GBTC vs. BITO
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 47.89%/yr vs 22.23%/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
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Returns By Period
The year-to-date returns for both stocks are quite close, with GBTC having a -31.54% return and BITO slightly lower at -32.00%.
GBTC
- 1D
- -5.15%
- 1M
- -24.86%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -43.09%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
BITO
- 1D
- -4.97%
- 1M
- -24.89%
- YTD
- -32.00%
- 6M
- -33.58%
- 1Y
- -44.50%
- 3Y*
- 22.23%
- 5Y*
- —
- 10Y*
- —
GBTC vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -31.54% | -7.65% | 113.81% | 317.61% | -75.80% | -29.84% |
BITO ProShares Bitcoin Strategy ETF | -32.00% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
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 | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 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.
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Return for Risk
GBTC vs. BITO — Risk / Return Rank
GBTC
BITO
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.
| GBTC | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.84 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.82 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.47 | +0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.99 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | -0.12 | +0.76 |
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.
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Drawdown Indicators
| GBTC | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -77.86% | -12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -53.10% | +0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -53.10% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -52.45% | -53.10% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -36.76% | -6.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.99% | 29.46% | -0.47% |
Volatility
GBTC vs. BITO - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.88% and 9.76%, 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.
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Volatility by Period
| GBTC | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.88% | 9.76% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 33.97% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.96% | 43.86% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.45% | 55.13% | +7.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 55.13% | +27.07% |
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 73.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 73.23% | 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
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.
GBTC has higher volatility (9.88%) compared to BITO (9.76%). In terms of maximum drawdown, GBTC dropped -89.91% vs BITO's -77.86%.
On 3-year performance, GBTC leads with 47.89% vs 22.23% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 47.89% return vs 22.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
BITO has the higher dividend yield at 73.23%, compared with 0.00% for GBTC.
They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.95% for BITO.
GBTC currently has the higher Sharpe Ratio (-0.95 vs -0.99), 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.
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