ETH vs. BITO

Last updated Jul 14, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, ETH returned -40.47% vs -49.36% for BITO. Their correlation of 0.82 suggests significant overlap in exposure. ETH charges 0.15%/yr vs 0.95%/yr for BITO.

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 -39.81% return, which is significantly lower than BITO's -30.09% return.

ETH

• 1D: -1.05%
• 1M: 6.70%
• 6M: -42.37%
• YTD: -39.81%
• 1Y: -40.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.65%
• 1M: -2.30%
• 6M: -33.01%
• YTD: -30.09%
• 1Y: -49.36%
• 3Y*: 19.35%
• 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	-39.81%	-10.89%	-4.58%
BITO ProShares Bitcoin Strategy ETF	-30.09%	-11.19%	32.21%

Correlation

The correlation between ETH and BITO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between ETH and BITO has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

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: 5
ETH Sharpe Ratio Rank: 4
ETH Sortino Ratio Rank: 5
ETH Omega Ratio Rank: 5
ETH Calmar Ratio Rank: 4
ETH Martin Ratio Rank: 5

BITO

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

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.

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.

	ETH	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	-1.12	+0.53
Sortino ratio: Return per unit of downside risk	-0.60	-1.77	+1.17
Omega ratio: Gain probability vs. loss probability	0.93	0.81	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.60	-0.91	+0.31
Martin ratio: Return relative to average drawdown	-0.95	-1.48	+0.53

ETH vs. BITO - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.60, which is higher than the BITO Sharpe Ratio of -1.12. 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.

Drawdowns

ETH vs. BITO - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.52%, 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	-67.52%	-77.86%	+10.34%
Max Drawdown (1Y) Largest decline over 1 year	-67.52%	-54.47%	-13.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-62.93%	-51.78%	-11.15%
Average Drawdown Average peak-to-trough decline	-34.33%	-37.03%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.77%	33.47%	+9.30%

Volatility

ETH vs. BITO - Volatility Comparison

Grayscale Ethereum Staking Mini ETF (ETH) has a higher volatility of 16.04% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.12%. 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	16.04%	11.12%	+4.92%
Volatility (6M) Calculated over the trailing 6-month period	46.99%	34.48%	+12.51%
Volatility (1Y) Calculated over the trailing 1-year period	68.23%	44.12%	+24.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.85%	54.84%	+17.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.85%	54.84%	+17.01%

ETH vs. BITO - Expense Ratio Comparison

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

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 62.24%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	62.24%	78.29%	61.59%	15.14%
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETH and BITO in my portfolio?

ETH and BITO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETH or BITO?

ETH has higher volatility (16.04%) compared to BITO (11.12%). In terms of maximum drawdown, ETH dropped -67.52% vs BITO's -77.86%.

Which ETF is better, ETH or BITO?

On 1-year performance, ETH leads with -40.47% vs -49.36% for BITO. On fees, ETH is cheaper at 0.15% per year. On volatility, BITO has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or BITO?

Over the 1-year period, ETH has performed better with a -40.47% return vs -49.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or BITO?

ETH is cheaper with a 0.15% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 62.24%, compared with 0.00% for ETH.

What is the main difference between ETH and BITO?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.15% for ETH and 0.95% for BITO.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.60 vs -1.12), 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.