MSTY vs. BITO

Last updated Jun 12, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MSTY is a Derivative Income fund actively managed by YieldMax, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, MSTY returned -63.32% vs -44.02% for BITO. A 0.77 correlation means they provide meaningful diversification when combined. MSTY charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

MSTY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax™ MSTR Option Income Strategy ETF (MSTY) 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, MSTY achieves a -18.29% return, which is significantly higher than BITO's -28.52% return.

MSTY

• 1D: 3.76%
• 1M: -31.40%
• YTD: -18.29%
• 6M: -29.79%
• 1Y: -63.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 2.49%
• 1M: -21.63%
• YTD: -28.52%
• 6M: -31.94%
• 1Y: -44.02%
• 3Y*: 26.36%
• 5Y*: —
• 10Y*: —

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

MSTY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	-18.29%	-42.71%	212.16%
BITO ProShares Bitcoin Strategy ETF	-28.52%	-11.19%	70.81%

Correlation

The correlation between MSTY and BITO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.77

The correlation between MSTY and BITO has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

MSTY vs. BITO — Risk / Return Rank

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 3

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.

MSTY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) 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.

	MSTY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.01	-0.03
Sortino ratio: Return per unit of downside risk	-1.80	-1.49	-0.32
Omega ratio: Gain probability vs. loss probability	0.80	0.83	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.83	-0.05
Martin ratio: Return relative to average drawdown	-1.32	-1.46	+0.14

MSTY vs. BITO - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.04, which is comparable to the BITO Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of MSTY 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

MSTY vs. BITO - Drawdown Comparison

The maximum MSTY drawdown since its inception was -71.79%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MSTY and BITO.

Drawdown Indicators

	MSTY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-71.79%	-77.86%	+6.07%
Max Drawdown (1Y) Largest decline over 1 year	-71.79%	-53.10%	-18.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-67.88%	-50.70%	-17.18%
Average Drawdown Average peak-to-trough decline	-26.47%	-36.78%	+10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.02%	30.15%	+17.87%

Volatility

MSTY vs. BITO - Volatility Comparison

YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 18.66% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.67%. This indicates that MSTY's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.66%	11.67%	+6.99%
Volatility (6M) Calculated over the trailing 6-month period	49.55%	34.20%	+15.35%
Volatility (1Y) Calculated over the trailing 1-year period	61.25%	43.88%	+17.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.92%	55.09%	+16.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.92%	55.09%	+16.83%

MSTY vs. BITO - Expense Ratio Comparison

MSTY has a 0.99% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

MSTY vs. BITO - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 247.89%, more than BITO's 69.67% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.67%	78.29%	61.59%	15.14%
MSTY YieldMax™ MSTR Option Income Strategy ETF	247.89%	294.61%	104.56%	0.00%

Frequently Asked Questions

Can I hold both MSTY and BITO in my portfolio?

MSTY and BITO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTY or BITO?

MSTY has higher volatility (18.66%) compared to BITO (11.67%). In terms of maximum drawdown, MSTY dropped -71.79% vs BITO's -77.86%.

Which ETF is better, MSTY or BITO?

On 1-year performance, BITO leads with -44.02% vs -63.32% for MSTY. On fees, BITO is cheaper at 0.95% 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.

Which ETF has performed better, MSTY or BITO?

Over the 1-year period, BITO has performed better with a -44.02% return vs -63.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 247.89%, compared with 69.67% for BITO.

What is the main difference between MSTY and BITO?

MSTY is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for MSTY and 0.95% for BITO.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-1.01 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.