BITO vs. BITU
BITO (ProShares Bitcoin Strategy ETF) and BITU (Proshares Ultra Bitcoin ETF) are both Cryptocurrency funds from ProShares. BITO is actively managed, while BITU is passively managed. Over the past year, BITO returned -46.40% vs -78.13% for BITU. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.
Performance
BITO vs. BITU - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -29.42% return, which is significantly higher than BITU's -58.54% return.
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
BITU
- 1D
- -5.81%
- 1M
- 2.83%
- 6M
- -53.44%
- YTD
- -58.54%
- 1Y
- -78.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -34.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $38.79M | $39.32M | $47.38M |
BITO vs. BITU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 26.37% |
BITU Proshares Ultra Bitcoin ETF | -58.54% | -37.07% | 41.85% |
Correlation
The correlation between BITO and BITU is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | 0.99 |
The correlation between BITO and BITU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
BITO vs. BITU — Risk / Return Rank
BITO
BITU
BITO vs. BITU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Proshares Ultra Bitcoin ETF (BITU). 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.
| BITO | BITU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.80 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.96 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.34 | -0.02 |
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Drawdowns
BITO vs. BITU - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for BITO and BITU.
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Drawdown Indicators
| BITO | BITU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -83.45% | +5.59% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -83.45% | +28.98% |
Max Drawdown (3Y)Largest decline over 3 years | -54.47% | — | — |
Current DrawdownCurrent decline from peak | -51.32% | -81.46% | +30.14% |
Average DrawdownAverage peak-to-trough decline | -37.18% | -37.61% | +0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.48% | 59.30% | -23.82% |
Volatility
BITO vs. BITU - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 8.96%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 17.90%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITO | BITU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.96% | 17.90% | -8.94% |
Volatility (6M)Calculated over the trailing 6-month period | 33.45% | 67.92% | -34.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 88.38% | -44.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.60% | 96.07% | -41.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.60% | 96.07% | -41.47% |
BITO vs. BITU - Expense Ratio Comparison
Both BITO and BITU have an expense ratio of 0.95%.
Dividends
BITO vs. BITU - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 61.66%, less than BITU's 93.04% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% |
BITU Proshares Ultra Bitcoin ETF | 82.40% | 50.23% | 0.12% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, BITO and BITU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BITU has higher volatility (17.90%) compared to BITO (8.96%). In terms of maximum drawdown, BITO dropped -77.86% vs BITU's -83.45%.
On 1-year performance, BITO leads with -46.40% vs -78.13% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITO has performed better with a -46.40% return vs -78.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO and BITU have the same expense ratio: 0.95% per year.
BITU has the higher dividend yield at 82.40%, compared with 47.47% for BITO.
BITU currently has the higher Sharpe Ratio (-0.90 vs -1.09), 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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