TSLY vs. BITO

Last updated Jun 24, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past 3 years, TSLY returned 8.26%/yr vs 18.00%/yr for BITO. At a 0.34 correlation, their price movements are largely independent. TSLY charges 1.07%/yr vs 0.95%/yr for BITO.

Performance

TSLY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Option Income Strategy ETF (TSLY) 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, TSLY achieves a -9.17% return, which is significantly higher than BITO's -29.93% return.

TSLY

• 1D: -4.63%
• 1M: -8.15%
• YTD: -9.17%
• 6M: -14.89%
• 1Y: 15.73%
• 3Y*: 8.26%
• 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)

TSLY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLY YieldMax TSLA Option Income Strategy ETF	-9.17%	13.62%	27.83%	50.69%	-27.09%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	6.54%

Correlation

The correlation between TSLY 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 (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	0.34

Return for Risk

TSLY vs. BITO — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 16
TSLY Sharpe Ratio Rank: 15
TSLY Sortino Ratio Rank: 16
TSLY Omega Ratio Rank: 16
TSLY Calmar Ratio Rank: 18
TSLY Martin Ratio Rank: 17

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.

TSLY vs. BITO - Risk-Adjusted Trends Comparison

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

	TSLY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.44	-0.96	+1.40
Sortino ratio: Return per unit of downside risk	0.83	-1.38	+2.21
Omega ratio: Gain probability vs. loss probability	1.10	0.85	+0.25
Calmar ratio: Return relative to maximum drawdown	0.73	-0.80	+1.53
Martin ratio: Return relative to average drawdown	1.73	-1.35	+3.07

TSLY vs. BITO - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.44, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of TSLY 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

TSLY vs. BITO - Drawdown Comparison

The maximum TSLY drawdown since its inception was -49.52%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for TSLY and BITO.

Drawdown Indicators

	TSLY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-77.86%	+28.34%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	-53.10%	+31.46%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	-53.10%	+3.58%
Current Drawdown Current decline from peak	-15.07%	-51.67%	+36.60%
Average Drawdown Average peak-to-trough decline	-19.87%	-36.86%	+16.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.28%	31.28%	-22.00%

Volatility

TSLY vs. BITO - Volatility Comparison

YieldMax TSLA Option Income Strategy ETF (TSLY) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.37% and 12.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.37%	12.79%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	23.73%	34.39%	-10.66%
Volatility (1Y) Calculated over the trailing 1-year period	36.06%	44.08%	-8.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.52%	55.02%	-9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.52%	55.02%	-9.50%

TSLY vs. BITO - Expense Ratio Comparison

TSLY has a 1.07% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

TSLY vs. BITO - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 89.48%, more than BITO's 71.07% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
TSLY YieldMax TSLA Option Income Strategy ETF	89.48%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both TSLY and BITO in my portfolio?

TSLY 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, TSLY or BITO?

BITO has higher volatility (12.79%) compared to TSLY (12.37%). In terms of maximum drawdown, TSLY dropped -49.52% vs BITO's -77.86%.

Which ETF is better, TSLY or BITO?

On 3-year performance, BITO leads with 18.00% vs 8.26% for TSLY. On fees, BITO is cheaper at 0.95% per year. On volatility, TSLY has been the lower-risk option at 12.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLY or BITO?

Over the 3-year period, BITO has performed better with a 18.00% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLY or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLY.

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

TSLY has the higher dividend yield at 89.48%, compared with 71.07% for BITO.

What is the main difference between TSLY and BITO?

TSLY is categorized as Options Trading, while BITO is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 1.07% for TSLY and 0.95% for BITO.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.44 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.