BITU vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Proshares Ultra Bitcoin ETF (BITU) and Bitcoin (BTC-USD).

BITU is a passively managed fund by ProShares that tracks the performance of the Bloomberg Bitcoin Index - Benchmark TR Gross. It was launched on Apr 1, 2024.

Performance

BITU vs. BTC-USD - Performance Comparison

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

BITU vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-46.65%	-37.07%	37.90%
BTC-USD Bitcoin	-21.63%	-6.27%	42.60%

Returns By Period

In the year-to-date period, BITU achieves a -46.65% return, which is significantly lower than BTC-USD's -21.63% return.

BITU

• 1D: 0.89%
• 1M: -5.67%
• YTD: -46.65%
• 6M: -72.88%
• 1Y: -55.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

BITU vs. BTC-USD — Risk / Return Rank

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

BITU

BITU Risk / Return Rank: 3
BITU Sharpe Ratio Rank: 3
BITU Sortino Ratio Rank: 4
BITU Omega Ratio Rank: 4
BITU Calmar Ratio Rank: 2
BITU Martin Ratio Rank: 2

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD 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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.61	-0.44	-0.17
Sortino ratio Return per unit of downside risk	-0.59	-0.38	-0.22
Omega ratio Gain probability vs. loss probability	0.93	0.96	-0.03
Calmar ratio Return relative to maximum drawdown	-0.67	-1.11	+0.43
Martin ratio Return relative to average drawdown	-1.29	-1.99	+0.70
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. BTC-USD - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.61, which is lower than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of BITU and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITU	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	-0.44	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	1.19	-1.51

Correlation

The correlation between BITU and BTC-USD is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

BITU vs. BTC-USD - Drawdown Comparison

The maximum BITU drawdown since its inception was -77.76%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITU and BTC-USD.

Drawdown Indicators

	BITU	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-77.76%	-85.30%	+7.54%
Max Drawdown (1Y) Largest decline over 1 year	-77.76%	-49.65%	-28.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-76.14%	-45.02%	-31.12%
Average Drawdown Average peak-to-trough decline	-31.36%	-41.99%	+10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.50%	27.60%	+12.90%

Volatility

BITU vs. BTC-USD - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 26.02% compared to Bitcoin (BTC-USD) at 13.58%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.02%	13.58%	+12.44%
Volatility (6M) Calculated over the trailing 6-month period	74.12%	35.98%	+38.14%
Volatility (1Y) Calculated over the trailing 1-year period	90.32%	36.76%	+53.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.57%	46.90%	+52.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.57%	56.70%	+42.87%