Both EFO and BITO have an expense ratio of 0.95%.
Dividends
EFO vs. BITO - Dividend Comparison
EFO's dividend yield for the trailing twelve months is around 1.57%, less than BITO's 61.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EFO ProShares Ultra MSCI EAFE | 1.57% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% |
Frequently Asked Questions
EFO and BITO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFO has higher volatility (9.36%) compared to BITO (8.96%). In terms of maximum drawdown, EFO dropped -63.52% vs BITO's -77.86%.
On 3-year performance, EFO leads with 23.54% vs 21.20% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EFO has performed better with a 23.54% return vs 21.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFO and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.47%, compared with 1.57% for EFO.
EFO is categorized as Leveraged Equities, while BITO is Cryptocurrency.
EFO currently has the higher Sharpe Ratio (1.36 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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