BITO vs BITB Stock Comparison: AI Score, Valuation, Performance and Upside
BITO and BITB sit in related but distinct corners of the ETF landscape — BITO centers on futures-based bitcoin price exposure through a regulated ETF wrapper, while BITB focuses on direct, physically-backed spot bitcoin price exposure. Investors choosing between them should weigh how each fund's strategy lines up with their own goals rather than assuming they're interchangeable.
Choosing between BITO and BITB comes down to which specific exposure — futures-based bitcoin price exposure through a regulated ETF wrapper or direct, physically-backed spot bitcoin price exposure — better matches the role you want this holding to play in a diversified portfolio.
BITB holds the edge across 4 of 5 key metrics in this comparison. BITB has delivered stronger 1-year price return (-20.72% vs -23.35% for BITO).
- want futures-based bitcoin price exposure through a regulated ETF wrapper
- prefer ProShares's approach and fund lineup
- value first-mover, longest track record among US bitcoin ETFs
- are comfortable with futures-roll costs (contango) can cause meaningful tracking drag versus spot bitcoin
- want direct, physically-backed spot bitcoin price exposure
- prefer Bitwise's approach and fund lineup
- value directly tracks spot bitcoin price without futures-roll cost drag
- are comfortable with still carries bitcoin's full, extreme price volatility
| Metric | BITO | BITB |
|---|---|---|
| ETF scorei | 21.4 | 23.4 |
| Latest closei | $10.67 | $43.42 |
| 1M returni | -6.73% | -6.68% |
| 3M returni | +21.79% | +23.42% |
| 6M returni | -3.79% | -1.81% |
| 1Y returni | -23.35% | -20.72% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | BITO | BITB |
|---|---|---|
| 1Y ago | $8.76K (-12.4%) started 2025-11-04 | $7.93K (-20.7%) started 2025-11-04 |
| 5Y ago | $138.66K (+1286.6%) started 2021-11-05 | $17K (+70.0%) started 2024-01-11 |
| 10Y ago | $125.78K (+1157.8%) started 2021-10-20 | $17K (+70.0%) started 2024-01-11 |
Hypothetical — past performance does not guarantee future results.
| Metric | BITO | BITB |
|---|---|---|
| Expense ratioi | 0.95% | 0.20% |
| Total assets (AUM)i | $1.49B | $2.84B |
| Dividend yieldi | 24.13% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 1.82 | 2.22 |
| 52-week change | -23.35% | -20.72% |
| Metric | BITO | BITB |
|---|---|---|
| 1Y returni | -23.35% | -20.72% |
| 6M returni | -3.79% | -1.81% |
| 3M returni | +21.79% | +23.42% |
| 1M returni | -6.73% | -6.68% |
| 1Y Sharpe ratio | -0.49 | -0.41 |
| Betai | 1.82 | 2.22 |
| Dividend yieldi | 24.13% | 0.00% |
| 5Y CAGR | +0.29% | +20.75% |
Over the past year, BITO and BITB have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | BITO | BITB |
|---|---|---|---|
| 1Y | Growthi | -23.35% | -20.72% |
| CAGRi | -23.37% | -20.74% | |
| Volatilityi | 44.16% | 44.31% | |
| Sharpe ratioi | -0.49 | -0.41 | |
| Sortino ratioi | -0.69 | -0.57 | |
| Max drawdowni | 45.76% | 44.72% | |
| Current drawdowni | 27.18% | 24.66% | |
| Avg drawdowni | 28.56% | 27.50% | |
| Ulcer Indexi | 30.39% | 29.34% | |
| Max daily dropi | 13.30% | 13.25% | |
| Max wkly dropi | 24.46% | 24.33% | |
| 5Y | Growthi | +1.45% | +70.01% |
| CAGRi | +0.29% | +20.75% | |
| Volatilityi | 53.87% | 48.30% | |
| Sharpe ratioi | 0.19 | 0.54 | |
| Sortino ratioi | 0.28 | 0.81 | |
| Max drawdowni | 77.86% | 53.33% | |
| Current drawdowni | 38.88% | 36.40% | |
| Avg drawdowni | 37.66% | 20.03% | |
| Ulcer Indexi | 43.98% | 25.58% | |
| Max daily dropi | 20.22% | 14.42% | |
| Max wkly dropi | 30.50% | 24.33% | |
| 10Y | Growthi | -7.98% | +70.01% |
| CAGRi | -1.64% | +20.75% | |
| Volatilityi | 53.84% | 48.30% | |
| Sharpe ratioi | 0.16 | 0.54 | |
| Sortino ratioi | 0.23 | 0.81 | |
| Max drawdowni | 77.86% | 53.33% | |
| Current drawdowni | 38.88% | 36.40% | |
| Avg drawdowni | 37.38% | 20.03% | |
| Ulcer Indexi | 43.78% | 25.58% | |
| Max daily dropi | 20.22% | 14.42% | |
| Max wkly dropi | 30.50% | 24.33% |
| Category | BITO | BITB |
|---|---|---|
| Fund name | ProShares Bitcoin ETF | Bitwise Bitcoin ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.95% | 0.20% |
| Total assets (AUM)i | $1.49B | $2.84B |
| Dividend yieldi | 24.13% | 0.00% |
- First-mover, longest track record among US bitcoin ETFs
- Regulated futures-based structure, no self-custody or exchange risk
- Highly liquid trading vehicle for bitcoin price exposure
- Directly tracks spot bitcoin price without futures-roll cost drag
- One of the lower-fee spot bitcoin ETFs among 2024-launched competitors
- Regulated ETF wrapper avoids self-custody and exchange-hack risk
- Futures-roll costs (contango) can cause meaningful tracking drag versus spot bitcoin
- Extremely volatile given bitcoin's own price swings
- Spot bitcoin ETFs now offer more direct exposure without the futures drag
- Still carries bitcoin's full, extreme price volatility
- No yield or income generation from holding bitcoin
- Regulatory and custody-provider concentration risk within the ETF structure
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