BITI vs. USD

Last updated Jun 5, 2026

BITI (ProShares Shrt Bitcoin ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 3 years, BITI returned -34.84%/yr vs 125.78%/yr for USD. At a correlation of -0.34, they often move in opposite directions. BITI charges 1.03%/yr vs 0.95%/yr for USD.

Performance

BITI vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Shrt Bitcoin ETF (BITI) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITI achieves a 27.41% return, which is significantly lower than USD's 103.32% return.

BITI

• 1D: 2.70%
• 1M: 27.75%
• YTD: 27.41%
• 6M: 34.37%
• 1Y: 47.79%
• 3Y*: -34.84%
• 5Y*: —
• 10Y*: —

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

BITI vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	27.41%	-1.76%	-62.60%	-66.17%	-0.06%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-19.56%

Correlation

The correlation between BITI and USD is -0.42, 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	-0.42
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	-0.34

The correlation between BITI and USD shifts across timeframes, from -0.42 (1 year) to -0.30 (3 years), reflecting how their relationship changes across market environments.

BITI vs. USD - Sectors Allocation Comparison

Sectors	BITI	USD
Financial Services	28.5%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

BITI vs. USD — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 32
BITI Sharpe Ratio Rank: 31
BITI Sortino Ratio Rank: 32
BITI Omega Ratio Rank: 30
BITI Calmar Ratio Rank: 39
BITI Martin Ratio Rank: 29

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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.

BITI vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and ProShares Ultra Semiconductors (USD). 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.

	BITI	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.10	4.12	-3.02
Sortino ratio: Return per unit of downside risk	1.67	3.62	-1.95
Omega ratio: Gain probability vs. loss probability	1.20	1.48	-0.28
Calmar ratio: Return relative to maximum drawdown	1.90	7.94	-6.04
Martin ratio: Return relative to average drawdown	4.06	22.96	-18.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITI vs. USD - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.10, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of BITI and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITI	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	4.12	-3.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	0.49	-1.20

Drawdowns

BITI vs. USD - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BITI and USD.

Drawdown Indicators

	BITI	USD	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-88.63%	-3.53%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-31.80%	+6.52%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	-64.46%	-20.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-86.09%	-6.07%	-80.02%
Average Drawdown Average peak-to-trough decline	-67.97%	-32.35%	-35.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	10.98%	+0.82%

Volatility

BITI vs. USD - Volatility Comparison

The current volatility for ProShares Shrt Bitcoin ETF (BITI) is 8.92%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	21.29%	-12.37%
Volatility (6M) Calculated over the trailing 6-month period	33.40%	46.74%	-13.34%
Volatility (1Y) Calculated over the trailing 1-year period	43.55%	61.28%	-17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.50%	76.56%	-24.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.50%	69.24%	-16.74%

BITI vs. USD - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

BITI vs. USD - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.27%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITI ProShares Shrt Bitcoin ETF	9.27%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.23%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both BITI and USD in my portfolio?

BITI and USD have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITI or USD?

USD has higher volatility (21.29%) compared to BITI (8.92%). In terms of maximum drawdown, BITI dropped -92.16% vs USD's -88.63%.

Which ETF is better, BITI or USD?

On 3-year performance, USD leads with 125.78% vs -34.84% for BITI. On fees, USD is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 8.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or USD?

Over the 3-year period, USD has performed better with a 125.78% return vs -34.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or USD?

USD is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, BITI or USD?

BITI has the higher dividend yield at 9.27%, compared with 0.23% for USD.

What is the main difference between BITI and USD?

BITI is categorized as Cryptocurrency, while USD is Leveraged Equities. BITI tracks Bloomberg Bitcoin Index (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 1.03% for BITI and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 1.10), 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.