ETHW vs. BITO

Last updated Jun 4, 2026

ETHW (Bitwise Ethereum ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, ETHW returned -31.71% vs -41.01% for BITO. Their correlation of 0.81 suggests significant overlap in exposure. ETHW charges 0.20%/yr vs 0.95%/yr for BITO.

Performance

ETHW vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) 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, ETHW achieves a -39.45% return, which is significantly lower than BITO's -26.37% return.

ETHW

• 1D: -5.78%
• 1M: -23.65%
• YTD: -39.45%
• 6M: -42.65%
• 1Y: -31.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

ETHW vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-39.45%	-11.26%	-3.54%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	37.75%

Correlation

The correlation between ETHW and BITO is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.81

The correlation between ETHW and BITO has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

ETHW vs. BITO — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 5
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 5
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 5
ETHW Martin Ratio Rank: 5

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
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.

ETHW vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) 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.

	ETHW	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.47	-0.95	+0.48
Sortino ratio Return per unit of downside risk	-0.32	-1.35	+1.03
Omega ratio Gain probability vs. loss probability	0.96	0.85	+0.12
Calmar ratio Return relative to maximum drawdown	-0.51	-0.82	+0.32
Martin ratio Return relative to average drawdown	-0.84	-1.41	+0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHW vs. BITO - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.47, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of ETHW 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

	ETHW	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.95	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	-0.09	-0.32

Drawdowns

ETHW vs. BITO - Drawdown Comparison

The maximum ETHW drawdown since its inception was -64.04%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ETHW and BITO.

Drawdown Indicators

	ETHW	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-64.04%	-77.86%	+13.82%
Max Drawdown (1Y) Largest decline over 1 year	-62.87%	-50.05%	-12.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-62.87%	-49.22%	-13.65%
Average Drawdown Average peak-to-trough decline	-32.65%	-36.73%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.74%	29.09%	+8.65%

Volatility

ETHW vs. BITO - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 10.08% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that ETHW'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

	ETHW	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	9.43%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	46.02%	34.26%	+11.76%
Volatility (1Y) Calculated over the trailing 1-year period	68.33%	43.57%	+24.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.13%	55.11%	+17.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.13%	55.11%	+17.02%

ETHW vs. BITO - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

ETHW vs. BITO - Dividend Comparison

ETHW has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 67.63%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHW and BITO in my portfolio?

ETHW and BITO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHW or BITO?

ETHW has higher volatility (10.08%) compared to BITO (9.43%). In terms of maximum drawdown, ETHW dropped -64.04% vs BITO's -77.86%.

Which ETF is better, ETHW or BITO?

On 1-year performance, ETHW leads with -31.71% vs -41.01% for BITO. On fees, ETHW is cheaper at 0.20% per year. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or BITO?

Over the 1-year period, ETHW has performed better with a -31.71% return vs -41.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or BITO?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 0.00% for ETHW.

What is the main difference between ETHW and BITO?

They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.20% for ETHW and 0.95% for BITO.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.47 vs -0.94), 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.