BITU vs. ETHD

Last updated Jun 4, 2026

BITU (Proshares Ultra Bitcoin ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds from ProShares. BITU is passively managed, while ETHD is actively managed. Over the past year, BITU returned -73.07% vs -42.18% for ETHD. At a correlation of -0.82, they often move in opposite directions. BITU charges 0.95%/yr vs 1.01%/yr for ETHD.

Performance

BITU vs. ETHD - Performance Comparison

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

Returns By Period

In the year-to-date period, BITU achieves a -52.92% return, which is significantly lower than ETHD's 63.80% return.

BITU

• 1D: -5.58%
• 1M: -34.84%
• YTD: -52.92%
• 6M: -59.11%
• 1Y: -73.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	35.52%
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%

Correlation

The correlation between BITU and ETHD is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	-0.82

The correlation between BITU and ETHD has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.

Return for Risk

BITU vs. ETHD — 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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.31	-0.53
Sortino ratio: Return per unit of downside risk	-1.44	0.40	-1.84
Omega ratio: Gain probability vs. loss probability	0.84	1.05	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.51	-0.42
Martin ratio: Return relative to average drawdown	-1.47	-0.64	-0.83
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. ETHD - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is lower than the ETHD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of BITU and ETHD, 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	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.31	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.35	0.00

Drawdowns

BITU vs. ETHD - Drawdown Comparison

The maximum BITU drawdown since its inception was -78.94%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BITU and ETHD.

Drawdown Indicators

	BITU	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-95.59%	+16.65%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	-83.63%	+4.69%
Current Drawdown Current decline from peak	-78.94%	-87.20%	+8.26%
Average Drawdown Average peak-to-trough decline	-34.49%	-66.01%	+31.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.84%	66.00%	-16.16%

Volatility

BITU vs. ETHD - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) and ProShares UltraShort Ether ETF (ETHD) have volatilities of 18.99% and 19.00%, 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	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	19.00%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	69.41%	92.37%	-22.96%
Volatility (1Y) Calculated over the trailing 1-year period	87.00%	136.23%	-49.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	142.19%	-44.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	142.19%	-44.74%

BITU vs. ETHD - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

BITU vs. ETHD - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 83.36%, more than ETHD's 10.68% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%

Frequently Asked Questions

Can I hold both BITU and ETHD in my portfolio?

BITU and ETHD have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITU or ETHD?

ETHD has higher volatility (19.00%) compared to BITU (18.99%). In terms of maximum drawdown, BITU dropped -78.94% vs ETHD's -95.59%.

Which ETF is better, BITU or ETHD?

On 1-year performance, ETHD leads with -42.18% vs -73.07% for BITU. On fees, BITU is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or ETHD?

Over the 1-year period, ETHD has performed better with a -42.18% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or ETHD?

BITU is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

BITU has the higher dividend yield at 83.36%, compared with 10.68% for ETHD.

What is the main difference between BITU and ETHD?

Their fees differ too: 0.95% for BITU and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.31 vs -0.84), 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.