BITO vs. UVXY

Last updated Jul 17, 2026

BITO (ProShares Bitcoin Strategy ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). BITO is actively managed, while UVXY is passively managed. Over the past 3 years, BITO returned 21.06%/yr vs -62.17%/yr for UVXY. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

BITO vs. UVXY - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -27.77% return, which is significantly higher than UVXY's -34.93% return.

BITO

• 1D: -0.91%
• 1M: -2.11%
• 6M: -33.51%
• YTD: -27.77%
• 1Y: -48.16%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 2.95%
• 1M: -9.52%
• 6M: -33.79%
• YTD: -34.93%
• 1Y: -73.19%
• 3Y*: -62.17%
• 5Y*: -68.33%
• 10Y*: -72.05%

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

BITO vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-27.77%	-11.19%	104.45%	137.33%	-63.91%	-29.31%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-34.93%	-65.32%	-50.90%	-87.70%	-44.81%	-29.29%

Correlation

The correlation between BITO and UVXY is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.34

Return for Risk

BITO vs. UVXY — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 1
BITO Martin Ratio Rank: 1

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.86	-0.24
Sortino ratio: Return per unit of downside risk	-1.70	-1.59	-0.11
Omega ratio: Gain probability vs. loss probability	0.81	0.82	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.99	+0.11
Martin ratio: Return relative to average drawdown	-1.42	-1.48	+0.06

BITO vs. UVXY - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.10, which is comparable to the UVXY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BITO and UVXY, 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. UVXY - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BITO and UVXY.

Drawdown Indicators

	BITO	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-100.00%	+22.14%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-73.88%	+19.41%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	-95.42%	+40.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-50.18%	-100.00%	+49.82%
Average Drawdown Average peak-to-trough decline	-37.06%	-98.76%	+61.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.91%	49.56%	-15.65%

Volatility

BITO vs. UVXY - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 10.49%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	17.16%	-6.67%
Volatility (6M) Calculated over the trailing 6-month period	34.48%	66.78%	-32.30%
Volatility (1Y) Calculated over the trailing 1-year period	44.10%	85.47%	-41.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.80%	103.82%	-49.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	112.00%	-57.20%

BITO vs. UVXY - Expense Ratio Comparison

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

Dividends

BITO vs. UVXY - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 60.24%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.24%	78.29%	61.59%	15.14%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and UVXY in my portfolio?

BITO and UVXY have a correlation of -0.38, 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 UVXY?

UVXY has higher volatility (17.16%) compared to BITO (10.49%). In terms of maximum drawdown, BITO dropped -77.86% vs UVXY's -100.00%.

Which ETF is better, BITO or UVXY?

On 3-year performance, BITO leads with 21.06% vs -62.17% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 10.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or UVXY?

Over the 3-year period, BITO has performed better with a 21.06% return vs -62.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or UVXY?

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

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

BITO has the higher dividend yield at 60.24%, compared with 0.00% for UVXY.

What is the main difference between BITO and UVXY?

BITO is categorized as Cryptocurrency, while UVXY is Volatility.

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.86 vs -1.10), 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.