BITU vs. BITX

Last updated Jun 24, 2026

BITU (Proshares Ultra Bitcoin ETF) and BITX (2x Bitcoin Strategy ETF) are both Cryptocurrency funds - BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross while BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%). Both are passively managed. Over the past year, BITU returned -74.19% vs -74.26% for BITX. With a 0.99 correlation, they move nearly in lockstep. BITU charges 0.95%/yr vs 2.38%/yr for BITX.

Performance

BITU vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BITU having a -58.07% return and BITX slightly higher at -57.54%.

BITU

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

BITX

• 1D: -6.62%
• 1M: -34.22%
• YTD: -57.54%
• 6M: -57.83%
• 1Y: -74.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-58.07%	-37.07%	41.85%
BITX 2x Bitcoin Strategy ETF	-57.54%	-38.71%	16.25%

Correlation

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

Return for Risk

BITU vs. BITX — 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

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX 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.

BITU vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and 2x Bitcoin Strategy ETF (BITX). 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	BITX	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.85	0.00
Sortino ratio: Return per unit of downside risk	-1.46	-1.48	+0.01
Omega ratio: Gain probability vs. loss probability	0.84	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.91	0.00
Martin ratio: Return relative to average drawdown	-1.40	-1.40	0.00

BITU vs. BITX - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is comparable to the BITX Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of BITU and BITX, 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. BITX - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, roughly equal to the maximum BITX drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for BITU and BITX.

Drawdown Indicators

	BITU	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-82.16%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	-82.16%	-0.05%
Current Drawdown Current decline from peak	-81.25%	-81.23%	-0.02%
Average Drawdown Average peak-to-trough decline	-35.50%	-32.50%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.05%	53.22%	-0.17%

Volatility

BITU vs. BITX - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) and 2x Bitcoin Strategy ETF (BITX) have volatilities of 26.20% and 26.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	26.10%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	69.81%	69.46%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	88.13%	87.90%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.37%	98.18%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.37%	98.18%	-0.81%

BITU vs. BITX - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

BITU vs. BITX - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 93.59%, more than BITX's 37.54% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	93.59%	50.23%	0.12%
BITX 2x Bitcoin Strategy ETF	37.54%	21.69%	10.70%

Frequently Asked Questions

Can I hold both BITU and BITX in my portfolio?

With a correlation of 1.00, BITU and BITX 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 BITX?

BITU has higher volatility (26.20%) compared to BITX (26.10%). In terms of maximum drawdown, BITU dropped -82.21% vs BITX's -82.16%.

Which ETF is better, BITU or BITX?

On 1-year performance, BITU leads with -74.19% vs -74.26% for BITX. On fees, BITU is cheaper at 0.95% per year. On volatility, BITX has been the lower-risk option at 26.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or BITX?

Over the 1-year period, BITU has performed better with a -74.19% return vs -74.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or BITX?

BITU is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITU has the higher dividend yield at 93.59%, compared with 37.54% for BITX.

What is the main difference between BITU and BITX?

BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for BITU and 2.38% for BITX.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.84 vs -0.85), 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.