TBT vs. BITO

Last updated Jun 24, 2026

TBT (ProShares UltraShort 20+ Year Treasury) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while BITO is a Cryptocurrency fund actively managed by ProShares. TBT is passively managed, while BITO is actively managed. Over the past 3 years, TBT returned 10.52%/yr vs 18.00%/yr for BITO. At a 0.01 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.95%/yr for BITO.

Performance

TBT vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) 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, TBT achieves a 1.05% return, which is significantly higher than BITO's -29.93% return.

TBT

• 1D: -0.51%
• 1M: -4.25%
• YTD: 1.05%
• 6M: 2.51%
• 1Y: -0.72%
• 3Y*: 10.52%
• 5Y*: 16.22%
• 10Y*: 2.32%

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)

TBT vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBT ProShares UltraShort 20+ Year Treasury	1.05%	-1.45%	27.66%	-2.42%	93.29%	-5.70%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between TBT and BITO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.01

Return for Risk

TBT vs. BITO — Risk / Return Rank

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

TBT

TBT Risk / Return Rank: 8
TBT Sharpe Ratio Rank: 8
TBT Sortino Ratio Rank: 8
TBT Omega Ratio Rank: 8
TBT Calmar Ratio Rank: 8
TBT Martin Ratio Rank: 8

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.

TBT vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.

	TBT	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	-0.96	+0.92
Sortino ratio: Return per unit of downside risk	0.08	-1.38	+1.46
Omega ratio: Gain probability vs. loss probability	1.01	0.85	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.05	-0.80	+0.75
Martin ratio: Return relative to average drawdown	-0.10	-1.35	+1.25

TBT vs. BITO - Sharpe Ratio Comparison

The current TBT Sharpe Ratio is -0.04, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of TBT 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

TBT vs. BITO - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for TBT and BITO.

Drawdown Indicators

	TBT	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-77.86%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-53.10%	+38.21%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-53.10%	+19.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-65.09%	—	—
Current Drawdown Current decline from peak	-85.92%	-51.67%	-34.25%
Average Drawdown Average peak-to-trough decline	-77.34%	-36.86%	-40.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	31.28%	-23.73%

Volatility

TBT vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that TBT 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

	TBT	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	12.79%	-8.26%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	34.39%	-20.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	44.08%	-24.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.32%	55.02%	-23.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.75%	55.02%	-26.27%

TBT vs. BITO - Expense Ratio Comparison

TBT has a 0.93% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

TBT vs. BITO - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 2.95%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
TBT ProShares UltraShort 20+ Year Treasury	2.95%	3.21%	4.64%	4.98%	0.42%	0.00%	0.32%	2.12%	0.99%

Frequently Asked Questions

Can I hold both TBT and BITO in my portfolio?

TBT and BITO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBT or BITO?

BITO has higher volatility (12.79%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs BITO's -77.86%.

Which ETF is better, TBT or BITO?

On 3-year performance, BITO leads with 18.00% vs 10.52% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, TBT has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBT or BITO?

Over the 3-year period, BITO has performed better with a 18.00% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBT or BITO?

TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 71.07%, compared with 2.95% for TBT.

What is the main difference between TBT and BITO?

TBT is categorized as Inverse Bonds, while BITO is Cryptocurrency. Their fees differ too: 0.93% for TBT and 0.95% for BITO.

Which has better risk-adjusted returns?

TBT currently has the higher Sharpe Ratio (-0.04 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.