VIXY vs. BITO

Last updated Aug 2, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while BITO is a Cryptocurrency fund actively managed by ProShares. VIXY is passively managed, while BITO is actively managed. Over the past 3 years, VIXY returned -39.34%/yr vs 21.20%/yr for BITO. Their -0.34 correlation means they have often moved in opposite directions in the past. VIXY charges 0.85%/yr vs 0.95%/yr for BITO.

Performance

VIXY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) 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, VIXY achieves a -20.01% return, which is significantly higher than BITO's -29.42% return.

VIXY

• 1D: -2.66%
• 1M: -3.39%
• 6M: -23.21%
• YTD: -20.01%
• 1Y: -54.18%
• 3Y*: -39.34%
• 5Y*: -47.11%
• 10Y*: -46.69%
• ALL TIME*: -48.52%

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B
VIXY ProShares VIX Short-Term Futures ETF	$61.09M	$56.74M	$72.28M

VIXY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIXY ProShares VIX Short-Term Futures ETF	-20.01%	-43.05%	-27.43%	-72.74%	-24.98%	-17.01%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between VIXY and BITO is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.39
Correlation (3Y) Balances recent behavior with more history.	-0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.34

Return for Risk

VIXY vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VIXY

VIXY Risk / Return Rank: 2
VIXY Sharpe Ratio Rank: 2
VIXY Sortino Ratio Rank: 2
VIXY Omega Ratio Rank: 2
VIXY Calmar Ratio Rank: 1
VIXY Martin Ratio Rank: 1

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: 1
BITO Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VIXY vs. BITO - Risk-Adjusted Trends Comparison

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

	VIXY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-1.09	+0.21
Sortino ratio: Return per unit of downside risk	-1.35	-1.69	+0.35
Omega ratio: Gain probability vs. loss probability	0.85	0.81	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.89	-0.03
Martin ratio: Return relative to average drawdown	-1.40	-1.36	-0.04

VIXY vs. BITO - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.88, which is comparable to the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of VIXY 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

VIXY vs. BITO - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for VIXY and BITO.

Drawdown Indicators

	VIXY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-77.86%	-22.14%
Max Drawdown (1Y) Largest decline over 1 year	-55.18%	-54.47%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-81.45%	-54.47%	-26.98%
Max Drawdown (5Y) Largest decline over 5 years	-95.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.82%	—	—
Current Drawdown Current decline from peak	-100.00%	-51.32%	-48.68%
Average Drawdown Average peak-to-trough decline	-92.24%	-37.18%	-55.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.13%	35.48%	+0.65%

Volatility

VIXY vs. BITO - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.96%. This indicates that VIXY'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

	VIXY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.60%	8.96%	+5.64%
Volatility (6M) Calculated over the trailing 6-month period	43.36%	33.45%	+9.91%
Volatility (1Y) Calculated over the trailing 1-year period	57.54%	44.19%	+13.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.97%	54.60%	+15.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.89%	54.60%	+17.29%

VIXY vs. BITO - Expense Ratio Comparison

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

Dividends

VIXY vs. BITO - Dividend Comparison

VIXY has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 61.66%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%
VIXY ProShares VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXY and BITO in my portfolio?

VIXY and BITO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXY or BITO?

VIXY has higher volatility (14.60%) compared to BITO (8.96%). In terms of maximum drawdown, VIXY dropped -100.00% vs BITO's -77.86%.

Which ETF is better, VIXY or BITO?

On 3-year performance, BITO leads with 21.20% vs -39.34% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXY or BITO?

Over the 3-year period, BITO has performed better with a 21.20% return vs -39.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXY or BITO?

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

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

BITO has the higher dividend yield at 47.47%, compared with 0.00% for VIXY.

What is the main difference between VIXY and BITO?

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

Which has better risk-adjusted returns?

VIXY currently has the higher Sharpe Ratio (-0.88 vs -1.09), 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.