BITC vs. UPRO
Compare and contrast key facts about Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and ProShares UltraPro S&P 500 (UPRO).
BITC and UPRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITC is an actively managed fund by Bitwise. It was launched on Mar 20, 2023. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009.
Performance
BITC vs. UPRO - Performance Comparison
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BITC vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | -0.39% | -20.46% | 97.86% | 42.29% |
UPRO ProShares UltraPro S&P 500 | -14.14% | 31.88% | 63.57% | 53.58% |
Returns By Period
In the year-to-date period, BITC achieves a -0.39% return, which is significantly higher than UPRO's -14.14% return.
BITC
- 1D
- -0.28%
- 1M
- -0.12%
- YTD
- -0.39%
- 6M
- -17.21%
- 1Y
- -9.45%
- 3Y*
- 30.37%
- 5Y*
- —
- 10Y*
- —
UPRO
- 1D
- 2.26%
- 1M
- -13.81%
- YTD
- -14.14%
- 6M
- -11.56%
- 1Y
- 34.19%
- 3Y*
- 38.31%
- 5Y*
- 17.16%
- 10Y*
- 25.53%
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BITC vs. UPRO - Expense Ratio Comparison
BITC has a 0.88% expense ratio, which is lower than UPRO's 0.92% expense ratio.
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.
| BITC | UPRO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.36 | 0.63 | -0.99 |
Sortino ratioReturn per unit of downside risk | -0.33 | 1.21 | -1.55 |
Omega ratioGain probability vs. loss probability | 0.95 | 1.18 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | -0.36 | 1.06 | -1.43 |
Martin ratioReturn relative to average drawdown | -0.58 | 4.22 | -4.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BITC | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | 0.63 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.34 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.60 | +0.04 |
Correlation
The correlation between BITC and UPRO is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BITC vs. UPRO - Dividend Comparison
BITC's dividend yield for the trailing twelve months is around 3.38%, more than UPRO's 1.02% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.38% | 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 | 1.02% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
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 | -26.51% | -33.38% | +6.87% |
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 | -31.54% | -18.68% | -12.86% |
Average DrawdownAverage peak-to-trough decline | -15.81% | -14.53% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.53% | 8.41% | +8.12% |
Volatility
BITC vs. UPRO - Volatility Comparison
The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 12.07%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 16.04%. 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 | 12.07% | 16.04% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 19.16% | 28.48% | -9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.66% | 54.36% | -27.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.60% | 50.34% | -2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.60% | 53.69% | -6.09% |