XYLD vs. BITO

Last updated Jun 13, 2026

XYLD (Global X S&P 500 Covered Call ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while BITO is a Cryptocurrency fund actively managed by ProShares. XYLD is passively managed, while BITO is actively managed. Over the past 3 years, XYLD returned 11.00%/yr vs 26.35%/yr for BITO. At a 0.37 correlation, their price movements are largely independent. XYLD charges 0.60%/yr vs 0.95%/yr for BITO.

Performance

XYLD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Covered Call ETF (XYLD) 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, XYLD achieves a 4.83% return, which is significantly higher than BITO's -28.44% return.

XYLD

• 1D: 0.57%
• 1M: 1.15%
• YTD: 4.83%
• 6M: 6.01%
• 1Y: 16.64%
• 3Y*: 11.00%
• 5Y*: 7.61%
• 10Y*: 8.35%

BITO

• 1D: 0.12%
• 1M: -20.38%
• YTD: -28.44%
• 6M: -30.74%
• 1Y: -42.91%
• 3Y*: 26.35%
• 5Y*: —
• 10Y*: —

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

XYLD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XYLD Global X S&P 500 Covered Call ETF	4.83%	8.02%	19.49%	11.10%	-12.05%	2.10%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between XYLD and BITO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.37

The correlation between XYLD and BITO shifts across timeframes, from 0.29 (3 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

XYLD vs. BITO - Sectors Allocation Comparison

Sectors	XYLD	BITO
Technology	35.6%	-
Financial Services	11.8%	64.9%
Communication Services	11.2%	-
Consumer Cyclical	10.2%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

XYLD vs. BITO — Risk / Return Rank

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

XYLD

XYLD Risk / Return Rank: 85
XYLD Sharpe Ratio Rank: 87
XYLD Sortino Ratio Rank: 88
XYLD Omega Ratio Rank: 93
XYLD Calmar Ratio Rank: 72
XYLD Martin Ratio Rank: 88

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: 2
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.

XYLD vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call ETF (XYLD) 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.

	XYLD	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	-0.98	+3.44
Sortino ratio: Return per unit of downside risk	3.49	-1.43	+4.92
Omega ratio: Gain probability vs. loss probability	1.57	0.84	+0.72
Calmar ratio: Return relative to maximum drawdown	3.16	-0.81	+3.97
Martin ratio: Return relative to average drawdown	16.57	-1.42	+17.98

XYLD vs. BITO - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.46, which is higher than the BITO Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of XYLD 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

XYLD vs. BITO - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for XYLD and BITO.

Drawdown Indicators

	XYLD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-77.86%	+44.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-53.10%	+47.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-53.10%	+37.57%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.46%	—	—
Current Drawdown Current decline from peak	-0.29%	-50.64%	+50.35%
Average Drawdown Average peak-to-trough decline	-3.71%	-36.79%	+33.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	30.32%	-29.31%

Volatility

XYLD vs. BITO - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call ETF (XYLD) is 2.17%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 11.73%. This indicates that XYLD 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

	XYLD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	11.73%	-9.56%
Volatility (6M) Calculated over the trailing 6-month period	5.71%	34.20%	-28.49%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	43.88%	-37.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	55.07%	-43.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	55.07%	-40.85%

XYLD vs. BITO - Expense Ratio Comparison

XYLD has a 0.60% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

XYLD vs. BITO - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 10.53%, less than BITO's 69.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.53%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both XYLD and BITO in my portfolio?

XYLD and BITO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XYLD or BITO?

BITO has higher volatility (11.73%) compared to XYLD (2.17%). In terms of maximum drawdown, XYLD dropped -33.46% vs BITO's -77.86%.

Which ETF is better, XYLD or BITO?

On 3-year performance, BITO leads with 26.35% vs 11.00% for XYLD. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYLD or BITO?

Over the 3-year period, BITO has performed better with a 26.35% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYLD or BITO?

XYLD is cheaper with a 0.60% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 69.59%, compared with 10.53% for XYLD.

What is the main difference between XYLD and BITO?

XYLD is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.60% for XYLD and 0.95% for BITO.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.46 vs -0.98), 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.