TQQQ vs. BITO

Last updated Jun 26, 2026

TQQQ (ProShares UltraPro QQQ) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while BITO is a Cryptocurrency fund actively managed by ProShares. TQQQ is passively managed, while BITO is actively managed. Over the past 3 years, TQQQ returned 60.52%/yr vs 17.05%/yr for BITO. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

TQQQ vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) 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, TQQQ achieves a 42.40% return, which is significantly higher than BITO's -33.32% return.

TQQQ

• 1D: 2.25%
• 1M: -8.54%
• YTD: 42.40%
• 6M: 35.61%
• 1Y: 91.80%
• 3Y*: 60.52%
• 5Y*: 21.71%
• 10Y*: 46.45%

BITO

• 1D: -1.10%
• 1M: -22.17%
• YTD: -33.32%
• 6M: -33.16%
• 1Y: -47.20%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

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

TQQQ vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TQQQ ProShares UltraPro QQQ	42.40%	34.35%	58.27%	198.04%	-79.09%	18.99%
BITO ProShares Bitcoin Strategy ETF	-33.32%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between TQQQ and BITO is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
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	0.43

The correlation between TQQQ and BITO shifts across timeframes, from 0.37 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TQQQ vs. BITO — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 55
TQQQ Sharpe Ratio Rank: 60
TQQQ Sortino Ratio Rank: 50
TQQQ Omega Ratio Rank: 52
TQQQ Calmar Ratio Rank: 59
TQQQ Martin Ratio Rank: 53

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.

TQQQ vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) 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.

	TQQQ	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	-1.07	+2.81
Sortino ratio: Return per unit of downside risk	2.15	-1.65	+3.80
Omega ratio: Gain probability vs. loss probability	1.29	0.82	+0.47
Calmar ratio: Return relative to maximum drawdown	2.50	-0.88	+3.37
Martin ratio: Return relative to average drawdown	7.89	-1.49	+9.39

TQQQ vs. BITO - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 1.73, which is higher than the BITO Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of TQQQ 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

TQQQ vs. BITO - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, roughly equal to the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for TQQQ and BITO.

Drawdown Indicators

	TQQQ	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-77.86%	-3.80%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-54.01%	+17.04%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-54.01%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	—	—
Current Drawdown Current decline from peak	-14.07%	-54.01%	+39.94%
Average Drawdown Average peak-to-trough decline	-18.49%	-36.89%	+18.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.67%	31.65%	-19.98%

Volatility

TQQQ vs. BITO - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 26.81% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.96%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.81%	12.96%	+13.85%
Volatility (6M) Calculated over the trailing 6-month period	43.27%	34.32%	+8.95%
Volatility (1Y) Calculated over the trailing 1-year period	53.22%	44.16%	+9.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.42%	55.00%	+12.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.30%	55.00%	+11.30%

TQQQ vs. BITO - Expense Ratio Comparison

Both TQQQ and BITO have an expense ratio of 0.95%.

Dividends

TQQQ vs. BITO - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.27%, less than BITO's 74.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	74.68%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.27%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both TQQQ and BITO in my portfolio?

TQQQ and BITO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQQQ or BITO?

TQQQ has higher volatility (26.81%) compared to BITO (12.96%). In terms of maximum drawdown, TQQQ dropped -81.66% vs BITO's -77.86%.

Which ETF is better, TQQQ or BITO?

On 3-year performance, TQQQ leads with 60.52% vs 17.05% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or BITO?

Over the 3-year period, TQQQ has performed better with a 60.52% return vs 17.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or BITO?

TQQQ and BITO have the same expense ratio: 0.95% per year.

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

BITO has the higher dividend yield at 74.68%, compared with 0.27% for TQQQ.

What is the main difference between TQQQ and BITO?

TQQQ is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.73 vs -1.07), 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.