IBIT vs BITO: returns, risk and drawdowns compared
iShares Bitcoin Trust ETF against ProShares Bitcoin Strategy ETF, over the same 3 years (October 2022 to October 2026) with dividends reinvested.
Data updated October 2026
From October 2022 to October 2026, IBIT returned 17.9% a year and BITO 27.8% a year on average, so BITO came out ahead by 10.0% a year. BITO was the more volatile of the two (53.3% against 49.8% a year), and the deepest falls from a month-end high were 49.8% for IBIT and 51.5% for BITO.
The correlation of monthly returns was 0.69: they moved together only in part.
Side by side
| IBIT | BITO | |
|---|---|---|
| Annual return (CAGR) | +17.9% | +27.8% |
| Total return | +78% | +136% |
| Annual volatility | 49.8% | 53.3% |
| Maximum drawdown (month-end) | −49.8% | −51.5% |
| Worst month | −21.7% | −21.8% |
| Best month | +45.8% | +45.0% |
| Positive months | 55% | 57% |
| Best year | 2024: +141.9% | 2023: +137.3% |
| Worst year | 2023: −30.1% | 2025: −11.2% |
| 1-year return | −24.6% | −27.1% |
| 5 years, a year | — | +0.7% |
| 10 years, a year | — | — |
| Trading currency | USD | USD |
First nine rows: the same 42 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IBIT vs BITO
Returns by calendar year
| Year | IBIT | BITO |
|---|---|---|
| 2025 | −6.4% | −11.2% |
| 2024 | +141.9% | +104.5% |
| 2023 | −30.1% | +137.3% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, IBIT or BITO?
From October 2022 to October 2026, IBIT returned +17.9% a year and BITO +27.8% a year, with dividends reinvested. Past returns do not predict future returns.
Which is riskier, IBIT or BITO?
Over the same months annual volatility was 49.8% for IBIT and 53.3% for BITO; the deepest fall from a month-end high was 49.8% and 51.5%, and the worst single month −21.7% and −21.8%.
How correlated are IBIT and BITO?
The correlation of their monthly returns was 0.69: they moved together only in part. Combining them has historically given some diversification.
More comparisons
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.