IBIT vs. BITO
IBIT (iShares Bitcoin Trust ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. IBIT is passively managed, while BITO is actively managed. Over the past year, IBIT returned -41.70% vs -44.02% for BITO. With a 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 0.95%/yr for BITO.
Performance
IBIT vs. BITO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IBIT having a -27.39% return and BITO slightly lower at -28.52%.
IBIT
- 1D
- 2.77%
- 1M
- -21.29%
- YTD
- -27.39%
- 6M
- -30.81%
- 1Y
- -41.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITO
- 1D
- 2.49%
- 1M
- -21.63%
- YTD
- -28.52%
- 6M
- -31.94%
- 1Y
- -44.02%
- 3Y*
- 26.36%
- 5Y*
- —
- 10Y*
- —
IBIT vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.39% | -6.41% | 89.87% |
BITO ProShares Bitcoin Strategy ETF | -28.52% | -11.19% | 87.35% |
Correlation
The correlation between IBIT 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 (All Time) Calculated using the full available price history since Jan 11, 2024 | 1.00 |
The correlation between IBIT and BITO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
IBIT vs. BITO — Risk / Return Rank
IBIT
BITO
IBIT vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.83 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.83 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.46 | +0.05 |
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Drawdowns
IBIT vs. BITO - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for IBIT and BITO.
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Drawdown Indicators
| IBIT | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -77.86% | +25.75% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -53.10% | +0.99% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.10% | — |
Current DrawdownCurrent decline from peak | -49.43% | -50.70% | +1.27% |
Average DrawdownAverage peak-to-trough decline | -16.48% | -36.78% | +20.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.48% | 30.15% | -0.67% |
Volatility
IBIT vs. BITO - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.02% and 11.67%, 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
| IBIT | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.02% | 11.67% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 34.20% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 43.88% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.30% | 55.09% | -4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.30% | 55.09% | -4.79% |
IBIT vs. BITO - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than BITO's 0.95% expense ratio.
Dividends
IBIT vs. BITO - Dividend Comparison
IBIT has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 69.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.67% | 78.29% | 61.59% | 15.14% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, IBIT 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.
IBIT has higher volatility (12.02%) compared to BITO (11.67%). In terms of maximum drawdown, IBIT dropped -52.11% vs BITO's -77.86%.
On 1-year performance, IBIT leads with -41.70% vs -44.02% for BITO. On fees, IBIT is cheaper at 0.25% per year. On volatility, BITO has been the lower-risk option at 11.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -41.70% return vs -44.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 69.67%, compared with 0.00% for IBIT.
They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IBIT and 0.95% for BITO.
IBIT currently has the higher Sharpe Ratio (-0.95 vs -1.01), 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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