Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
BITO has lagged GBTC over the trailing twelve months, posting a -30.85% total return against -29.38%. The lead holds up over 3 years too: GBTC has compounded at 54.73% a year, against 36.10% for BITO. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2021” measures every fund from October 19, 2021 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
BITO
GBTC
Forward distribution rate
1.85%
—
Trailing 12-month yield
21.89%
—
30-day SEC yield
0.31%
—
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on BITO vs IBIT.
Not a distribution payer
GBTC (Grayscale Bitcoin Trust ETF) has no distribution rate on file and its distribution frequency is None. GBTC is not a payer. The blank yield is not a zero yield.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks total return through managed exposure to bitcoin futures contracts rather than direct bitcoin holdings, maintaining that futures position through rising, flat and declining markets.
Provides bitcoin exposure through shares backed by held bitcoin.
Bottom lineChoose BITO if you want higher current income (1.85% while GBTC makes no distribution). Choose GBTC if you want straightforward Bitcoin exposure for the long run.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Crypto volatility. BITO and GBTC sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.
See our curated list of related YouTube videos on BITO.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Grayscale Investments is known for pioneering digital asset investment vehicles, offering exposure to cryptocurrencies and blockchain-related assets through a range of trusts and ETFs. The fund lineup spans digital assets including Bitcoin, Ethereum, and other cryptocurrencies, along with thematic offerings focused on areas like solar energy, artificial intelligence, and metaverse-related investments, with tickers like GBTC, ETHE, GSOL, and HYPG among its lineup. The issuer has built a broad portfolio of specialized funds catering to investors seeking alternative asset classes and emerging technology themes rather than traditional equity or fixed-income strategies.
See our curated list of related YouTube videos on GBTC.
BITO (ProShares Bitcoin Strategy ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both ETFs, but they take different approaches.
BITO currently shows a 1.85% distribution yield. GBTC has not yet established a full distribution history, so a comparable yield figure is not available.
BITO is cheaper with an expense ratio of 0.95% compared to 1.50%.
They have different reference exposures: BITO is linked to Bitcoin Futures while GBTC is linked to Bitcoin, which means their performance drivers differ.
GBTC is the larger fund by assets ($10.7B), but assets alone do not establish trading costs or liquidity.
Still deciding? Track BITO & GBTC for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, BITO would generate roughly $15.42 cash per distribution, while GBTC has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.
BITO yield1.85%
GBTC yield—
Cost & efficiency
Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $1,500 for GBTC (simplified, not compounded). The $550.00 difference may be offset by yield or performance.
BITO ER0.95%
GBTC ER1.50%
Strategy & risk
BITO tracks Bitcoin Futures with a crypto approach, while GBTC tracks Bitcoin with a crypto approach. Beta is 1.8778 for BITO and 1.8866 for GBTC — effectively similar market sensitivity.
BITO beta1.8778
GBTC beta1.8866
Fund details
BITO is managed by ProShares (launched 10/18/2021) with $1.73B in assets. GBTC is managed by Grayscale Investments (launched 09/25/2013) with $10.7B in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.
Frequently asked questions
Which of BITO or GBTC pays more dividend income?
BITO currently reports a distribution yield, while GBTC has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between BITO and GBTC?
BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a crypto approach, while GBTC (Grayscale Bitcoin Trust ETF) tracks Bitcoin with a crypto approach. They are issued by ProShares and Grayscale Investments respectively.
Can I hold both BITO and GBTC?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, BITO or GBTC?
BITO has an expense ratio of 0.95% while GBTC charges 1.50%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BITO vs GBTC generate?
At current rates, $10,000 in BITO would generate roughly $15.42 cash per distribution ($185.00 annually). GBTC does not pay distributions, so there is no cash income to estimate.
Which has performed better historically, BITO or GBTC?
BITO has lagged GBTC over the trailing twelve months, posting a -30.85% total return against -29.38%. The lead holds up over 3 years too: GBTC has compounded at 54.73% a year, against 36.10% for BITO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
This creates a second key difference in yield and distribution. GBTC also holds a substantially larger asset base at $10.7B compared to BITO's $1.73B, reflecting its longer operating history dating to 09/25/2013. The 1.85% distribution provides a return stream independent of bitcoin price appreciation. Suits those prioritizing long-term appreciation over current income, with no reinvestment friction from monthly payouts.
Key risks to know
Futures basis and roll risk (BITO): Futures contracts expire and must be rolled to maintain exposure. Unfavorable roll yields—especially during contango—can create drag on performance relative to spot bitcoin. Questions worth investigating: how much has the fund's NAV lagged spot returns in past periods of contango, and what is the historical distribution sustainability during roll-cost spikes? Over multi-year periods, this compounds into meaningful shortfall versus the fund's underlying bitcoin holdings.
Distribution sustainability (BITO): The 1.85% yield depends on futures market conditions and fund management activity. If futures roll into backwardation or volatility collapses, the distribution may not be sustainable at current levels.
Crypto market concentration: Both funds carry a beta around 1.87 to bitcoin price movements, meaning sharp drawdowns in crypto markets will move both similarly. Their exposures may overlap substantially, which investors should verify independently. The futures-versus-spot tradeoff matters most: futures introduce roll risk and basis questions, while spot incurs higher fees but avoids roll drag. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
Still deciding? Compare them against your own portfolio
See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
