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 17.05%/yr vs 118.50%/yr for USD. At a 0.39 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 -33.32% return, which is significantly lower than USD's 92.18% return.
BITO
- 1D
- -1.10%
- 1M
- -22.17%
- YTD
- -33.32%
- 6M
- -33.16%
- 1Y
- -47.20%
- 3Y*
- 17.05%
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- 4.73%
- 1M
- -0.57%
- YTD
- 92.18%
- 6M
- 86.88%
- 1Y
- 185.02%
- 3Y*
- 118.50%
- 5Y*
- 64.73%
- 10Y*
- 62.72%
BITO vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -33.32% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
USD ProShares Ultra Semiconductors | 92.18% | 62.08% | 139.64% | 228.79% | -68.57% | 43.03% |
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 | 0.32 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.39 |
The correlation between BITO and USD shifts across timeframes, from 0.32 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.
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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.
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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.82 | ||
| Sortino ratioReturn per unit of downside risk | -4.42 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.38 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 5.86 | -6.73 |
| Martin ratioReturn relative to average drawdown | -1.49 | 16.16 | -17.65 |
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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 | -54.01% | -31.80% | -22.21% |
Max Drawdown (3Y)Largest decline over 3 years | -54.01% | -64.46% | +10.45% |
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 | -54.01% | -11.21% | -42.80% |
Average DrawdownAverage peak-to-trough decline | -36.89% | -32.29% | -4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.65% | 11.50% | +20.15% |
Volatility
BITO vs. USD - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 12.96%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. 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 | 12.96% | 33.79% | -20.83% |
Volatility (6M)Calculated over the trailing 6-month period | 34.32% | 53.90% | -19.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.16% | 67.84% | -23.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.00% | 77.74% | -22.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.00% | 69.82% | -14.82% |
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 74.68%, more than USD's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 74.68% | 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 | 0.30% | 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 (33.79%) compared to BITO (12.96%). In terms of maximum drawdown, BITO dropped -77.86% vs USD's -88.63%.
On 3-year performance, USD leads with 118.50% vs 17.05% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.96%. 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 118.50% return vs 17.05%. 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 74.68%, compared with 0.30% for USD.
BITO is categorized as Cryptocurrency, while USD is Leveraged Equities.
USD currently has the higher Sharpe Ratio (2.75 vs -1.07), 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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