GBTC vs. BITO

Last updated Jun 28, 2026

GBTC (Grayscale Bitcoin Trust ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. GBTC is passively managed, while BITO is actively managed. Over the past 3 years, GBTC returned 33.46%/yr vs 16.80%/yr for BITO. Their correlation of 0.95 suggests significant overlap in exposure. GBTC charges 1.50%/yr vs 0.95%/yr for BITO.

Performance

GBTC vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GBTC having a -32.30% return and BITO slightly lower at -32.82%.

GBTC

• 1D: 0.83%
• 1M: -18.72%
• YTD: -32.30%
• 6M: -32.34%
• 1Y: -45.01%
• 3Y*: 33.46%
• 5Y*: 10.83%
• 10Y*: 44.73%

BITO

• 1D: 0.74%
• 1M: -18.77%
• YTD: -32.82%
• 6M: -32.82%
• 1Y: -46.33%
• 3Y*: 16.80%
• 5Y*: —
• 10Y*: —

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

GBTC vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBTC Grayscale Bitcoin Trust ETF	-32.30%	-7.65%	113.81%	317.61%	-75.80%	-24.97%
BITO ProShares Bitcoin Strategy ETF	-32.82%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between GBTC and BITO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.95

The correlation between GBTC and BITO has been stable across timeframes, ranging from 0.95 to 1.00 - a consistent structural relationship.

Return for Risk

GBTC vs. BITO — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
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.

GBTC vs. BITO - Risk-Adjusted Trends Comparison

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

	GBTC	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	-1.06	+0.03
Sortino ratio: Return per unit of downside risk	-1.54	-1.62	+0.08
Omega ratio: Gain probability vs. loss probability	0.83	0.82	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.87	+0.02
Martin ratio: Return relative to average drawdown	-1.45	-1.47	+0.02

GBTC vs. BITO - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.03, which is comparable to the BITO Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of GBTC 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

GBTC vs. BITO - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for GBTC and BITO.

Drawdown Indicators

	GBTC	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-77.86%	-12.05%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-54.01%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-53.37%	-54.01%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-52.98%	-53.67%	+0.69%
Average Drawdown Average peak-to-trough decline	-43.46%	-36.90%	-6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.33%	31.83%	-0.50%

Volatility

GBTC vs. BITO - Volatility Comparison

Grayscale Bitcoin Trust ETF (GBTC) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 13.42% and 13.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.42%	13.10%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	34.33%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	44.27%	44.12%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.00%	54.98%	+7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	54.98%	+26.46%

GBTC vs. BITO - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

GBTC vs. BITO - Dividend Comparison

GBTC has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 74.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	74.13%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both GBTC and BITO in my portfolio?

With a correlation of 1.00, GBTC and BITO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GBTC or BITO?

GBTC has higher volatility (13.42%) compared to BITO (13.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs BITO's -77.86%.

Which ETF is better, GBTC or BITO?

On 3-year performance, GBTC leads with 33.46% vs 16.80% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 13.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or BITO?

Over the 3-year period, GBTC has performed better with a 33.46% return vs 16.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.

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

BITO has the higher dividend yield at 74.13%, compared with 0.00% for GBTC.

What is the main difference between GBTC and BITO?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.95% for BITO.

Which has better risk-adjusted returns?

GBTC currently has the higher Sharpe Ratio (-1.03 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.