VIXM vs. BITO
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 -13.22%/yr vs 25.27%/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
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly higher than BITO's -26.37% return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
VIXM vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -0.13% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between VIXM and BITO is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.34 |
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Return for Risk
VIXM vs. BITO — Risk / Return Rank
VIXM
BITO
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.
| VIXM | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.85 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | -0.82 | +0.27 |
| Martin ratioReturn relative to average drawdown | -0.96 | -1.41 | +0.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | -0.95 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.09 | -0.46 |
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.
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Drawdown Indicators
| VIXM | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -77.86% | -18.37% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -50.05% | +34.83% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -50.05% | +8.64% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -49.22% | -46.53% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -36.73% | -44.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 29.09% | -20.35% |
Volatility
VIXM vs. BITO - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. 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.
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Volatility by Period
| VIXM | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 9.43% | -6.24% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 34.26% | -20.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 43.57% | -24.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 55.11% | -24.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 55.11% | -22.21% |
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 67.63%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and BITO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (9.43%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs -13.22% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 25.27% return vs -13.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 67.63%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while BITO is Cryptocurrency. Their fees differ too: 0.85% for VIXM and 0.95% for BITO.
VIXM currently has the higher Sharpe Ratio (-0.44 vs -0.94), 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.
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