BETE vs. UVXY

Last updated Jul 18, 2026

BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - BETE is a Cryptocurrency fund managed by ProShares, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Over the past year, BETE returned -47.08% vs -70.71% for UVXY. At a correlation of -0.36, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

BETE vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BETE achieves a -34.01% return, which is significantly lower than UVXY's -29.20% return.

BETE

• 1D: -0.93%
• 1M: 2.98%
• 6M: -39.69%
• YTD: -34.01%
• 1Y: -47.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 8.81%
• 1M: -7.29%
• 6M: -28.42%
• YTD: -29.20%
• 1Y: -70.71%
• 3Y*: -60.83%
• 5Y*: -67.79%
• 10Y*: -71.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BETE vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-34.01%	-8.17%	66.02%	36.61%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-29.20%	-65.32%	-50.90%	-47.93%

Correlation

The correlation between BETE and UVXY is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	-0.36

Return for Risk

BETE vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BETE

BETE Risk / Return Rank: 3
BETE Sharpe Ratio Rank: 3
BETE Sortino Ratio Rank: 3
BETE Omega Ratio Rank: 3
BETE Calmar Ratio Rank: 3
BETE Martin Ratio Rank: 3

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BETE vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BETE	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.82	-0.03
Sortino ratio: Return per unit of downside risk	-1.20	-1.44	+0.24
Omega ratio: Gain probability vs. loss probability	0.87	0.84	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.96	+0.19
Martin ratio: Return relative to average drawdown	-1.21	-1.43	+0.22

BETE vs. UVXY - Sharpe Ratio Comparison

The current BETE Sharpe Ratio is -0.86, which is comparable to the UVXY Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of BETE and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BETE vs. UVXY - Drawdown Comparison

The maximum BETE drawdown since its inception was -61.75%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BETE and UVXY.

Drawdown Indicators

	BETE	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-61.75%	-100.00%	+38.25%
Max Drawdown (1Y) Largest decline over 1 year	-61.75%	-73.88%	+12.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-56.73%	-100.00%	+43.27%
Average Drawdown Average peak-to-trough decline	-22.98%	-98.76%	+75.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.07%	49.63%	-10.56%

Volatility

BETE vs. UVXY - Volatility Comparison

The current volatility for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) is 12.69%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 19.34%. This indicates that BETE experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETE	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.69%	19.34%	-6.65%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	67.22%	-26.60%
Volatility (1Y) Calculated over the trailing 1-year period	55.23%	85.95%	-30.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.28%	103.85%	-47.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.28%	112.04%	-55.76%

BETE vs. UVXY - Expense Ratio Comparison

Both BETE and UVXY have an expense ratio of 0.95%.

Dividends

BETE vs. UVXY - Dividend Comparison

BETE's dividend yield for the trailing twelve months is around 79.06%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	79.06%	68.22%	15.22%	0.78%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETE and UVXY in my portfolio?

BETE and UVXY have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETE or UVXY?

UVXY has higher volatility (19.34%) compared to BETE (12.69%). In terms of maximum drawdown, BETE dropped -61.75% vs UVXY's -100.00%.

Which ETF is better, BETE or UVXY?

On 1-year performance, BETE leads with -47.08% vs -70.71% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, BETE has been the lower-risk option at 12.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETE or UVXY?

Over the 1-year period, BETE has performed better with a -47.08% return vs -70.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETE or UVXY?

BETE and UVXY have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BETE or UVXY?

BETE has the higher dividend yield at 79.06%, compared with 0.00% for UVXY.

What is the main difference between BETE and UVXY?

BETE is categorized as Cryptocurrency, while UVXY is Volatility.

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.82 vs -0.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.