YBIT vs. BITO

Last updated Jun 24, 2026

YBIT (YieldMax Bitcoin Option Income Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, YBIT returned -35.40% vs -42.09% for BITO. Their correlation of 0.92 suggests significant overlap in exposure. YBIT charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

YBIT vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Bitcoin Option Income Strategy ETF (YBIT) 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, YBIT achieves a -26.58% return, which is significantly higher than BITO's -29.93% return.

YBIT

• 1D: -1.93%
• 1M: -14.55%
• YTD: -26.58%
• 6M: -26.68%
• 1Y: -35.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

YBIT vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBIT YieldMax Bitcoin Option Income Strategy ETF	-26.58%	-2.49%	1.40%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	33.37%

Correlation

The correlation between YBIT and BITO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.92

The correlation between YBIT and BITO has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

Return for Risk

YBIT vs. BITO — Risk / Return Rank

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

YBIT

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
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.

YBIT vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Bitcoin Option Income Strategy ETF (YBIT) 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.

	YBIT	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.96	-0.01
Sortino ratio: Return per unit of downside risk	-1.33	-1.38	+0.05
Omega ratio: Gain probability vs. loss probability	0.84	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.80	+0.04
Martin ratio: Return relative to average drawdown	-1.33	-1.35	+0.02

YBIT vs. BITO - Sharpe Ratio Comparison

The current YBIT Sharpe Ratio is -0.97, which is comparable to the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of YBIT 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

YBIT vs. BITO - Drawdown Comparison

The maximum YBIT drawdown since its inception was -47.30%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for YBIT and BITO.

Drawdown Indicators

	YBIT	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-47.30%	-77.86%	+30.56%
Max Drawdown (1Y) Largest decline over 1 year	-47.30%	-53.10%	+5.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-44.60%	-51.67%	+7.07%
Average Drawdown Average peak-to-trough decline	-15.80%	-36.86%	+21.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.71%	31.28%	-4.57%

Volatility

YBIT vs. BITO - Volatility Comparison

The current volatility for YieldMax Bitcoin Option Income Strategy ETF (YBIT) is 11.25%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that YBIT 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

	YBIT	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	12.79%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	29.41%	34.39%	-4.98%
Volatility (1Y) Calculated over the trailing 1-year period	36.69%	44.08%	-7.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.66%	55.02%	-16.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.66%	55.02%	-16.36%

YBIT vs. BITO - Expense Ratio Comparison

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

Dividends

YBIT vs. BITO - Dividend Comparison

YBIT's dividend yield for the trailing twelve months is around 100.08%, more than BITO's 71.07% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
YBIT YieldMax Bitcoin Option Income Strategy ETF	100.08%	88.33%	60.00%	0.00%

Frequently Asked Questions

Can I hold both YBIT and BITO in my portfolio?

With a correlation of 0.99, YBIT 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, YBIT or BITO?

BITO has higher volatility (12.79%) compared to YBIT (11.25%). In terms of maximum drawdown, YBIT dropped -47.30% vs BITO's -77.86%.

Which ETF is better, YBIT or BITO?

On 1-year performance, YBIT leads with -35.40% vs -42.09% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, YBIT has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBIT or BITO?

Over the 1-year period, YBIT has performed better with a -35.40% return vs -42.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBIT or BITO?

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

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

YBIT has the higher dividend yield at 100.08%, compared with 71.07% for BITO.

What is the main difference between YBIT and BITO?

They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for YBIT and 0.95% for BITO.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-0.96 vs -0.97), 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.