BITU vs. BITB

Last updated Jun 24, 2026

BITU (Proshares Ultra Bitcoin ETF) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds - BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross while BITB tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, BITU returned -74.19% vs -39.79% for BITB. With a 0.99 correlation, they move nearly in lockstep. BITU charges 0.95%/yr vs 0.20%/yr for BITB.

Performance

BITU vs. BITB - Performance Comparison

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

Returns By Period

In the year-to-date period, BITU achieves a -58.07% return, which is significantly lower than BITB's -28.85% return.

BITU

• 1D: -6.41%
• 1M: -34.27%
• YTD: -58.07%
• 6M: -58.34%
• 1Y: -74.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: -3.23%
• 1M: -17.74%
• YTD: -28.85%
• 6M: -28.92%
• 1Y: -39.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-58.07%	-37.07%	41.85%
BITB Bitwise Bitcoin ETF	-28.85%	-6.47%	33.57%

Correlation

The correlation between BITU and BITB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.99

The correlation between BITU and BITB has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

BITU vs. BITB — 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

BITB

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

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. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and Bitwise Bitcoin ETF (BITB). 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.

	BITU	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.90	+0.06
Sortino ratio: Return per unit of downside risk	-1.46	-1.26	-0.21
Omega ratio: Gain probability vs. loss probability	0.84	0.86	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.77	-0.14
Martin ratio: Return relative to average drawdown	-1.40	-1.30	-0.09

BITU vs. BITB - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is comparable to the BITB Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BITU and BITB, 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

BITU vs. BITB - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, which is greater than BITB's maximum drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for BITU and BITB.

Drawdown Indicators

	BITU	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-52.04%	-30.17%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	-52.04%	-30.17%
Current Drawdown Current decline from peak	-81.25%	-50.43%	-30.82%
Average Drawdown Average peak-to-trough decline	-35.50%	-16.85%	-18.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.05%	30.56%	+22.49%

Volatility

BITU vs. BITB - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 26.20% compared to Bitwise Bitcoin ETF (BITB) at 13.08%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	13.08%	+13.12%
Volatility (6M) Calculated over the trailing 6-month period	69.81%	34.58%	+35.23%
Volatility (1Y) Calculated over the trailing 1-year period	88.13%	44.20%	+43.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.37%	50.00%	+47.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.37%	50.00%	+47.37%

BITU vs. BITB - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is higher than BITB's 0.20% expense ratio.

Dividends

BITU vs. BITB - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 93.59%, while BITB has not paid dividends to shareholders.

Position	TTM	2025	2024
BITB Bitwise Bitcoin ETF	0.00%	0.00%	0.00%
BITU Proshares Ultra Bitcoin ETF	93.59%	50.23%	0.12%

Frequently Asked Questions

Can I hold both BITU and BITB in my portfolio?

With a correlation of 1.00, BITU and BITB 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 BITB?

BITU has higher volatility (26.20%) compared to BITB (13.08%). In terms of maximum drawdown, BITU dropped -82.21% vs BITB's -52.04%.

Which ETF is better, BITU or BITB?

On 1-year performance, BITB leads with -39.79% vs -74.19% for BITU. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 13.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or BITB?

Over the 1-year period, BITB has performed better with a -39.79% return vs -74.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 93.59%, compared with 0.00% for BITB.

What is the main difference between BITU and BITB?

BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while BITB tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: ProShares and Bitwise Asset Management. Their fees differ too: 0.95% for BITU and 0.20% for BITB.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.84 vs -0.90), 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.