ISPY vs. BITO

Last updated Jun 4, 2026

ISPY (ProShares S&P 500 High Income ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while BITO is a Cryptocurrency fund actively managed by ProShares. ISPY is passively managed, while BITO is actively managed. Over the past year, ISPY returned 25.33% vs -41.01% for BITO. At a 0.39 correlation, their price movements are largely independent. ISPY charges 0.55%/yr vs 0.95%/yr for BITO.

Performance

ISPY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 9.60% return, which is significantly higher than BITO's -26.37% return.

ISPY

• 1D: -0.71%
• 1M: 5.60%
• YTD: 9.60%
• 6M: 9.77%
• 1Y: 25.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

ISPY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	9.60%	13.15%	21.31%	1.65%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	-4.12%

Correlation

The correlation between ISPY and BITO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.39

The correlation between ISPY and BITO shifts across timeframes, from 0.39 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

ISPY vs. BITO - Sectors Allocation Comparison

Sectors	ISPY	BITO
Technology	32.3%	-
Financial Services	19.8%	68.5%
Communication Services	9.0%	-
Consumer Cyclical	8.4%	-
Healthcare	7.2%	-
Industrials	6.4%	-
Consumer Defensive	4.0%	-
Energy	2.9%	-
Utilities	2.2%	-
Real Estate	1.6%	-
Basic Materials	1.5%	-

Return for Risk

ISPY vs. BITO — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 64
ISPY Sharpe Ratio Rank: 66
ISPY Sortino Ratio Rank: 61
ISPY Omega Ratio Rank: 63
ISPY Calmar Ratio Rank: 60
ISPY Martin Ratio Rank: 68

BITO

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

ISPY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	-0.95	+3.17
Sortino ratio: Return per unit of downside risk	2.94	-1.35	+4.29
Omega ratio: Gain probability vs. loss probability	1.39	0.85	+0.54
Calmar ratio: Return relative to maximum drawdown	3.02	-0.82	+3.84
Martin ratio: Return relative to average drawdown	12.90	-1.41	+14.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISPY vs. BITO - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.22, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of ISPY 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.

Sharpe Ratios by Period

	ISPY	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	-0.95	+3.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.41	-0.09	+1.50

Drawdowns

ISPY vs. BITO - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ISPY and BITO.

Drawdown Indicators

	ISPY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-77.86%	+60.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-50.05%	+41.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-0.71%	-49.22%	+48.51%
Average Drawdown Average peak-to-trough decline	-2.08%	-36.73%	+34.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	29.09%	-27.12%

Volatility

ISPY vs. BITO - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.72%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that ISPY 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

	ISPY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	9.43%	-5.71%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	34.26%	-25.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	43.57%	-32.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	55.11%	-41.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	55.11%	-41.55%

ISPY vs. BITO - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

ISPY vs. BITO - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.41%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
ISPY ProShares S&P 500 High Income ETF	4.41%	8.56%	9.84%	0.00%

Frequently Asked Questions

Can I hold both ISPY and BITO in my portfolio?

ISPY and BITO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or BITO?

BITO has higher volatility (9.43%) compared to ISPY (3.72%). In terms of maximum drawdown, ISPY dropped -16.88% vs BITO's -77.86%.

Which ETF is better, ISPY or BITO?

On 1-year performance, ISPY leads with 25.33% vs -41.01% for BITO. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or BITO?

Over the 1-year period, ISPY has performed better with a 25.33% return vs -41.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or BITO?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 4.41% for ISPY.

What is the main difference between ISPY and BITO?

ISPY is categorized as Derivative Income, while BITO is Cryptocurrency. Their fees differ too: 0.55% for ISPY and 0.95% for BITO.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (2.22 vs -0.94), 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.