LEGR vs. BITO

Last updated Jun 4, 2026

LEGR (First Trust Indxx Innovative Transaction & Process ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - LEGR is a Blockchain fund tracking the Indxx Blockchain Index, while BITO is a Cryptocurrency fund actively managed by ProShares. LEGR is passively managed, while BITO is actively managed. Over the past 3 years, LEGR returned 23.83%/yr vs 25.27%/yr for BITO. At a 0.42 correlation, their price movements are largely independent. LEGR charges 0.65%/yr vs 0.95%/yr for BITO.

Performance

LEGR vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Innovative Transaction & Process ETF (LEGR) 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, LEGR achieves a 12.39% return, which is significantly higher than BITO's -26.37% return.

LEGR

• 1D: -1.50%
• 1M: 7.23%
• YTD: 12.39%
• 6M: 15.64%
• 1Y: 30.64%
• 3Y*: 23.83%
• 5Y*: 11.82%
• 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)

LEGR vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LEGR First Trust Indxx Innovative Transaction & Process ETF	12.39%	30.83%	16.25%	22.79%	-19.01%	-1.47%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between LEGR and BITO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.42

The correlation between LEGR and BITO shifts across timeframes, from 0.34 (3 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

LEGR vs. BITO - Sectors Allocation Comparison

Sectors	LEGR	BITO
Financial Services	42.5%	68.5%
Technology	27.3%	-
Communication Services	8.9%	-
Consumer Cyclical	8.5%	-
Industrials	5.6%	-
Utilities	2.1%	-
Basic Materials	1.6%	-
Consumer Defensive	1.4%	-
Healthcare	1.3%	-
Energy	0.8%	-
Real Estate	-	-

Return for Risk

LEGR vs. BITO — Risk / Return Rank

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

LEGR

LEGR Risk / Return Rank: 64
LEGR Sharpe Ratio Rank: 68
LEGR Sortino Ratio Rank: 67
LEGR Omega Ratio Rank: 65
LEGR Calmar Ratio Rank: 59
LEGR Martin Ratio Rank: 62

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.

LEGR vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Innovative Transaction & Process ETF (LEGR) 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.

	LEGR	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	-0.95	+3.20
Sortino ratio: Return per unit of downside risk	3.10	-1.35	+4.45
Omega ratio: Gain probability vs. loss probability	1.40	0.85	+0.55
Calmar ratio: Return relative to maximum drawdown	2.96	-0.82	+3.78
Martin ratio: Return relative to average drawdown	11.21	-1.41	+12.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEGR vs. BITO - Sharpe Ratio Comparison

The current LEGR Sharpe Ratio is 2.26, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of LEGR 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

	LEGR	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	-0.95	+3.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	-0.09	+0.69

Drawdowns

LEGR vs. BITO - Drawdown Comparison

The maximum LEGR drawdown since its inception was -36.12%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for LEGR and BITO.

Drawdown Indicators

	LEGR	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-36.12%	-77.86%	+41.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-50.05%	+39.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-50.05%	+35.80%
Max Drawdown (5Y) Largest decline over 5 years	-31.45%	—	—
Current Drawdown Current decline from peak	-1.50%	-49.22%	+47.72%
Average Drawdown Average peak-to-trough decline	-6.61%	-36.73%	+30.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	29.09%	-26.35%

Volatility

LEGR vs. BITO - Volatility Comparison

The current volatility for First Trust Indxx Innovative Transaction & Process ETF (LEGR) is 4.93%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that LEGR 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

	LEGR	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	9.43%	-4.50%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	34.26%	-23.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	43.57%	-29.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	55.11%	-38.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	55.11%	-34.80%

LEGR vs. BITO - Expense Ratio Comparison

LEGR has a 0.65% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

LEGR vs. BITO - Dividend Comparison

LEGR's dividend yield for the trailing twelve months is around 1.67%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
LEGR First Trust Indxx Innovative Transaction & Process ETF	1.67%	1.84%	2.40%	2.56%	2.64%	1.80%	0.95%	2.04%	1.30%

Frequently Asked Questions

Can I hold both LEGR and BITO in my portfolio?

LEGR and BITO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LEGR or BITO?

BITO has higher volatility (9.43%) compared to LEGR (4.93%). In terms of maximum drawdown, LEGR dropped -36.12% vs BITO's -77.86%.

Which ETF is better, LEGR or BITO?

On 3-year performance, BITO leads with 25.27% vs 23.83% for LEGR. On fees, LEGR is cheaper at 0.65% per year. On volatility, LEGR has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LEGR or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs 23.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LEGR or BITO?

LEGR is cheaper with a 0.65% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 1.67% for LEGR.

What is the main difference between LEGR and BITO?

LEGR is categorized as Blockchain, while BITO is Cryptocurrency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.65% for LEGR and 0.95% for BITO.

Which has better risk-adjusted returns?

LEGR currently has the higher Sharpe Ratio (2.26 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.