QB vs. BITO

Last updated Jul 15, 2026

QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - QB is a Defined Outcome fund tracking the Nasdaq-100, while BITO is a Cryptocurrency fund actively managed by ProShares. QB is passively managed, while BITO is actively managed. Over the past year, QB returned 18.83% vs -48.25% for BITO. At a 0.42 correlation, their price movements are largely independent. QB charges 0.58%/yr vs 0.95%/yr for BITO.

Performance

QB vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) 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, QB achieves a 12.67% return, which is significantly higher than BITO's -27.52% return.

QB

• 1D: 0.47%
• 1M: 3.50%
• 6M: 11.39%
• YTD: 12.67%
• 1Y: 18.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 3.67%
• 1M: 1.29%
• 6M: -32.82%
• YTD: -27.52%
• 1Y: -48.25%
• 3Y*: 20.79%
• 5Y*: —
• 10Y*: —

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

QB vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	12.67%	6.10%
BITO ProShares Bitcoin Strategy ETF	-27.52%	-20.81%

Correlation

The correlation between QB and BITO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.42

Return for Risk

QB vs. BITO — Risk / Return Rank

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

QB

QB Risk / Return Rank: 95
QB Sharpe Ratio Rank: 93
QB Sortino Ratio Rank: 94
QB Omega Ratio Rank: 96
QB Calmar Ratio Rank: 94
QB Martin Ratio Rank: 96

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: 2
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.

QB vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) 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.

	QB	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.69	-1.10	+3.79
Sortino ratio: Return per unit of downside risk	3.91	-1.70	+5.62
Omega ratio: Gain probability vs. loss probability	1.64	0.81	+0.83
Calmar ratio: Return relative to maximum drawdown	5.44	-0.89	+6.33
Martin ratio: Return relative to average drawdown	26.25	-1.44	+27.69

QB vs. BITO - Sharpe Ratio Comparison

The current QB Sharpe Ratio is 2.69, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of QB 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

QB vs. BITO - Drawdown Comparison

The maximum QB drawdown since its inception was -3.47%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for QB and BITO.

Drawdown Indicators

	QB	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-77.86%	+74.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.47%	-54.47%	+51.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	0.00%	-50.01%	+50.01%
Average Drawdown Average peak-to-trough decline	-0.42%	-37.04%	+36.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	33.62%	-32.90%

Volatility

QB vs. BITO - Volatility Comparison

The current volatility for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) is 2.86%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 11.44%. This indicates that QB 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

	QB	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	11.44%	-8.58%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	34.70%	-28.88%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	44.20%	-37.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	54.84%	-47.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	54.84%	-47.91%

QB vs. BITO - Expense Ratio Comparison

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

Dividends

QB vs. BITO - Dividend Comparison

QB's dividend yield for the trailing twelve months is around 0.77%, less than BITO's 60.04% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.04%	78.29%	61.59%	15.14%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.77%	0.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QB and BITO in my portfolio?

QB and BITO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QB or BITO?

BITO has higher volatility (11.44%) compared to QB (2.86%). In terms of maximum drawdown, QB dropped -3.47% vs BITO's -77.86%.

Which ETF is better, QB or BITO?

On 1-year performance, QB leads with 18.83% vs -48.25% for BITO. On fees, QB is cheaper at 0.58% per year. On volatility, QB has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QB or BITO?

Over the 1-year period, QB has performed better with a 18.83% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QB or BITO?

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

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

BITO has the higher dividend yield at 60.04%, compared with 0.77% for QB.

What is the main difference between QB and BITO?

QB is categorized as Defined Outcome, while BITO is Cryptocurrency. Their fees differ too: 0.58% for QB and 0.95% for BITO.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (2.69 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.