NVDY vs. BITO

Last updated Jun 24, 2026

NVDY (YieldMax NVDA Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - NVDY 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 3 years, NVDY returned 50.59%/yr vs 18.00%/yr for BITO. At a 0.26 correlation, their price movements are largely independent. NVDY charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

NVDY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NVDA Option Income Strategy ETF (NVDY) 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, NVDY achieves a 7.04% return, which is significantly higher than BITO's -29.93% return.

NVDY

• 1D: -3.24%
• 1M: -5.21%
• YTD: 7.04%
• 6M: 6.21%
• 1Y: 33.90%
• 3Y*: 50.59%
• 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)

NVDY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	7.04%	27.38%	114.23%	41.31%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	44.39%

Correlation

The correlation between NVDY and BITO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.26

Return for Risk

NVDY vs. BITO — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 39
NVDY Sharpe Ratio Rank: 35
NVDY Sortino Ratio Rank: 33
NVDY Omega Ratio Rank: 32
NVDY Calmar Ratio Rank: 56
NVDY Martin Ratio Rank: 40

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.

NVDY vs. BITO - Risk-Adjusted Trends Comparison

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

	NVDY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	-0.96	+2.16
Sortino ratio: Return per unit of downside risk	1.70	-1.38	+3.08
Omega ratio: Gain probability vs. loss probability	1.21	0.85	+0.37
Calmar ratio: Return relative to maximum drawdown	2.66	-0.80	+3.45
Martin ratio: Return relative to average drawdown	6.05	-1.35	+7.39

NVDY vs. BITO - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 1.20, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of NVDY 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

NVDY vs. BITO - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for NVDY and BITO.

Drawdown Indicators

	NVDY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-77.86%	+43.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-53.10%	+40.29%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	-53.10%	+19.02%
Current Drawdown Current decline from peak	-11.62%	-51.67%	+40.05%
Average Drawdown Average peak-to-trough decline	-6.20%	-36.86%	+30.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	31.28%	-25.66%

Volatility

NVDY vs. BITO - Volatility Comparison

The current volatility for YieldMax NVDA Option Income Strategy ETF (NVDY) is 10.10%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that NVDY 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

	NVDY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	12.79%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	21.63%	34.39%	-12.76%
Volatility (1Y) Calculated over the trailing 1-year period	28.32%	44.08%	-15.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.19%	55.02%	-16.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.19%	55.02%	-16.83%

NVDY vs. BITO - Expense Ratio Comparison

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

Dividends

NVDY vs. BITO - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 64.30%, 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%
NVDY YieldMax NVDA Option Income Strategy ETF	64.30%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both NVDY and BITO in my portfolio?

NVDY and BITO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDY or BITO?

BITO has higher volatility (12.79%) compared to NVDY (10.10%). In terms of maximum drawdown, NVDY dropped -34.08% vs BITO's -77.86%.

Which ETF is better, NVDY or BITO?

On 3-year performance, NVDY leads with 50.59% vs 18.00% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, NVDY has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDY or BITO?

Over the 3-year period, NVDY has performed better with a 50.59% return vs 18.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDY or BITO?

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

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

BITO has the higher dividend yield at 71.07%, compared with 64.30% for NVDY.

What is the main difference between NVDY and BITO?

NVDY 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 NVDY and 0.95% for BITO.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.20 vs -0.96), 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.