TYLD vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about Cambria Tactical Yield ETF (TYLD) and ProShares Bitcoin Strategy ETF (BITO).

TYLD and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TYLD is an actively managed fund by Cambria. It was launched on Jan 4, 2024. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

TYLD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tactical Yield ETF (TYLD) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

TYLD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TYLD Cambria Tactical Yield ETF	0.84%	4.05%	5.15%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	94.66%

Returns By Period

In the year-to-date period, TYLD achieves a 0.84% return, which is significantly higher than BITO's -22.79% return.

TYLD

• 1D: 0.04%
• 1M: 0.32%
• YTD: 0.84%
• 6M: 1.95%
• 1Y: 4.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

TYLD vs. BITO - Expense Ratio Comparison

TYLD has a 0.59% expense ratio, which is lower than BITO's 0.95% expense ratio.

BITO

ProShares Bitcoin Strategy ETF

TYLD

Cambria Tactical Yield ETF

Return for Risk

TYLD vs. BITO — Risk / Return Rank

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

TYLD

TYLD Risk / Return Rank: 98
TYLD Sharpe Ratio Rank: 97
TYLD Sortino Ratio Rank: 98
TYLD Omega Ratio Rank: 99
TYLD Calmar Ratio Rank: 98
TYLD Martin Ratio Rank: 98

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

TYLD vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tactical Yield ETF (TYLD) 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.

	TYLD	BITO	Difference
Sharpe ratio Return per unit of total volatility	3.14	-0.52	+3.65
Sortino ratio Return per unit of downside risk	4.77	-0.50	+5.27
Omega ratio Gain probability vs. loss probability	2.01	0.94	+1.07
Calmar ratio Return relative to maximum drawdown	8.09	-0.42	+8.51
Martin ratio Return relative to average drawdown	35.06	-0.89	+35.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYLD vs. BITO - Sharpe Ratio Comparison

The current TYLD Sharpe Ratio is 3.14, which is higher than the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of TYLD and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TYLD	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	-0.52	+3.65
Sharpe Ratio (All Time) Calculated using the full available price history	2.48	-0.08	+2.56

Correlation

The correlation between TYLD and BITO is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TYLD vs. BITO - Dividend Comparison

TYLD's dividend yield for the trailing twelve months is around 4.72%, less than BITO's 80.47% yield.

	TTM	2025	2024	2023
TYLD Cambria Tactical Yield ETF	4.72%	4.38%	4.24%	0.00%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

TYLD vs. BITO - Drawdown Comparison

The maximum TYLD drawdown since its inception was -1.06%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for TYLD and BITO.

Drawdown Indicators

	TYLD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-1.06%	-77.86%	+76.80%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-50.05%	+49.53%
Current Drawdown Current decline from peak	0.00%	-46.75%	+46.75%
Average Drawdown Average peak-to-trough decline	-0.11%	-36.57%	+36.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	23.73%	-23.61%

Volatility

TYLD vs. BITO - Volatility Comparison

The current volatility for Cambria Tactical Yield ETF (TYLD) is 0.24%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.84%. This indicates that TYLD 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

	TYLD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	12.84%	-12.60%
Volatility (6M) Calculated over the trailing 6-month period	0.50%	36.71%	-36.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	45.32%	-43.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.82%	55.77%	-53.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.82%	55.77%	-53.95%