BITO vs IBIT ETF Comparison: AI Score, Valuation, Performance and Upside
BITO and IBIT both provide Bitcoin exposure but in fundamentally different and unequal structures. IBIT holds actual Bitcoin at 0.25% annual cost. BITO holds Bitcoin futures with 0.95% management fee plus contango roll costs totaling 5-15%+ annually in performance drag. Post-January 2024 spot ETF approval, BITO has no meaningful advantage for virtually any investor — IBIT, FBTC, or other spot ETFs dominate in every relevant dimension. BITO is only relevant for legacy holders or specific futures tax strategies.
BITO vs IBIT — ProShares Bitcoin Futures ETF (the first US Bitcoin ETF using CME futures with 0.95% expense plus significant contango roll costs, now structurally inferior to spot alternatives) versus iShares Bitcoin Trust (the dominant spot Bitcoin ETF holding physical Bitcoin at 0.25% with no roll drag and BlackRock's institutional distribution) — futures structure vs spot structure for Bitcoin exposure.
IBIT holds the edge across 4 of 5 key metrics in this comparison. IBIT has delivered stronger 1-year price return (-20.72% vs -23.35% for BITO).
- legacy holders with embedded taxable gains who face capital gains tax on switching to IBIT may choose to hold BITO rather than triggering the tax event — though the annual performance drag eventually exceeds the tax savings
- investors with specific futures-based tax strategies where Bitcoin futures contracts provide different tax treatment than spot ETFs in certain portfolio structures
- short-term Bitcoin traders at brokerages that already have BITO established in existing positions where convenience of not switching outweighs the modest cost difference for short holding periods
- very specific institutional strategies using futures curve dynamics for Bitcoin roll yield capture in backwardated Bitcoin futures market conditions — a niche professional use case
- want the cleanest, lowest-cost Bitcoin exposure available in US ETF format — spot Bitcoin at 0.25% with Coinbase custody and BlackRock institutional backing
- work with financial advisors who include Bitcoin in model portfolios and have standardized on IBIT as the institutional Bitcoin ETF vehicle for client accounts
- seek maximum Bitcoin price tracking accuracy — IBIT's spot structure will track Bitcoin with less than 0.03% daily tracking error vs Bitcoin spot price, far superior to BITO's futures drag
- are comfortable with Bitcoin's inherent 50-80% bear market drawdown risk as the primary investment consideration — all Bitcoin ETF choice specifics are secondary to the decision to hold Bitcoin at all
| Metric | BITO | IBIT |
|---|---|---|
| ETF scorei | 21.4 | 23.4 |
| Latest closei | $10.67 | $45.33 |
| 1M returni | -6.73% | -6.65% |
| 3M returni | +21.79% | +23.38% |
| 6M returni | -3.79% | -1.86% |
| 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 | IBIT |
|---|---|---|
| 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 | $17.02K (+70.2%) started 2024-01-11 |
| 10Y ago | $125.78K (+1157.8%) started 2021-10-20 | $17.02K (+70.2%) started 2024-01-11 |
Hypothetical — past performance does not guarantee future results.
| Metric | BITO | IBIT |
|---|---|---|
| Expense ratioi | 0.95% | 0.25% |
| Total assets (AUM)i | $1.49B | $62.3B |
| Dividend yieldi | 24.13% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 1.82 | 1.74 |
| 52-week change | -23.35% | -20.72% |
| Metric | BITO | IBIT |
|---|---|---|
| 1Y returni | -23.35% | -20.72% |
| 6M returni | -3.79% | -1.86% |
| 3M returni | +21.79% | +23.38% |
| 1M returni | -6.73% | -6.65% |
| 1Y Sharpe ratio | -0.49 | -0.40 |
| Betai | 1.82 | 1.74 |
| Dividend yieldi | 24.13% | 0.00% |
| 5Y CAGR | +0.29% | +20.80% |
Over the past year, BITO and IBIT 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 | IBIT |
|---|---|---|---|
| 1Y | Growthi | -23.35% | -20.72% |
| CAGRi | -23.37% | -20.74% | |
| Volatilityi | 44.16% | 44.47% | |
| Sharpe ratioi | -0.49 | -0.40 | |
| Sortino ratioi | -0.69 | -0.57 | |
| Max drawdowni | 45.76% | 44.69% | |
| Current drawdowni | 27.18% | 24.69% | |
| Avg drawdowni | 28.56% | 27.55% | |
| Ulcer Indexi | 30.39% | 29.38% | |
| Max daily dropi | 13.30% | 13.16% | |
| Max wkly dropi | 24.46% | 24.16% | |
| 5Y | Growthi | +1.45% | +70.22% |
| CAGRi | +0.29% | +20.80% | |
| Volatilityi | 53.87% | 48.52% | |
| Sharpe ratioi | 0.19 | 0.54 | |
| Sortino ratioi | 0.28 | 0.81 | |
| Max drawdowni | 77.86% | 53.30% | |
| Current drawdowni | 38.88% | 36.41% | |
| Avg drawdowni | 37.66% | 20.03% | |
| Ulcer Indexi | 43.98% | 25.59% | |
| Max daily dropi | 20.22% | 14.41% | |
| Max wkly dropi | 30.50% | 24.16% | |
| 10Y | Growthi | -7.98% | +70.22% |
| CAGRi | -1.64% | +20.80% | |
| Volatilityi | 53.84% | 48.52% | |
| Sharpe ratioi | 0.16 | 0.54 | |
| Sortino ratioi | 0.23 | 0.81 | |
| Max drawdowni | 77.86% | 53.30% | |
| Current drawdowni | 38.88% | 36.41% | |
| Avg drawdowni | 37.38% | 20.03% | |
| Ulcer Indexi | 43.78% | 25.59% | |
| Max daily dropi | 20.22% | 14.41% | |
| Max wkly dropi | 30.50% | 24.16% |
| Category | BITO | IBIT |
|---|---|---|
| Fund name | ProShares Bitcoin ETF | iShares Bitcoin Trust ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.95% | 0.25% |
| Total assets (AUM)i | $1.49B | $62.3B |
| Dividend yieldi | 24.13% | 0.00% |
- First-mover Bitcoin ETF with long track record: BITO has 2+ years of performance history predating spot ETFs — providing the longest US Bitcoin ETF dataset for performance analysis
- Futures-based structure enables specific tax strategies: Bitcoin futures ETFs may have different tax treatment implications than spot ETFs in some strategies — relevant for specific tax optimization approaches
- Available at all brokerages since 2021: BITO has been tradeable at every US brokerage since October 2021 — longer institutional trading familiarity than newer spot ETF alternatives
- Spot Bitcoin with no futures roll drag: IBIT holds actual Bitcoin — no contango roll costs, no tracking error from futures curve dynamics. IBIT will track Bitcoin spot price almost perfectly minus the 0.25% annual fee
- 0.25% expense ratio: 0.70% lower than BITO, plus eliminating all futures roll costs — dramatically lower total cost of Bitcoin ownership for long-term holders
- BlackRock institutional credibility: IBIT backed by the world's largest asset manager with Coinbase custody enables financial advisors and institutional investors to hold Bitcoin ETF positions with established counterparty credibility
- Contango roll costs create significant performance drag: futures roll costs in contango markets (where near-month futures are cheaper than further months) mean BITO can lag Bitcoin spot price by 5-15% annually
- 0.95% expense ratio plus roll costs: total cost of BITO ownership includes both the 0.95% management fee and ongoing futures roll costs — significantly more expensive than IBIT's 0.25%
- Inferior Bitcoin tracking vs spot ETFs: spot Bitcoin ETFs like IBIT hold actual Bitcoin — tracking Bitcoin spot price directly without futures roll drag. BITO structurally underperforms spot Bitcoin in contango environments
- Bitcoin price risk dominates all other considerations: IBIT's 50-80% bear market drawdown potential is the primary risk — the superior cost structure vs BITO is meaningless if Bitcoin's price falls 75%
- Spot ETF regulatory risk: SEC approved spot Bitcoin ETFs but future regulatory changes could impact the ETF structure — unlikely but not impossible given crypto's evolving regulatory environment
- No income generation: IBIT produces no dividends or income — pure capital appreciation in taxable accounts creates holding costs relative to income-producing alternatives
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