BITI vs. UVXY

Last updated Jul 17, 2026

BITI (ProShares Short Bitcoin ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 3 years, BITI returned -31.62%/yr vs -62.17%/yr for UVXY. At a 0.30 correlation, their price movements are largely independent. BITI charges 1.03%/yr vs 0.95%/yr for UVXY.

Performance

BITI vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Bitcoin ETF (BITI) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITI achieves a 24.48% return, which is significantly higher than UVXY's -34.93% return.

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 2.95%
• 1M: -9.52%
• 6M: -33.79%
• YTD: -34.93%
• 1Y: -73.19%
• 3Y*: -62.17%
• 5Y*: -68.33%
• 10Y*: -72.05%

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

BITI vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-34.93%	-65.32%	-50.90%	-87.70%	-57.63%

Correlation

The correlation between BITI and UVXY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	0.30

Return for Risk

BITI vs. UVXY — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Bitcoin ETF (BITI) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

	BITI	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	1.47	-0.86	+2.33
Sortino ratio: Return per unit of downside risk	2.04	-1.59	+3.63
Omega ratio: Gain probability vs. loss probability	1.25	0.82	+0.42
Calmar ratio: Return relative to maximum drawdown	2.57	-0.99	+3.56
Martin ratio: Return relative to average drawdown	6.38	-1.48	+7.86

BITI vs. UVXY - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.47, which is higher than the UVXY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BITI and UVXY, 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

BITI vs. UVXY - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BITI and UVXY.

Drawdown Indicators

	BITI	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-100.00%	+7.84%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-73.88%	+48.60%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	-95.42%	+10.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-86.41%	-100.00%	+13.59%
Average Drawdown Average peak-to-trough decline	-68.40%	-98.76%	+30.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.16%	49.56%	-39.40%

Volatility

BITI vs. UVXY - Volatility Comparison

The current volatility for ProShares Short Bitcoin ETF (BITI) is 10.76%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.76%	17.16%	-6.40%
Volatility (6M) Calculated over the trailing 6-month period	34.28%	66.78%	-32.50%
Volatility (1Y) Calculated over the trailing 1-year period	44.15%	85.47%	-41.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.24%	103.82%	-51.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.24%	112.00%	-59.76%

BITI vs. UVXY - Expense Ratio Comparison

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

Dividends

BITI vs. UVXY - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 15.62%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and UVXY in my portfolio?

BITI and UVXY have a correlation of 0.39, 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 UVXY?

UVXY has higher volatility (17.16%) compared to BITI (10.76%). In terms of maximum drawdown, BITI dropped -92.16% vs UVXY's -100.00%.

Which ETF is better, BITI or UVXY?

On 3-year performance, BITI leads with -31.62% vs -62.17% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or UVXY?

Over the 3-year period, BITI has performed better with a -31.62% return vs -62.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or UVXY?

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

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

BITI has the higher dividend yield at 15.62%, compared with 0.00% for UVXY.

What is the main difference between BITI and UVXY?

BITI is categorized as Cryptocurrency, while UVXY is Volatility. BITI tracks Bloomberg Bitcoin Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 1.03% for BITI and 0.95% for UVXY.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.86), 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.