BITU vs. BETE

Last updated Jun 4, 2026

BITU (Proshares Ultra Bitcoin ETF) and BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) are both Cryptocurrency funds from ProShares. Over the past year, BITU returned -73.07% vs -35.67% for BETE. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

BITU vs. BETE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITU achieves a -52.92% return, which is significantly lower than BETE's -34.13% return.

BITU

• 1D: -5.58%
• 1M: -34.84%
• YTD: -52.92%
• 6M: -59.11%
• 1Y: -73.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BETE

• 1D: -4.17%
• 1M: -21.37%
• YTD: -34.13%
• 6M: -38.03%
• 1Y: -35.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. BETE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-34.13%	-8.17%	14.82%

Correlation

The correlation between BITU and BETE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.93

The correlation between BITU and BETE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

BITU vs. BETE — Risk / Return Rank

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

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 1

BETE

BETE Risk / Return Rank: 4
BETE Sharpe Ratio Rank: 3
BETE Sortino Ratio Rank: 4
BETE Omega Ratio Rank: 4
BETE Calmar Ratio Rank: 3
BETE Martin Ratio Rank: 4

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.

BITU vs. BETE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE). 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.

	BITU	BETE	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.65	-0.19
Sortino ratio: Return per unit of downside risk	-1.44	-0.74	-0.70
Omega ratio: Gain probability vs. loss probability	0.84	0.92	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.63	-0.30
Martin ratio: Return relative to average drawdown	-1.47	-1.07	-0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITU vs. BETE - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is comparable to the BETE Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of BITU and BETE, 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

	BITU	BETE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.65	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.24	-0.59

Drawdowns

BITU vs. BETE - Drawdown Comparison

The maximum BITU drawdown since its inception was -78.94%, which is greater than BETE's maximum drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for BITU and BETE.

Drawdown Indicators

	BITU	BETE	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-56.81%	-22.13%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	-56.81%	-22.13%
Current Drawdown Current decline from peak	-78.94%	-56.81%	-22.13%
Average Drawdown Average peak-to-trough decline	-34.49%	-21.36%	-13.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.84%	33.46%	+16.38%

Volatility

BITU vs. BETE - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 18.99% compared to Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) at 9.55%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than BETE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BETE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	9.55%	+9.44%
Volatility (6M) Calculated over the trailing 6-month period	69.41%	40.03%	+29.38%
Volatility (1Y) Calculated over the trailing 1-year period	87.00%	54.95%	+32.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	56.48%	+40.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	56.48%	+40.97%

BITU vs. BETE - Expense Ratio Comparison

Both BITU and BETE have an expense ratio of 0.95%.

Dividends

BITU vs. BETE - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 83.36%, which matches BETE's 83.91% yield.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	83.91%	68.22%	15.22%	0.78%
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%	0.00%

Frequently Asked Questions

Can I hold both BITU and BETE in my portfolio?

With a correlation of 0.94, BITU and BETE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITU or BETE?

BITU has higher volatility (18.99%) compared to BETE (9.55%). In terms of maximum drawdown, BITU dropped -78.94% vs BETE's -56.81%.

Which ETF is better, BITU or BETE?

On 1-year performance, BETE leads with -35.67% vs -73.07% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, BETE has been the lower-risk option at 9.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or BETE?

Over the 1-year period, BETE has performed better with a -35.67% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or BETE?

BITU and BETE have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BITU or BETE?

BETE has the higher dividend yield at 83.91%, compared with 83.36% for BITU.

Which has better risk-adjusted returns?

BETE currently has the higher Sharpe Ratio (-0.65 vs -0.84), 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.