ETHE vs. BITO

Last updated Jul 16, 2026

ETHE (Grayscale Ethereum Trust ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. ETHE is passively managed, while BITO is actively managed. Over the past 3 years, ETHE returned 11.61%/yr vs 21.02%/yr for BITO. Their correlation of 0.82 suggests significant overlap in exposure. ETHE charges 2.50%/yr vs 0.95%/yr for BITO.

Performance

ETHE vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) 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, ETHE achieves a -35.60% return, which is significantly lower than BITO's -27.10% return.

ETHE

• 1D: 2.44%
• 1M: 5.59%
• 6M: -43.48%
• YTD: -35.60%
• 1Y: -37.69%
• 3Y*: 11.61%
• 5Y*: -2.47%
• 10Y*: —

BITO

• 1D: 0.57%
• 1M: -2.64%
• 6M: -34.63%
• YTD: -27.10%
• 1Y: -46.42%
• 3Y*: 21.02%
• 5Y*: —
• 10Y*: —

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

ETHE vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHE Grayscale Ethereum Trust ETF	-35.60%	-13.03%	44.14%	308.40%	-85.29%	-6.77%
BITO ProShares Bitcoin Strategy ETF	-27.10%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between ETHE and BITO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.82

The correlation between ETHE and BITO has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

ETHE vs. BITO — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

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: 2

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.

ETHE vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.

	ETHE	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	-1.06	+0.50
Sortino ratio: Return per unit of downside risk	-0.50	-1.60	+1.10
Omega ratio: Gain probability vs. loss probability	0.94	0.82	+0.12
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.85	+0.30
Martin ratio: Return relative to average drawdown	-0.86	-1.38	+0.51

ETHE vs. BITO - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.55, which is higher than the BITO Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of ETHE 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

ETHE vs. BITO - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ETHE and BITO.

Drawdown Indicators

	ETHE	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-77.86%	-18.40%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-54.47%	-13.70%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	-54.47%	-13.70%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-75.65%	-49.72%	-25.93%
Average Drawdown Average peak-to-trough decline	-72.29%	-37.05%	-35.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.64%	33.76%	+9.88%

Volatility

ETHE vs. BITO - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 16.73% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.45%. This indicates that ETHE'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

	ETHE	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.73%	11.45%	+5.28%
Volatility (6M) Calculated over the trailing 6-month period	47.39%	34.67%	+12.72%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	44.18%	+24.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.72%	54.82%	+26.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	190.44%	54.82%	+135.62%

ETHE vs. BITO - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

ETHE vs. BITO - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.41%, less than BITO's 59.70% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	59.70%	78.29%	61.59%	15.14%
ETHE Grayscale Ethereum Trust ETF	1.41%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHE and BITO in my portfolio?

ETHE and BITO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or BITO?

ETHE has higher volatility (16.73%) compared to BITO (11.45%). In terms of maximum drawdown, ETHE dropped -96.26% vs BITO's -77.86%.

Which ETF is better, ETHE or BITO?

On 3-year performance, BITO leads with 21.02% vs 11.61% for ETHE. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 11.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or BITO?

Over the 3-year period, BITO has performed better with a 21.02% return vs 11.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 2.50% for ETHE.

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

BITO has the higher dividend yield at 59.70%, compared with 1.41% for ETHE.

What is the main difference between ETHE and BITO?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ETHE and 0.95% for BITO.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.55 vs -1.06), 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.