VIXM vs. BITO

Last updated Jun 25, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BITO is a Cryptocurrency fund actively managed by ProShares. VIXM is passively managed, while BITO is actively managed. Over the past 3 years, VIXM returned -12.15%/yr vs 16.49%/yr for BITO. At a correlation of -0.34, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.95%/yr for BITO.

Performance

VIXM vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) 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, VIXM achieves a -2.62% return, which is significantly higher than BITO's -32.58% return.

VIXM

• 1D: -0.87%
• 1M: -5.47%
• YTD: -2.62%
• 6M: -1.13%
• 1Y: -11.22%
• 3Y*: -12.15%
• 5Y*: -13.23%
• 10Y*: -12.35%

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

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

VIXM vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIXM ProShares VIX Mid-Term Futures ETF	-2.62%	5.60%	-13.67%	-44.83%	-0.69%	-0.68%
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between VIXM and BITO is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.34

Return for Risk

VIXM vs. BITO — Risk / Return Rank

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

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 4
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 2

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.

VIXM vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) 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.

	VIXM	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	-1.04	+0.43
Sortino ratio: Return per unit of downside risk	-0.74	-1.56	+0.82
Omega ratio: Gain probability vs. loss probability	0.91	0.83	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.72	-0.85	+0.14
Martin ratio: Return relative to average drawdown	-1.35	-1.45	+0.10

VIXM vs. BITO - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.61, which is higher than the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of VIXM 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

VIXM vs. BITO - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for VIXM and BITO.

Drawdown Indicators

	VIXM	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-77.86%	-18.37%
Max Drawdown (1Y) Largest decline over 1 year	-15.70%	-53.50%	+37.80%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	-53.50%	+16.24%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.56%	—	—
Current Drawdown Current decline from peak	-95.92%	-53.50%	-42.42%
Average Drawdown Average peak-to-trough decline	-81.55%	-36.87%	-44.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.31%	31.47%	-23.16%

Volatility

VIXM vs. BITO - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.17%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 13.03%. This indicates that VIXM 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

	VIXM	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	13.03%	-8.86%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	34.32%	-20.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	44.22%	-25.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.62%	55.03%	-24.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.67%	55.03%	-22.36%

VIXM vs. BITO - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

VIXM vs. BITO - Dividend Comparison

VIXM has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 73.86%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%
VIXM ProShares VIX Mid-Term Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXM and BITO in my portfolio?

VIXM and BITO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXM or BITO?

BITO has higher volatility (13.03%) compared to VIXM (4.17%). In terms of maximum drawdown, VIXM dropped -96.23% vs BITO's -77.86%.

Which ETF is better, VIXM or BITO?

On 3-year performance, BITO leads with 16.49% vs -12.15% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXM or BITO?

Over the 3-year period, BITO has performed better with a 16.49% return vs -12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXM or BITO?

VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 73.86%, compared with 0.00% for VIXM.

What is the main difference between VIXM and BITO?

VIXM is categorized as Volatility, while BITO is Cryptocurrency. Their fees differ too: 0.85% for VIXM and 0.95% for BITO.

Which has better risk-adjusted returns?

VIXM currently has the higher Sharpe Ratio (-0.61 vs -1.04), 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.