MARO vs. BTCI

Last updated Jul 15, 2026

MARO (YieldMax MARA Option Income Strategy ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - MARO is a Derivative Income fund actively managed by YieldMax, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, MARO returned -44.20% vs -41.35% for BTCI. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

MARO vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MARA Option Income Strategy ETF (MARO) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARO achieves a 13.94% return, which is significantly higher than BTCI's -24.35% return.

MARO

• 1D: -0.19%
• 1M: -8.39%
• 6M: -0.64%
• YTD: 13.94%
• 1Y: -44.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCI

• 1D: 3.08%
• 1M: 0.26%
• 6M: -29.13%
• YTD: -24.35%
• 1Y: -41.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARO vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARO YieldMax MARA Option Income Strategy ETF	13.94%	-48.05%	-23.63%
BTCI NEOS Bitcoin High Income ETF	-24.35%	-1.09%	-2.58%

Correlation

The correlation between MARO and BTCI is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	0.66

The correlation between MARO and BTCI has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

MARO vs. BTCI — Risk / Return Rank

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

MARO

MARO Risk / Return Rank: 4
MARO Sharpe Ratio Rank: 4
MARO Sortino Ratio Rank: 4
MARO Omega Ratio Rank: 4
MARO Calmar Ratio Rank: 4
MARO Martin Ratio Rank: 4

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 1
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI 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.

MARO vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MARA Option Income Strategy ETF (MARO) and NEOS Bitcoin High Income ETF (BTCI). 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.

	MARO	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	-1.04	+0.34
Sortino ratio: Return per unit of downside risk	-0.84	-1.51	+0.67
Omega ratio: Gain probability vs. loss probability	0.90	0.83	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.68	-0.86	+0.18
Martin ratio: Return relative to average drawdown	-1.08	-1.42	+0.34

MARO vs. BTCI - Sharpe Ratio Comparison

The current MARO Sharpe Ratio is -0.70, which is higher than the BTCI Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of MARO and BTCI, 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

MARO vs. BTCI - Drawdown Comparison

The maximum MARO drawdown since its inception was -71.75%, which is greater than BTCI's maximum drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for MARO and BTCI.

Drawdown Indicators

	MARO	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-71.75%	-48.42%	-23.33%
Max Drawdown (1Y) Largest decline over 1 year	-65.51%	-48.42%	-17.09%
Current Drawdown Current decline from peak	-56.58%	-44.06%	-12.52%
Average Drawdown Average peak-to-trough decline	-42.68%	-17.03%	-25.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.05%	29.12%	+11.93%

Volatility

MARO vs. BTCI - Volatility Comparison

YieldMax MARA Option Income Strategy ETF (MARO) has a higher volatility of 18.40% compared to NEOS Bitcoin High Income ETF (BTCI) at 10.69%. This indicates that MARO's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARO	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.40%	10.69%	+7.71%
Volatility (6M) Calculated over the trailing 6-month period	49.30%	31.75%	+17.55%
Volatility (1Y) Calculated over the trailing 1-year period	63.46%	39.98%	+23.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.50%	40.13%	+25.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.50%	40.13%	+25.37%

MARO vs. BTCI - Expense Ratio Comparison

Both MARO and BTCI have an expense ratio of 0.99%.

Dividends

MARO vs. BTCI - Dividend Comparison

MARO's dividend yield for the trailing twelve months is around 218.58%, more than BTCI's 42.46% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	42.46%	36.46%	6.76%
MARO YieldMax MARA Option Income Strategy ETF	218.58%	277.68%	0.00%

Frequently Asked Questions

Can I hold both MARO and BTCI in my portfolio?

MARO and BTCI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARO or BTCI?

MARO has higher volatility (18.40%) compared to BTCI (10.69%). In terms of maximum drawdown, MARO dropped -71.75% vs BTCI's -48.42%.

Which ETF is better, MARO or BTCI?

On 1-year performance, BTCI leads with -41.35% vs -44.20% for MARO. Both ETFs have the same 0.99% expense ratio. On volatility, BTCI has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARO or BTCI?

Over the 1-year period, BTCI has performed better with a -41.35% return vs -44.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARO or BTCI?

MARO and BTCI have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, MARO or BTCI?

MARO has the higher dividend yield at 218.58%, compared with 42.46% for BTCI.

What is the main difference between MARO and BTCI?

MARO is categorized as Derivative Income, while BTCI is Cryptocurrency. They also come from different issuers: YieldMax and Neos.

Which has better risk-adjusted returns?

MARO currently has the higher Sharpe Ratio (-0.70 vs -1.04), 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.