BITU vs. BTCI

Last updated Jun 5, 2026

BITU (Proshares Ultra Bitcoin ETF) and BTCI (NEOS Bitcoin High Income ETF) are both Cryptocurrency funds. BITU is passively managed, while BTCI is actively managed. Over the past year, BITU returned -73.89% vs -34.52% for BTCI. With a 0.99 correlation, they move nearly in lockstep. BITU charges 0.95%/yr vs 0.99%/yr for BTCI.

Performance

BITU vs. BTCI - Performance Comparison

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

Returns By Period

In the year-to-date period, BITU achieves a -55.56% return, which is significantly lower than BTCI's -24.80% return.

BITU

• 1D: -5.61%
• 1M: -40.78%
• YTD: -55.56%
• 6M: -61.06%
• 1Y: -73.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCI

• 1D: -2.67%
• 1M: -19.78%
• YTD: -24.80%
• 6M: -28.14%
• 1Y: -34.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-55.56%	-37.07%	74.95%
BTCI NEOS Bitcoin High Income ETF	-24.80%	-1.09%	28.24%

Correlation

The correlation between BITU and BTCI is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	0.99

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

Return for Risk

BITU vs. BTCI — 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: 3
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 1

BTCI

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

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.89	+0.04
Sortino ratio: Return per unit of downside risk	-1.48	-1.19	-0.29
Omega ratio: Gain probability vs. loss probability	0.84	0.86	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.77	-0.15
Martin ratio: Return relative to average drawdown	-1.48	-1.37	-0.10
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. BTCI - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.85, which is comparable to the BTCI Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BITU and BTCI, 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	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.89	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	-0.07	-0.29

Drawdowns

BITU vs. BTCI - Drawdown Comparison

The maximum BITU drawdown since its inception was -80.13%, which is greater than BTCI's maximum drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for BITU and BTCI.

Drawdown Indicators

	BITU	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-80.13%	-44.98%	-35.15%
Max Drawdown (1Y) Largest decline over 1 year	-80.13%	-44.98%	-35.15%
Current Drawdown Current decline from peak	-80.13%	-44.39%	-35.74%
Average Drawdown Average peak-to-trough decline	-34.58%	-15.25%	-19.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.09%	25.20%	+24.89%

Volatility

BITU vs. BTCI - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 18.31% compared to NEOS Bitcoin High Income ETF (BTCI) at 8.15%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.31%	8.15%	+10.16%
Volatility (6M) Calculated over the trailing 6-month period	68.43%	30.49%	+37.94%
Volatility (1Y) Calculated over the trailing 1-year period	87.07%	38.98%	+48.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.43%	40.12%	+57.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.43%	40.12%	+57.31%

BITU vs. BTCI - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

BITU vs. BTCI - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 88.31%, more than BTCI's 44.34% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	88.31%	50.23%	0.12%
BTCI NEOS Bitcoin High Income ETF	44.34%	36.46%	6.76%

Frequently Asked Questions

Can I hold both BITU and BTCI in my portfolio?

With a correlation of 0.99, BITU and BTCI 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 BTCI?

BITU has higher volatility (18.31%) compared to BTCI (8.15%). In terms of maximum drawdown, BITU dropped -80.13% vs BTCI's -44.98%.

Which ETF is better, BITU or BTCI?

On 1-year performance, BTCI leads with -34.52% vs -73.89% for BITU. On fees, BITU is cheaper at 0.95% per year. On volatility, BTCI has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or BTCI?

Over the 1-year period, BTCI has performed better with a -34.52% return vs -73.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or BTCI?

BITU is cheaper with a 0.95% expense ratio, compared with 0.99% for BTCI.

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

BITU has the higher dividend yield at 88.31%, compared with 44.34% for BTCI.

What is the main difference between BITU and BTCI?

They also come from different issuers: ProShares and Neos. Their fees differ too: 0.95% for BITU and 0.99% for BTCI.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.85 vs -0.89), 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.