NFLY vs. BITO

Last updated Jun 24, 2026

NFLY (YieldMax NFLX Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - NFLY 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, NFLY returned -35.40% vs -42.09% for BITO. At a 0.23 correlation, their price movements are largely independent. NFLY charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

NFLY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NFLX Option Income Strategy ETF (NFLY) 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, NFLY achieves a -16.92% return, which is significantly higher than BITO's -29.93% return.

NFLY

• 1D: -0.25%
• 1M: -14.75%
• YTD: -16.92%
• 6M: -16.28%
• 1Y: -35.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

NFLY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NFLY YieldMax NFLX Option Income Strategy ETF	-16.92%	1.66%	66.37%	3.80%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	39.59%

Correlation

The correlation between NFLY and BITO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 8, 2023	0.23

Return for Risk

NFLY vs. BITO — Risk / Return Rank

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

NFLY

NFLY Risk / Return Rank: 1
NFLY Sharpe Ratio Rank: 0
NFLY Sortino Ratio Rank: 1
NFLY Omega Ratio Rank: 0
NFLY Calmar Ratio Rank: 1
NFLY Martin Ratio Rank: 1

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.

NFLY vs. BITO - Risk-Adjusted Trends Comparison

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

	NFLY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.26	-0.96	-0.30
Sortino ratio: Return per unit of downside risk	-1.85	-1.38	-0.47
Omega ratio: Gain probability vs. loss probability	0.76	0.85	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.80	-0.13
Martin ratio: Return relative to average drawdown	-1.62	-1.35	-0.27

NFLY vs. BITO - Sharpe Ratio Comparison

The current NFLY Sharpe Ratio is -1.26, which is lower than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of NFLY 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

NFLY vs. BITO - Drawdown Comparison

The maximum NFLY drawdown since its inception was -38.31%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for NFLY and BITO.

Drawdown Indicators

	NFLY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-38.31%	-77.86%	+39.55%
Max Drawdown (1Y) Largest decline over 1 year	-38.31%	-53.10%	+14.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-38.31%	-51.67%	+13.36%
Average Drawdown Average peak-to-trough decline	-8.95%	-36.86%	+27.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.92%	31.28%	-9.36%

Volatility

NFLY vs. BITO - Volatility Comparison

The current volatility for YieldMax NFLX Option Income Strategy ETF (NFLY) is 6.90%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that NFLY 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

	NFLY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	12.79%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	21.19%	34.39%	-13.20%
Volatility (1Y) Calculated over the trailing 1-year period	28.31%	44.08%	-15.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.33%	55.02%	-26.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.33%	55.02%	-26.69%

NFLY vs. BITO - Expense Ratio Comparison

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

Dividends

NFLY vs. BITO - Dividend Comparison

NFLY's dividend yield for the trailing twelve months is around 67.16%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
NFLY YieldMax NFLX Option Income Strategy ETF	67.16%	61.53%	49.91%	11.84%

Frequently Asked Questions

Can I hold both NFLY and BITO in my portfolio?

NFLY and BITO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLY or BITO?

BITO has higher volatility (12.79%) compared to NFLY (6.90%). In terms of maximum drawdown, NFLY dropped -38.31% vs BITO's -77.86%.

Which ETF is better, NFLY or BITO?

On 1-year performance, NFLY leads with -35.40% vs -42.09% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, NFLY has been the lower-risk option at 6.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLY or BITO?

Over the 1-year period, NFLY has performed better with a -35.40% return vs -42.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLY or BITO?

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

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

BITO has the higher dividend yield at 71.07%, compared with 67.16% for NFLY.

What is the main difference between NFLY and BITO?

NFLY 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 NFLY and 0.95% for BITO.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-0.96 vs -1.26), 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.