GBTC vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO).

BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

GBTC vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

GBTC vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBTC Grayscale Bitcoin Trust (BTC)	-22.40%	-7.65%	113.81%	317.61%	-75.80%	-29.84%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Returns By Period

The year-to-date returns for both stocks are quite close, with GBTC having a -22.40% return and BITO slightly lower at -22.79%.

GBTC

• 1D: 0.55%
• 1M: -1.56%
• YTD: -22.40%
• 6M: -42.46%
• 1Y: -21.01%
• 3Y*: 48.01%
• 5Y*: 0.84%
• 10Y*: 58.56%

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

Return for Risk

GBTC vs. BITO — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 24
GBTC Sharpe Ratio Rank: 20
GBTC Sortino Ratio Rank: 20
GBTC Omega Ratio Rank: 21
GBTC Calmar Ratio Rank: 29
GBTC Martin Ratio Rank: 28

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

GBTC vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust (BTC) (GBTC) 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.

	GBTC	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.47	-0.52	+0.05
Sortino ratio Return per unit of downside risk	-0.41	-0.50	+0.09
Omega ratio Gain probability vs. loss probability	0.95	0.94	+0.01
Calmar ratio Return relative to maximum drawdown	-0.38	-0.42	+0.04
Martin ratio Return relative to average drawdown	-0.80	-0.89	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. BITO - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.47, which is comparable to the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of GBTC and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GBTC	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.52	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	-0.08	+0.75

Correlation

The correlation between GBTC and BITO is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GBTC vs. BITO - Dividend Comparison

GBTC has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 80.47%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust (BTC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GBTC vs. BITO - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for GBTC and BITO.

Drawdown Indicators

	GBTC	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-77.86%	-12.05%
Max Drawdown (1Y) Largest decline over 1 year	-49.55%	-50.05%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-85.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-46.10%	-46.75%	+0.65%
Average Drawdown Average peak-to-trough decline	-43.48%	-36.57%	-6.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.39%	23.73%	-0.34%

Volatility

GBTC vs. BITO - Volatility Comparison

Grayscale Bitcoin Trust (BTC) (GBTC) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.99% and 12.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.99%	12.84%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	36.80%	36.71%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	45.30%	45.32%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.19%	55.77%	+8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.56%	55.77%	+26.79%