BITC vs. UPRO
BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - BITC is a Cryptocurrency fund actively managed by Bitwise, while UPRO is a Leveraged Equities fund tracking the S&P 500. BITC is actively managed, while UPRO is passively managed. Over the past 3 years, BITC returned 30.36%/yr vs 49.06%/yr for UPRO. Their 0.28 correlation means their historical movements had little consistent relationship. BITC charges 0.88%/yr vs 0.89%/yr for UPRO.
Performance
BITC vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, BITC achieves a -1.73% return, which is significantly lower than UPRO's 33.75% return.
BITC
- 1D
- -0.01%
- 1M
- -1.28%
- 6M
- -0.93%
- YTD
- -1.73%
- 1Y
- -24.61%
- 3Y*
- 30.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 26.46%
UPRO
- 1D
- 5.34%
- 1M
- 9.50%
- 6M
- 30.93%
- YTD
- 33.75%
- 1Y
- 61.82%
- 3Y*
- 49.06%
- 5Y*
- 20.91%
- 10Y*
- 29.22%
- ALL TIME*
- 33.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.56K | $67.09K | $86.92K | |
| $337.28M | $304.70M | $362.53M |
BITC vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | -1.73% | -20.46% | 97.86% | 42.71% |
UPRO ProShares UltraPro S&P 500 | 33.75% | 31.88% | 63.57% | 59.48% |
Correlation
The correlation between BITC and UPRO is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023 | 0.28 |
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Return for Risk
BITC vs. UPRO — Risk / Return Rank
BITC
UPRO
BITC vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and ProShares UltraPro S&P 500 (UPRO). 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.
| BITC | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.60 | ||
| Sortino ratioReturn per unit of downside risk | -3.45 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.27 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.32 | -3.21 |
| Martin ratioReturn relative to average drawdown | -1.18 | 8.87 | -10.05 |
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Drawdowns
BITC vs. UPRO - Drawdown Comparison
The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for BITC and UPRO.
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Drawdown Indicators
| BITC | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.51% | -76.82% | +38.31% |
Max Drawdown (1Y)Largest decline over 1 year | -27.89% | -26.78% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -38.51% | -48.87% | +10.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.82% | — |
Current DrawdownCurrent decline from peak | -32.46% | 0.00% | -32.46% |
Average DrawdownAverage peak-to-trough decline | -17.02% | -14.34% | -2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.86% | 6.99% | +13.87% |
Volatility
BITC vs. UPRO - Volatility Comparison
The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 8.07%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 12.34%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITC | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 12.34% | -4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 30.99% | -12.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.11% | 38.70% | -13.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.76% | 50.79% | -5.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.76% | 53.83% | -8.07% |
BITC vs. UPRO - Expense Ratio Comparison
BITC has a 0.88% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
BITC vs. UPRO - Dividend Comparison
BITC's dividend yield for the trailing twelve months is around 3.42%, more than UPRO's 0.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.42% | 3.36% | 42.68% | 5.82% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.70% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
BITC and UPRO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (12.34%) compared to BITC (8.07%). In terms of maximum drawdown, BITC dropped -38.51% vs UPRO's -76.82%.
On 3-year performance, UPRO leads with 49.06% vs 30.36% for BITC. On fees, BITC is cheaper at 0.88% per year. On volatility, BITC has been the lower-risk option at 8.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UPRO has performed better with a 49.06% return vs 30.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITC is cheaper with a 0.88% expense ratio, compared with 0.89% for UPRO.
BITC has the higher dividend yield at 3.42%, compared with 0.70% for UPRO.
BITC is categorized as Cryptocurrency, while UPRO is Leveraged Equities. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.88% for BITC and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.62 vs -0.98), 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.
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