YBTC vs. BITO

Last updated Jul 14, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, YBTC returned -42.52% vs -49.36% for BITO. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

YBTC vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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, YBTC achieves a -25.28% return, which is significantly higher than BITO's -30.09% return.

YBTC

• 1D: -2.31%
• 1M: -0.49%
• 6M: -28.84%
• YTD: -25.28%
• 1Y: -42.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.65%
• 1M: -2.30%
• 6M: -33.01%
• YTD: -30.09%
• 1Y: -49.36%
• 3Y*: 19.35%
• 5Y*: —
• 10Y*: —

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

YBTC vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-25.28%	-4.23%	55.31%
BITO ProShares Bitcoin Strategy ETF	-30.09%	-11.19%	102.57%

Correlation

The correlation between YBTC and BITO is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.88

The correlation between YBTC and BITO has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

YBTC vs. BITO — Risk / Return Rank

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

YBTC

YBTC Risk / Return Rank: 1
YBTC Sharpe Ratio Rank: 1
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 1
YBTC Calmar Ratio Rank: 2
YBTC 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) 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.

YBTC vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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.

	YBTC	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	-1.12	+0.06
Sortino ratio: Return per unit of downside risk	-1.54	-1.77	+0.23
Omega ratio: Gain probability vs. loss probability	0.81	0.81	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.91	+0.04
Martin ratio: Return relative to average drawdown	-1.44	-1.48	+0.04

YBTC vs. BITO - Sharpe Ratio Comparison

The current YBTC Sharpe Ratio is -1.06, which is comparable to the BITO Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of YBTC 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

YBTC vs. BITO - Drawdown Comparison

The maximum YBTC drawdown since its inception was -48.84%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for YBTC and BITO.

Drawdown Indicators

	YBTC	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-48.84%	-77.86%	+29.02%
Max Drawdown (1Y) Largest decline over 1 year	-48.84%	-54.47%	+5.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-45.44%	-51.78%	+6.34%
Average Drawdown Average peak-to-trough decline	-14.27%	-37.03%	+22.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.64%	33.47%	-3.83%

Volatility

YBTC vs. BITO - Volatility Comparison

The current volatility for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) is 9.47%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 11.12%. This indicates that YBTC 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

	YBTC	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	11.12%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	32.37%	34.48%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	40.15%	44.12%	-3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.75%	54.84%	-14.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.75%	54.84%	-14.09%

YBTC vs. BITO - Expense Ratio Comparison

Both YBTC and BITO have an expense ratio of 0.95%.

Dividends

YBTC vs. BITO - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 87.44%, more than BITO's 62.24% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	62.24%	78.29%	61.59%	15.14%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	87.44%	76.04%	44.53%	0.00%

Frequently Asked Questions

Can I hold both YBTC and BITO in my portfolio?

With a correlation of 0.93, YBTC 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, YBTC or BITO?

BITO has higher volatility (11.12%) compared to YBTC (9.47%). In terms of maximum drawdown, YBTC dropped -48.84% vs BITO's -77.86%.

Which ETF is better, YBTC or BITO?

On 1-year performance, YBTC leads with -42.52% vs -49.36% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, YBTC has been the lower-risk option at 9.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBTC or BITO?

Over the 1-year period, YBTC has performed better with a -42.52% return vs -49.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBTC or BITO?

YBTC and BITO have the same expense ratio: 0.95% per year.

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

YBTC has the higher dividend yield at 87.44%, compared with 62.24% for BITO.

What is the main difference between YBTC and BITO?

They also come from different issuers: Roundhill and ProShares.

Which has better risk-adjusted returns?

YBTC currently has the higher Sharpe Ratio (-1.06 vs -1.12), 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.