BITU vs. BITO

Last updated Jun 23, 2026

BITU (Proshares Ultra Bitcoin ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds from ProShares. BITU is passively managed, while BITO is actively managed. Over the past year, BITU returned -72.42% vs -40.14% for BITO. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

BITU vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, BITU achieves a -55.20% return, which is significantly lower than BITO's -27.53% return.

BITU

• 1D: 4.80%
• 1M: -29.77%
• YTD: -55.20%
• 6M: -56.23%
• 1Y: -72.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 2.34%
• 1M: -15.24%
• YTD: -27.53%
• 6M: -28.30%
• 1Y: -40.14%
• 3Y*: 19.33%
• 5Y*: —
• 10Y*: —

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

BITU vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-55.20%	-37.07%	41.85%
BITO ProShares Bitcoin Strategy ETF	-27.53%	-11.19%	26.37%

Correlation

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

Return for Risk

BITU vs. BITO — 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: 2

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 3
BITO 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. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.92	+0.09
Sortino ratio: Return per unit of downside risk	-1.37	-1.29	-0.09
Omega ratio: Gain probability vs. loss probability	0.85	0.86	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.76	-0.12
Martin ratio: Return relative to average drawdown	-1.37	-1.29	-0.08

BITU vs. BITO - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.83, which is comparable to the BITO Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of BITU and BITO, 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. BITO - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BITU and BITO.

Drawdown Indicators

	BITU	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-77.86%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	-53.10%	-29.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-79.96%	-50.02%	-29.94%
Average Drawdown Average peak-to-trough decline	-35.42%	-36.85%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.80%	31.11%	+21.69%

Volatility

BITU vs. BITO - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 25.87% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.60%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.87%	12.60%	+13.27%
Volatility (6M) Calculated over the trailing 6-month period	69.59%	34.26%	+35.33%
Volatility (1Y) Calculated over the trailing 1-year period	88.10%	44.05%	+44.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.36%	55.02%	+42.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.36%	55.02%	+42.34%

BITU vs. BITO - Expense Ratio Comparison

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

Dividends

BITU vs. BITO - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 87.60%, more than BITO's 68.72% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	68.72%	78.29%	61.59%	15.14%
BITU Proshares Ultra Bitcoin ETF	87.60%	50.23%	0.12%	0.00%

Frequently Asked Questions

Can I hold both BITU and BITO in my portfolio?

With a correlation of 1.00, BITU and BITO 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 BITO?

BITU has higher volatility (25.87%) compared to BITO (12.60%). In terms of maximum drawdown, BITU dropped -82.21% vs BITO's -77.86%.

Which ETF is better, BITU or BITO?

On 1-year performance, BITO leads with -40.14% vs -72.42% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or BITO?

Over the 1-year period, BITO has performed better with a -40.14% return vs -72.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or BITO?

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

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

BITU has the higher dividend yield at 87.60%, compared with 68.72% for BITO.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.83 vs -0.92), 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.