BITO vs. USD
BITO (ProShares Bitcoin Strategy ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). BITO is actively managed, while USD is passively managed. Over the past 3 years, BITO returned 26.82%/yr vs 125.78%/yr for USD. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
BITO vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than USD's 103.32% return.
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
BITO vs. USD - 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% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 40.18% |
Correlation
The correlation between BITO and USD is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | 0.38 |
The correlation between BITO and USD shifts across timeframes, from 0.30 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.
BITO vs. USD - Sectors Allocation Comparison
Sectors
BITO
USD
Financial Services
Basic Materials
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-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Financial Services
BITO
USD
Basic Materials
BITO
-
USD
-
Communication Services
BITO
-
USD
-
Consumer Cyclical
BITO
-
USD
-
Consumer Defensive
BITO
-
USD
-
Energy
BITO
-
USD
Healthcare
BITO
-
USD
-
Industrials
BITO
-
USD
-
Real Estate
BITO
-
USD
-
Technology
BITO
-
USD
Utilities
BITO
-
USD
-
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Return for Risk
BITO vs. USD — Risk / Return Rank
BITO
USD
BITO vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) 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.
| BITO | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.09 | ||
| Sortino ratioReturn per unit of downside risk | -5.01 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.48 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 7.94 | -8.77 |
| Martin ratioReturn relative to average drawdown | -1.44 | 22.96 | -24.40 |
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
| BITO | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | 4.12 | -5.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.89 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.49 | -0.59 |
Drawdowns
BITO vs. USD - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BITO and USD.
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Drawdown Indicators
| BITO | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -88.63% | +10.77% |
Max Drawdown (1Y)Largest decline over 1 year | -50.64% | -31.80% | -18.84% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -64.46% | +13.82% |
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 | -50.64% | -6.07% | -44.57% |
Average DrawdownAverage peak-to-trough decline | -36.75% | -32.35% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.27% | 10.98% | +18.29% |
Volatility
BITO vs. USD - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 9.03%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that BITO 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
| BITO | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.03% | 21.29% | -12.26% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 46.74% | -13.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 61.28% | -17.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.10% | 76.56% | -21.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.10% | 69.24% | -14.14% |
BITO vs. USD - Expense Ratio Comparison
Both BITO and USD have an expense ratio of 0.95%.
Dividends
BITO vs. USD - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 69.59%, more than USD's 0.23% 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% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
BITO and USD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to BITO (9.03%). In terms of maximum drawdown, BITO dropped -77.86% vs USD's -88.63%.
On 3-year performance, USD leads with 125.78% vs 26.82% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USD has performed better with a 125.78% return vs 26.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO and USD have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 69.59%, compared with 0.23% for USD.
BITO is categorized as Cryptocurrency, while USD is Leveraged Equities.
USD currently has the higher Sharpe Ratio (4.12 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.
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