XBTY vs. BITO

Last updated Jun 23, 2026

XBTY (GraniteShares YieldBOOST Bitcoin ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - XBTY is a Derivative Income fund actively managed by GraniteShares, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, XBTY returned -38.54% vs -40.14% for BITO. Their correlation of 0.90 suggests significant overlap in exposure. XBTY charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

XBTY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST Bitcoin ETF (XBTY) 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, XBTY achieves a -20.64% return, which is significantly higher than BITO's -27.53% return.

XBTY

• 1D: 1.47%
• 1M: -6.96%
• YTD: -20.64%
• 6M: -18.65%
• 1Y: -38.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 2.34%
• 1M: -15.24%
• YTD: -27.53%
• 6M: -28.30%
• 1Y: -40.14%
• 3Y*: 19.33%
• 5Y*: —
• 10Y*: —

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

XBTY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
XBTY GraniteShares YieldBOOST Bitcoin ETF	-20.64%	-21.19%
BITO ProShares Bitcoin Strategy ETF	-27.53%	-16.66%

Correlation

The correlation between XBTY and BITO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.90

The correlation between XBTY and BITO has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

XBTY vs. BITO — Risk / Return Rank

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

XBTY

XBTY Risk / Return Rank: 1
XBTY Sharpe Ratio Rank: 0
XBTY Sortino Ratio Rank: 0
XBTY Omega Ratio Rank: 0
XBTY Calmar Ratio Rank: 2
XBTY Martin Ratio Rank: 3

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 3
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.

XBTY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST Bitcoin ETF (XBTY) 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.

	XBTY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.40	-0.92	-0.49
Sortino ratio: Return per unit of downside risk	-2.05	-1.29	-0.76
Omega ratio: Gain probability vs. loss probability	0.76	0.86	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.76	-0.06
Martin ratio: Return relative to average drawdown	-1.24	-1.29	+0.05

XBTY vs. BITO - Sharpe Ratio Comparison

The current XBTY Sharpe Ratio is -1.40, which is lower than the BITO Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of XBTY 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

XBTY vs. BITO - Drawdown Comparison

The maximum XBTY drawdown since its inception was -47.01%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for XBTY and BITO.

Drawdown Indicators

	XBTY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-47.01%	-77.86%	+30.85%
Max Drawdown (1Y) Largest decline over 1 year	-47.01%	-53.10%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-46.23%	-50.02%	+3.79%
Average Drawdown Average peak-to-trough decline	-23.97%	-36.85%	+12.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.18%	31.11%	+0.07%

Volatility

XBTY vs. BITO - Volatility Comparison

The current volatility for GraniteShares YieldBOOST Bitcoin ETF (XBTY) is 4.96%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.60%. This indicates that XBTY 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

	XBTY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	12.60%	-7.64%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	34.26%	-18.58%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	44.05%	-16.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.44%	55.02%	-27.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.44%	55.02%	-27.58%

XBTY vs. BITO - Expense Ratio Comparison

XBTY has a 0.99% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

XBTY vs. BITO - Dividend Comparison

XBTY's dividend yield for the trailing twelve months is around 223.65%, more than BITO's 68.72% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	68.72%	78.29%	61.59%	15.14%
XBTY GraniteShares YieldBOOST Bitcoin ETF	223.65%	102.53%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XBTY and BITO in my portfolio?

With a correlation of 0.91, XBTY and BITO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XBTY or BITO?

BITO has higher volatility (12.60%) compared to XBTY (4.96%). In terms of maximum drawdown, XBTY dropped -47.01% vs BITO's -77.86%.

Which ETF is better, XBTY or BITO?

On 1-year performance, XBTY leads with -38.54% vs -40.14% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, XBTY has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBTY or BITO?

Over the 1-year period, XBTY has performed better with a -38.54% return vs -40.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBTY or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for XBTY.

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

XBTY has the higher dividend yield at 223.65%, compared with 68.72% for BITO.

What is the main difference between XBTY and BITO?

XBTY is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 0.99% for XBTY and 0.95% for BITO.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-0.92 vs -1.40), 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.