BITI vs. USD
Compare and contrast key facts about ProShares Shrt Bitcoin ETF (BITI) and ProShares Ultra Semiconductors (USD).
BITI and USD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITI is a passively managed fund by ProShares that tracks the performance of the Bloomberg Bitcoin Index (-100%). It was launched on Jun 21, 2022. USD is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Semiconductors Index (200%). It was launched on Jan 30, 2007. Both BITI and USD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BITI vs. USD - Performance Comparison
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BITI vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 22.14% | -1.76% | -62.60% | -66.17% | -0.06% |
USD ProShares Ultra Semiconductors | -3.87% | 62.08% | 139.64% | 228.79% | -19.56% |
Returns By Period
In the year-to-date period, BITI achieves a 22.14% return, which is significantly higher than USD's -3.87% return.
BITI
- 1D
- 1.77%
- 1M
- 0.78%
- YTD
- 22.14%
- 6M
- 64.04%
- 1Y
- 15.36%
- 3Y*
- -34.12%
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- 1.08%
- 1M
- -1.70%
- YTD
- -3.87%
- 6M
- -2.71%
- 1Y
- 144.73%
- 3Y*
- 92.19%
- 5Y*
- 44.90%
- 10Y*
- 50.94%
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BITI vs. USD - Expense Ratio Comparison
BITI has a 1.03% expense ratio, which is higher than USD's 0.95% expense ratio.
Return for Risk
BITI vs. USD — Risk / Return Rank
BITI
USD
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 ratioReturn per unit of total volatility | 0.34 | 1.89 | -1.55 |
Sortino ratioReturn per unit of downside risk | 0.79 | 2.43 | -1.64 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.34 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | 0.33 | 4.65 | -4.33 |
Martin ratioReturn relative to average drawdown | 0.51 | 12.68 | -12.17 |
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
| BITI | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.34 | 1.89 | -1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.59 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.74 | 0.41 | -1.15 |
Correlation
The correlation between BITI and USD is -0.34. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
BITI vs. USD - Dividend Comparison
BITI's dividend yield for the trailing twelve months is around 8.08%, more than USD's 0.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 8.08% | 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 | 0.48% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
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.
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Drawdown Indicators
| BITI | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.16% | -88.63% | -3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -31.80% | -7.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -77.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -86.66% | -20.39% | -66.27% |
Average DrawdownAverage peak-to-trough decline | -67.05% | -32.60% | -34.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.26% | 11.67% | +13.59% |
Volatility
BITI vs. USD - Volatility Comparison
The current volatility for ProShares Shrt Bitcoin ETF (BITI) is 10.58%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.33%. 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.
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Volatility by Period
| BITI | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.58% | 21.33% | -10.75% |
Volatility (6M)Calculated over the trailing 6-month period | 36.21% | 48.69% | -12.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.11% | 77.08% | -31.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.16% | 76.21% | -23.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.16% | 68.83% | -15.67% |