BITB vs. BITU

Last updated Jul 16, 2026

BITB (Bitwise Bitcoin ETF) and BITU (Proshares Ultra Bitcoin ETF) are both Cryptocurrency funds - BITB tracks the CME CF Bitcoin Reference Rate - New York Variant while BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, BITB returned -44.37% vs -78.08% for BITU. With a 0.99 correlation, they move nearly in lockstep. BITB charges 0.20%/yr vs 0.95%/yr for BITU.

Performance

BITB vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITB achieves a -25.88% return, which is significantly higher than BITU's -55.35% return.

BITB

• 1D: 0.57%
• 1M: -2.49%
• 6M: -33.59%
• YTD: -25.88%
• 1Y: -44.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITU

• 1D: 1.14%
• 1M: -7.14%
• 6M: -63.80%
• YTD: -55.35%
• 1Y: -78.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITB vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-25.88%	-6.47%	33.57%
BITU Proshares Ultra Bitcoin ETF	-55.35%	-37.07%	41.85%

Correlation

The correlation between BITB and BITU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.99

The correlation between BITB and BITU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

BITB vs. BITU — Risk / Return Rank

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

BITB

BITB Risk / Return Rank: 2
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 2
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 2
BITB Martin Ratio Rank: 2

BITU

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

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.

BITB vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Proshares Ultra Bitcoin ETF (BITU). 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.

	BITB	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	-0.89	-0.12
Sortino ratio: Return per unit of downside risk	-1.48	-1.70	+0.21
Omega ratio: Gain probability vs. loss probability	0.84	0.81	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.94	+0.10
Martin ratio: Return relative to average drawdown	-1.35	-1.38	+0.03

BITB vs. BITU - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.01, which is comparable to the BITU Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BITB and BITU, 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

BITB vs. BITU - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for BITB and BITU.

Drawdown Indicators

	BITB	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-83.45%	+30.12%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-83.45%	+30.12%
Current Drawdown Current decline from peak	-48.37%	-80.03%	+31.66%
Average Drawdown Average peak-to-trough decline	-17.66%	-36.71%	+19.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.98%	56.66%	-23.68%

Volatility

BITB vs. BITU - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 11.75%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 23.10%. This indicates that BITB experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.75%	23.10%	-11.35%
Volatility (6M) Calculated over the trailing 6-month period	34.93%	70.46%	-35.53%
Volatility (1Y) Calculated over the trailing 1-year period	44.36%	88.36%	-44.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.73%	96.81%	-47.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.73%	96.81%	-47.08%

BITB vs. BITU - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than BITU's 0.95% expense ratio.

Dividends

BITB vs. BITU - Dividend Comparison

BITB has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 86.38%.

Position	TTM	2025	2024
BITB Bitwise Bitcoin ETF	0.00%	0.00%	0.00%
BITU Proshares Ultra Bitcoin ETF	86.38%	50.23%	0.12%

Frequently Asked Questions

Can I hold both BITB and BITU in my portfolio?

With a correlation of 1.00, BITB and BITU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITB or BITU?

BITU has higher volatility (23.10%) compared to BITB (11.75%). In terms of maximum drawdown, BITB dropped -53.33% vs BITU's -83.45%.

Which ETF is better, BITB or BITU?

On 1-year performance, BITB leads with -44.37% vs -78.08% for BITU. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 11.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or BITU?

Over the 1-year period, BITB has performed better with a -44.37% return vs -78.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or BITU?

BITB is cheaper with a 0.20% expense ratio, compared with 0.95% for BITU.

Which ETF pays a higher dividend yield, BITB or BITU?

BITU has the higher dividend yield at 86.38%, compared with 0.00% for BITB.

What is the main difference between BITB and BITU?

BITB tracks CME CF Bitcoin Reference Rate - New York Variant, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. They also come from different issuers: Bitwise Asset Management and ProShares. Their fees differ too: 0.20% for BITB and 0.95% for BITU.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.89 vs -1.00), 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.