BITO vs. UGL

Last updated Jun 14, 2026

BITO (ProShares Bitcoin Strategy ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). BITO is actively managed, while UGL is passively managed. Over the past 3 years, BITO returned 26.35%/yr vs 47.90%/yr for UGL. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BITO vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and ProShares Ultra Gold (UGL). 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 UGL's -12.66% return.

BITO

• 1D: 0.12%
• 1M: -19.87%
• YTD: -28.44%
• 6M: -30.74%
• 1Y: -41.98%
• 3Y*: 26.35%
• 5Y*: —
• 10Y*: —

UGL

• 1D: 0.08%
• 1M: -14.99%
• YTD: -12.66%
• 6M: -12.99%
• 1Y: 29.41%
• 3Y*: 47.90%
• 5Y*: 24.60%
• 10Y*: 16.37%

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

BITO vs. UGL - 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%	-29.31%
UGL ProShares Ultra Gold	-12.66%	137.57%	46.36%	15.56%	-7.59%	6.75%

Correlation

The correlation between BITO and UGL is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.11

Return for Risk

BITO vs. UGL — 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

UGL

UGL Risk / Return Rank: 21
UGL Sharpe Ratio Rank: 20
UGL Sortino Ratio Rank: 22
UGL Omega Ratio Rank: 26
UGL Calmar Ratio Rank: 19
UGL Martin Ratio Rank: 20

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. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and ProShares Ultra Gold (UGL). 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	UGL	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	0.61	-1.59
Sortino ratio: Return per unit of downside risk	-1.43	1.07	-2.50
Omega ratio: Gain probability vs. loss probability	0.84	1.16	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.81	0.71	-1.52
Martin ratio: Return relative to average drawdown	-1.42	1.85	-3.27

BITO vs. UGL - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.98, which is lower than the UGL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of BITO and UGL, 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

BITO vs. UGL - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for BITO and UGL.

Drawdown Indicators

	BITO	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-75.93%	-1.93%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-46.64%	-6.46%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	-46.64%	-6.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.64%	—
Current Drawdown Current decline from peak	-50.64%	-43.37%	-7.27%
Average Drawdown Average peak-to-trough decline	-36.79%	-43.62%	+6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.32%	17.76%	+12.56%

Volatility

BITO vs. UGL - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 11.73%, while ProShares Ultra Gold (UGL) has a volatility of 15.51%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	15.51%	-3.78%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	48.64%	-14.44%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	54.39%	-10.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.07%	36.61%	+18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.07%	32.58%	+22.49%

BITO vs. UGL - Expense Ratio Comparison

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

Dividends

BITO vs. UGL - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, while UGL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and UGL in my portfolio?

BITO and UGL have a correlation of 0.21, 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 UGL?

UGL has higher volatility (15.51%) compared to BITO (11.73%). In terms of maximum drawdown, BITO dropped -77.86% vs UGL's -75.93%.

Which ETF is better, BITO or UGL?

On 3-year performance, UGL leads with 47.90% vs 26.35% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 11.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or UGL?

Over the 3-year period, UGL has performed better with a 47.90% return vs 26.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or UGL?

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

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

BITO has the higher dividend yield at 69.59%, compared with 0.00% for UGL.

What is the main difference between BITO and UGL?

BITO is categorized as Cryptocurrency, while UGL is Leveraged Commodities.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.61 vs -0.98), 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.