ONLN vs. BITO

Last updated Jul 17, 2026

ONLN (ProShares Online Retail ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - ONLN is a Consumer Discretionary Equities fund tracking the ProShares Online Retail Index, while BITO is a Cryptocurrency fund actively managed by ProShares. ONLN is passively managed, while BITO is actively managed. Over the past 3 years, ONLN returned 19.54%/yr vs 21.06%/yr for BITO. At a 0.42 correlation, their price movements are largely independent. ONLN charges 0.58%/yr vs 0.95%/yr for BITO.

Performance

ONLN vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Online Retail ETF (ONLN) 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, ONLN achieves a -1.07% return, which is significantly higher than BITO's -27.77% return.

ONLN

• 1D: -0.29%
• 1M: 5.44%
• 6M: -7.51%
• YTD: -1.07%
• 1Y: 12.81%
• 3Y*: 19.54%
• 5Y*: -5.20%
• 10Y*: —

BITO

• 1D: -0.91%
• 1M: -2.11%
• 6M: -33.51%
• YTD: -27.77%
• 1Y: -48.16%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

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

ONLN vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONLN ProShares Online Retail ETF	-1.07%	33.03%	24.85%	27.37%	-50.07%	-16.94%
BITO ProShares Bitcoin Strategy ETF	-27.77%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between ONLN and BITO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.42

Return for Risk

ONLN vs. BITO — Risk / Return Rank

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

ONLN

ONLN Risk / Return Rank: 19
ONLN Sharpe Ratio Rank: 19
ONLN Sortino Ratio Rank: 19
ONLN Omega Ratio Rank: 18
ONLN Calmar Ratio Rank: 19
ONLN Martin Ratio Rank: 18

BITO

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

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.

ONLN vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Online Retail ETF (ONLN) 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.

	ONLN	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.52	-1.10	+1.62
Sortino ratio: Return per unit of downside risk	0.86	-1.70	+2.57
Omega ratio: Gain probability vs. loss probability	1.10	0.81	+0.29
Calmar ratio: Return relative to maximum drawdown	0.65	-0.89	+1.54
Martin ratio: Return relative to average drawdown	1.45	-1.42	+2.87

ONLN vs. BITO - Sharpe Ratio Comparison

The current ONLN Sharpe Ratio is 0.52, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of ONLN 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

ONLN vs. BITO - Drawdown Comparison

The maximum ONLN drawdown since its inception was -71.77%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ONLN and BITO.

Drawdown Indicators

	ONLN	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-71.77%	-77.86%	+6.09%
Max Drawdown (1Y) Largest decline over 1 year	-19.75%	-54.47%	+34.72%
Max Drawdown (3Y) Largest decline over 3 years	-27.97%	-54.47%	+26.50%
Max Drawdown (5Y) Largest decline over 5 years	-66.97%	—	—
Current Drawdown Current decline from peak	-35.94%	-50.18%	+14.24%
Average Drawdown Average peak-to-trough decline	-35.47%	-37.06%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.87%	33.91%	-25.04%

Volatility

ONLN vs. BITO - Volatility Comparison

The current volatility for ProShares Online Retail ETF (ONLN) is 7.34%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 10.49%. This indicates that ONLN 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

	ONLN	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.34%	10.49%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	18.74%	34.48%	-15.74%
Volatility (1Y) Calculated over the trailing 1-year period	24.77%	44.10%	-19.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.99%	54.80%	-21.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.01%	54.80%	-22.79%

ONLN vs. BITO - Expense Ratio Comparison

ONLN has a 0.58% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

ONLN vs. BITO - Dividend Comparison

ONLN's dividend yield for the trailing twelve months is around 0.29%, less than BITO's 60.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BITO ProShares Bitcoin Strategy ETF	60.24%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%
ONLN ProShares Online Retail ETF	0.29%	0.30%	0.75%	0.00%	0.00%	0.00%	1.24%

Frequently Asked Questions

Can I hold both ONLN and BITO in my portfolio?

ONLN and BITO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONLN or BITO?

BITO has higher volatility (10.49%) compared to ONLN (7.34%). In terms of maximum drawdown, ONLN dropped -71.77% vs BITO's -77.86%.

Which ETF is better, ONLN or BITO?

On 3-year performance, BITO leads with 21.06% vs 19.54% for ONLN. On fees, ONLN is cheaper at 0.58% per year. On volatility, ONLN has been the lower-risk option at 7.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONLN or BITO?

Over the 3-year period, BITO has performed better with a 21.06% return vs 19.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONLN or BITO?

ONLN is cheaper with a 0.58% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 60.24%, compared with 0.29% for ONLN.

What is the main difference between ONLN and BITO?

ONLN is categorized as Consumer Discretionary Equities, while BITO is Cryptocurrency. Their fees differ too: 0.58% for ONLN and 0.95% for BITO.

Which has better risk-adjusted returns?

ONLN currently has the higher Sharpe Ratio (0.52 vs -1.10), 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.