FIAT vs. BITO

Last updated Jun 24, 2026

FIAT (YieldMax Short COIN Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - FIAT is a Derivative Income fund actively managed by YieldMax, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, FIAT returned 25.10% vs -42.09% for BITO. At a correlation of -0.71, they often move in opposite directions. FIAT charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

FIAT vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short COIN Option Income Strategy ETF (FIAT) 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, FIAT achieves a 16.16% return, which is significantly higher than BITO's -29.93% return.

FIAT

• 1D: 2.82%
• 1M: 11.72%
• YTD: 16.16%
• 6M: 21.46%
• 1Y: 25.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

FIAT vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	16.16%	-24.17%	-28.04%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	55.68%

Correlation

The correlation between FIAT and BITO is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.75
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-0.71

The correlation between FIAT and BITO has been stable across timeframes, ranging from -0.75 to -0.71 - a consistent structural relationship.

Return for Risk

FIAT vs. BITO — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 17
FIAT Sharpe Ratio Rank: 16
FIAT Sortino Ratio Rank: 18
FIAT Omega Ratio Rank: 19
FIAT Calmar Ratio Rank: 18
FIAT Martin Ratio Rank: 16

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.

FIAT vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) 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.

	FIAT	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.47	-0.96	+1.43
Sortino ratio: Return per unit of downside risk	0.94	-1.38	+2.32
Omega ratio: Gain probability vs. loss probability	1.13	0.85	+0.28
Calmar ratio: Return relative to maximum drawdown	0.74	-0.80	+1.53
Martin ratio: Return relative to average drawdown	1.60	-1.35	+2.94

FIAT vs. BITO - Sharpe Ratio Comparison

The current FIAT Sharpe Ratio is 0.47, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of FIAT 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

FIAT vs. BITO - Drawdown Comparison

The maximum FIAT drawdown since its inception was -70.50%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for FIAT and BITO.

Drawdown Indicators

	FIAT	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-77.86%	+7.36%
Max Drawdown (1Y) Largest decline over 1 year	-34.22%	-53.10%	+18.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-49.94%	-51.67%	+1.73%
Average Drawdown Average peak-to-trough decline	-45.40%	-36.86%	-8.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.71%	31.28%	-13.57%

Volatility

FIAT vs. BITO - Volatility Comparison

YieldMax Short COIN Option Income Strategy ETF (FIAT) has a higher volatility of 14.10% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that FIAT'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

	FIAT	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.10%	12.79%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	42.87%	34.39%	+8.48%
Volatility (1Y) Calculated over the trailing 1-year period	53.54%	44.08%	+9.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.24%	55.02%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.24%	55.02%	+5.22%

FIAT vs. BITO - Expense Ratio Comparison

FIAT has a 0.99% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

FIAT vs. BITO - Dividend Comparison

FIAT's dividend yield for the trailing twelve months is around 100.29%, more than BITO's 71.07% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
FIAT YieldMax Short COIN Option Income Strategy ETF	100.29%	178.11%	70.99%	0.00%

Frequently Asked Questions

Can I hold both FIAT and BITO in my portfolio?

FIAT and BITO have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAT or BITO?

FIAT has higher volatility (14.10%) compared to BITO (12.79%). In terms of maximum drawdown, FIAT dropped -70.50% vs BITO's -77.86%.

Which ETF is better, FIAT or BITO?

On 1-year performance, FIAT leads with 25.10% vs -42.09% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAT or BITO?

Over the 1-year period, FIAT has performed better with a 25.10% return vs -42.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAT or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 100.29%, compared with 71.07% for BITO.

What is the main difference between FIAT and BITO?

FIAT is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for FIAT and 0.95% for BITO.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.47 vs -0.96), 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.