BITO: ProShares Bitcoin Strategy ETF returns, drawdowns and risk
US-listed funds that hold bitcoin or ether, or bitcoin futures.
Data updated October 2026
BITO · US exchange · USDCategory: Bitcoin and crypto ETFsData from October 2021
From October 2021 to October 2026 BITO returned 0.5% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start was worth $9,745.
Its deepest fall was 77.9%, from November 2021 to November 2022, and it took about 36 months to get back to the previous high. Annual volatility was 54.0%; at the last close it was 35.3% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 60 months both have data, the correlation of monthly returns was 0.50: they moved together only in part. Beta was 1.81. In months when SPY rose, BITO moved 148% as much on average; in months when SPY fell, 165% as much.
Key figures
- Annual return (CAGR)
- −0.5%
- 1-year return
- −27.1%
- 5 years, a year
- +0.7%
- 10 years, a year
- —
- Annual volatility
- 54.0%
- Maximum drawdown
- −77.9%
- Sharpe ratio
- 0.19
- Worst year
- 2022: −63.9%
Trailing returns
| Period | BITO | SPY |
|---|---|---|
| 1 year | −27.1% | +16.6% |
| 3 years, a year | +33.2% | +23.1% |
| 5 years, a year | +0.7% | +12.7% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: BITO vs SPY
Month-end values from November 2021, the first month both funds have data.
BITO drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | BITO | SPY |
|---|---|---|
| 2026(partial) | −6.2% | +13.3% |
| 2025 | −11.2% | +17.7% |
| 2024 | +104.5% | +24.9% |
| 2023 | +137.3% | +26.2% |
| 2022 | −63.9% | −18.2% |
| 2021(partial) | −33.2% | — |
BITO compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of BITO?
From October 2021 to October 2026 BITO returned 0.5% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +0.7% a year. Over the last 12 months: −27.1%.
What was the worst drawdown of BITO?
77.9%, from November 2021 to November 2022; it took about 36 months from the previous high to get back to it.
How volatile is BITO?
Annual volatility was 54.0% over the period. Its worst month was −40.9% and 53% of months were positive. Worst calendar year: 2022 (−63.9%).
How closely does BITO follow SPY?
Over 60 months the correlation of monthly returns was 0.50, so they moved together only in part, with a beta of 1.81.
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Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.