LIVE
BITO
ProShares Bitcoin Strategy ETF · Crypto ETF
$8.56
-18.21% this month
VERSUS
⟷
COMPARE
IBIT
iShares Bitcoin Trust ETF · Crypto ETF
$35.62
-18.11% this month
Scoreboard verdict
Across expense ratio, momentum, yield, fund size, risk
BITO
1
IBIT
4
Comparison scoreboard
IBIT LEADS 4/5Exp. Ratio
BITO 0.95%
IBIT ✓0.25%
1Y Return
BITO -41.81%
IBIT ✓-39.60%
Div. Yield
BITO ✓69.88%
IBIT 0.00%
AUM
BITO $1.7B
IBIT ✓$58.12B
Beta
BITO 1.72
IBIT ✓1.71
Metrics last refreshed: 6/22/2026
Quick take
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.
Live analysis · updated 6/22/2026
IBIT holds the edge across 4 of 5 key metrics in this comparison. IBIT has delivered stronger 1-year price return (-39.60% vs -41.81% for BITO).
Normalized 1Y performance
BITO
IBIT
Recent returns
BITO
IBIT
Who should consider this stock?
BITO remaining use cases are limited:
- →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
IBIT may suit investors who:
- →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
Performance & AI score
| Metric | BITO | IBIT |
|---|---|---|
| ETF score | 1.0 | 52.0 |
| Latest close | $8.56 | $35.62 |
| 1M return | -18.21% | -18.11% |
| 6M return | -27.89% | -26.87% |
| 1Y return | -41.81% | -39.60% |
$10,000 invested — hypothetical growth (dividends reinvested)
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 | $8.75K (-12.5%) started 2025-06-18 | $6.04K (-39.6%) started 2025-06-18 |
| 5Y ago | $99.15K (+891.5%) started 2021-10-20 | $13.38K (+33.8%) started 2024-01-11 |
| 10Y ago | $99.15K (+891.5%) started 2021-10-20 | $13.38K (+33.8%) started 2024-01-11 |
Hypothetical — past performance does not guarantee future results.
Fund characteristics
| Metric | BITO | IBIT |
|---|---|---|
| Expense ratio | 0.95% | 0.25% |
| Total assets (AUM) | $1.7B | $58.12B |
| Dividend yield | 69.88% | 0.00% |
| Trailing P/E | N/A | N/A |
| Beta | 1.72 | 1.71 |
| 52-week change | -41.81% | -39.60% |
Risk & fund metrics
| Metric | BITO | IBIT |
|---|---|---|
| 1Y return | -41.81% | -39.60% |
| 6M return | -27.89% | -26.87% |
| 1M return | -18.21% | -18.11% |
| 1Y Sharpe ratio | -1.12 | -1.03 |
| Beta | 1.72 | 1.71 |
| Dividend yield | 69.88% | 0.00% |
| 5Y CAGR | -6.38% | +12.69% |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
BITO max drawdown53.10%
IBIT max drawdown52.11%
BITO max wkly drop24.46%
IBIT max wkly drop24.16%
5Y risk snapshot
BITO max drawdown77.86%
IBIT max drawdown52.11%
BITO max wkly drop30.50%
IBIT max wkly drop24.16%
10Y risk snapshot
BITO max drawdown77.86%
IBIT max drawdown52.11%
BITO max wkly drop30.50%
IBIT max wkly drop24.16%
Performance metrics by period
| Period | Metric | BITO | IBIT |
|---|---|---|---|
| 1Y | Growth | -41.81% | -39.60% |
| CAGR | -41.83% | -39.62% | |
| Sharpe ratio | -1.12 | -1.03 | |
| Max drawdown | 53.10% | 52.11% | |
| Max daily drop | 13.30% | 13.16% | |
| Max wkly drop | 24.46% | 24.16% | |
| 5Y | Growth | -26.46% | +33.76% |
| CAGR | -6.38% | +12.69% | |
| Sharpe ratio | 0.07 | 0.40 | |
| Max drawdown | 77.86% | 52.11% | |
| Max daily drop | 20.22% | 14.41% | |
| Max wkly drop | 30.50% | 24.16% | |
| 10Y | Growth | -26.46% | +33.76% |
| CAGR | -6.38% | +12.69% | |
| Sharpe ratio | 0.07 | 0.40 | |
| Max drawdown | 77.86% | 52.11% | |
| Max daily drop | 20.22% | 14.41% | |
| Max wkly drop | 30.50% | 24.16% |
Fund overview
| Category | BITO | IBIT |
|---|---|---|
| Fund name | ProShares Bitcoin ETF | iShares Bitcoin Trust ETF |
| Type | ETF | ETF |
| Expense ratio | 0.95% | 0.25% |
| Total assets (AUM) | $1.7B | $58.12B |
| Dividend yield | 69.88% | 0.00% |
BITO strengths
- →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
IBIT strengths
- →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
Risks to watch — BITO
- →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
Risks to watch — IBIT
- →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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