BITO vs. QLD

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). BITO is actively managed, while QLD is passively managed. Over the past 3 years, BITO returned 26.82%/yr vs 49.60%/yr for QLD. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BITO vs. QLD - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than QLD's 40.66% return.

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

QLD

• 1D: -0.98%
• 1M: 17.34%
• YTD: 40.66%
• 6M: 36.42%
• 1Y: 82.72%
• 3Y*: 49.60%
• 5Y*: 25.50%
• 10Y*: 35.87%

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

BITO vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-31.09%
QLD ProShares Ultra QQQ	40.66%	30.36%	42.82%	117.72%	-60.52%	11.32%

Correlation

The correlation between BITO and QLD is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.43

The correlation between BITO and QLD shifts across timeframes, from 0.35 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

BITO vs. QLD - Sectors Allocation Comparison

Sectors	BITO	QLD
Financial Services	68.5%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

BITO vs. QLD — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

QLD

QLD Risk / Return Rank: 70
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 69
QLD Omega Ratio Rank: 68
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 65

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.

BITO vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and ProShares Ultra QQQ (QLD). 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.

	BITO	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.61	-3.58
Sortino ratio: Return per unit of downside risk	-1.39	3.09	-4.48
Omega ratio: Gain probability vs. loss probability	0.84	1.40	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.83	3.31	-4.14
Martin ratio: Return relative to average drawdown	-1.44	11.53	-12.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. QLD - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.97, which is lower than the QLD Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of BITO and QLD, 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

	BITO	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	2.61	-3.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.59	-0.70

Drawdowns

BITO vs. QLD - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for BITO and QLD.

Drawdown Indicators

	BITO	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-83.13%	+5.27%
Max Drawdown (1Y) Largest decline over 1 year	-50.64%	-25.13%	-25.51%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	-42.29%	-8.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-50.64%	-1.50%	-49.14%
Average Drawdown Average peak-to-trough decline	-36.75%	-18.17%	-18.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	7.20%	+22.07%

Volatility

BITO vs. QLD - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) and ProShares Ultra QQQ (QLD) have volatilities of 9.03% and 8.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	8.93%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	24.08%	+9.63%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	31.84%	+11.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.10%	44.72%	+10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.10%	44.55%	+10.55%

BITO vs. QLD - Expense Ratio Comparison

Both BITO and QLD have an expense ratio of 0.95%.

Dividends

BITO vs. QLD - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, more than QLD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both BITO and QLD in my portfolio?

BITO and QLD have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or QLD?

BITO has higher volatility (9.03%) compared to QLD (8.93%). In terms of maximum drawdown, BITO dropped -77.86% vs QLD's -83.13%.

Which ETF is better, BITO or QLD?

On 3-year performance, QLD leads with 49.60% vs 26.82% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or QLD?

Over the 3-year period, QLD has performed better with a 49.60% return vs 26.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or QLD?

BITO and QLD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BITO or QLD?

BITO has the higher dividend yield at 69.59%, compared with 0.12% for QLD.

What is the main difference between BITO and QLD?

BITO is categorized as Cryptocurrency, while QLD is Leveraged Equities.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.61 vs -0.97), 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.