ETH vs. BITO

Last updated Apr 7, 2026

Compare and contrast key facts about Grayscale Ethereum Staking Mini ETF (ETH) and ProShares Bitcoin Strategy ETF (BITO).

ETH and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETH is an actively managed fund by Grayscale. It was launched on Jul 23, 2024. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

ETH vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) 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, ETH achieves a -27.51% return, which is significantly lower than BITO's -20.97% return.

ETH

• 1D: 3.88%
• 1M: 8.54%
• YTD: -27.51%
• 6M: -54.32%
• 1Y: 19.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 4.02%
• 1M: 2.09%
• YTD: -20.97%
• 6M: -45.50%
• 1Y: -20.70%
• 3Y*: 26.75%
• 5Y*: —
• 10Y*: —

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

ETH vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-27.51%	-10.89%	-3.70%
BITO ProShares Bitcoin Strategy ETF	-20.97%	-11.19%	37.75%

Correlation

The correlation between ETH and BITO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.

ETH vs. BITO - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than BITO's 0.95% expense ratio.

BITO

ProShares Bitcoin Strategy ETF

ETH

Grayscale Ethereum Staking Mini ETF

Return for Risk

ETH vs. BITO — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 17
ETH Sharpe Ratio Rank: 14
ETH Sortino Ratio Rank: 23
ETH Omega Ratio Rank: 20
ETH Calmar Ratio Rank: 13
ETH Martin Ratio Rank: 12

BITO

BITO Risk / Return Rank: 4
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 5
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 4
BITO Martin Ratio Rank: 3

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.

ETH vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

	ETH	BITO	Difference
Sharpe ratio Return per unit of total volatility	0.26	-0.46	+0.72
Sortino ratio Return per unit of downside risk	0.93	-0.41	+1.34
Omega ratio Gain probability vs. loss probability	1.11	0.95	+0.15
Calmar ratio Return relative to maximum drawdown	0.21	-0.47	+0.68
Martin ratio Return relative to average drawdown	0.42	-0.97	+1.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETH vs. BITO - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is 0.26, which is higher than the BITO Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of ETH 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

	ETH	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	-0.46	+0.72
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-0.07	-0.26

Drawdowns

ETH vs. BITO - Drawdown Comparison

The maximum ETH drawdown since its inception was -64.01%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ETH and BITO.

Drawdown Indicators

	ETH	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-64.01%	-77.86%	+13.85%
Max Drawdown (1Y) Largest decline over 1 year	-61.41%	-50.05%	-11.36%
Current Drawdown Current decline from peak	-55.36%	-45.50%	-9.86%
Average Drawdown Average peak-to-trough decline	-30.54%	-36.59%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.74%	24.07%	+6.67%

Volatility

ETH vs. BITO - Volatility Comparison

Grayscale Ethereum Staking Mini ETF (ETH) has a higher volatility of 17.57% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.25%. This indicates that ETH'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

	ETH	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	11.25%	+6.32%
Volatility (6M) Calculated over the trailing 6-month period	53.50%	36.70%	+16.80%
Volatility (1Y) Calculated over the trailing 1-year period	75.79%	45.09%	+30.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.71%	55.75%	+18.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.71%	55.75%	+18.96%

Dividends

ETH vs. BITO - Dividend Comparison

ETH has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 78.62%.

	TTM	2025	2024	2023
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	78.62%	78.29%	61.59%	15.14%