IGHG vs. BITO

Last updated Jun 24, 2026

IGHG (ProShares Investment Grade-Interest Rate Hedged) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while BITO is a Cryptocurrency fund actively managed by ProShares. IGHG is passively managed, while BITO is actively managed. Over the past 3 years, IGHG returned 8.33%/yr vs 18.00%/yr for BITO. At a 0.29 correlation, their price movements are largely independent. IGHG charges 0.30%/yr vs 0.95%/yr for BITO.

Performance

IGHG vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Investment Grade-Interest Rate Hedged (IGHG) 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, IGHG achieves a 2.12% return, which is significantly higher than BITO's -29.93% return.

IGHG

• 1D: 0.04%
• 1M: 0.02%
• YTD: 2.12%
• 6M: 1.98%
• 1Y: 5.86%
• 3Y*: 8.33%
• 5Y*: 5.15%
• 10Y*: 4.84%

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)

IGHG vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IGHG ProShares Investment Grade-Interest Rate Hedged	2.12%	5.65%	9.20%	11.58%	-0.90%	-1.12%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between IGHG and BITO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.29

Return for Risk

IGHG vs. BITO — Risk / Return Rank

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

IGHG

IGHG Risk / Return Rank: 61
IGHG Sharpe Ratio Rank: 54
IGHG Sortino Ratio Rank: 59
IGHG Omega Ratio Rank: 55
IGHG Calmar Ratio Rank: 71
IGHG Martin Ratio Rank: 69

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.

IGHG vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Investment Grade-Interest Rate Hedged (IGHG) 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.

	IGHG	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	-0.96	+2.69
Sortino ratio: Return per unit of downside risk	2.61	-1.38	+3.99
Omega ratio: Gain probability vs. loss probability	1.33	0.85	+0.48
Calmar ratio: Return relative to maximum drawdown	3.36	-0.80	+4.16
Martin ratio: Return relative to average drawdown	11.87	-1.35	+13.21

IGHG vs. BITO - Sharpe Ratio Comparison

The current IGHG Sharpe Ratio is 1.73, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of IGHG 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

IGHG vs. BITO - Drawdown Comparison

The maximum IGHG drawdown since its inception was -25.16%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for IGHG and BITO.

Drawdown Indicators

	IGHG	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-25.16%	-77.86%	+52.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-53.10%	+51.35%
Max Drawdown (3Y) Largest decline over 3 years	-3.74%	-53.10%	+49.36%
Max Drawdown (5Y) Largest decline over 5 years	-8.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.16%	—	—
Current Drawdown Current decline from peak	-0.21%	-51.67%	+51.46%
Average Drawdown Average peak-to-trough decline	-2.29%	-36.86%	+34.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	31.28%	-30.78%

Volatility

IGHG vs. BITO - Volatility Comparison

The current volatility for ProShares Investment Grade-Interest Rate Hedged (IGHG) is 0.58%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that IGHG experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGHG	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	12.79%	-12.21%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	34.39%	-31.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	44.08%	-40.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	55.02%	-50.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.45%	55.02%	-47.57%

IGHG vs. BITO - Expense Ratio Comparison

IGHG has a 0.30% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

IGHG vs. BITO - Dividend Comparison

IGHG's dividend yield for the trailing twelve months is around 5.12%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IGHG ProShares Investment Grade-Interest Rate Hedged	5.12%	5.14%	5.06%	4.99%	3.55%	2.50%	2.79%	3.48%	4.13%	3.36%	3.37%	3.65%

Frequently Asked Questions

Can I hold both IGHG and BITO in my portfolio?

IGHG and BITO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGHG or BITO?

BITO has higher volatility (12.79%) compared to IGHG (0.58%). In terms of maximum drawdown, IGHG dropped -25.16% vs BITO's -77.86%.

Which ETF is better, IGHG or BITO?

On 3-year performance, BITO leads with 18.00% vs 8.33% for IGHG. On fees, IGHG is cheaper at 0.30% per year. On volatility, IGHG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGHG or BITO?

Over the 3-year period, BITO has performed better with a 18.00% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGHG or BITO?

IGHG is cheaper with a 0.30% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 71.07%, compared with 5.12% for IGHG.

What is the main difference between IGHG and BITO?

IGHG is categorized as Corporate Bonds, while BITO is Cryptocurrency. Their fees differ too: 0.30% for IGHG and 0.95% for BITO.

Which has better risk-adjusted returns?

IGHG currently has the higher Sharpe Ratio (1.73 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.