BITU vs. IBIT
BITU (Proshares Ultra Bitcoin ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, BITU returned -74.19% vs -39.82% for IBIT. With a 0.99 correlation, they move nearly in lockstep. BITU charges 0.95%/yr vs 0.25%/yr for IBIT.
Performance
BITU vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, BITU achieves a -58.07% return, which is significantly lower than IBIT's -28.88% return.
BITU
- 1D
- -6.41%
- 1M
- -34.27%
- YTD
- -58.07%
- 6M
- -58.34%
- 1Y
- -74.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- -3.26%
- 1M
- -17.81%
- YTD
- -28.88%
- 6M
- -28.88%
- 1Y
- -39.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITU vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | -58.07% | -37.07% | 41.85% |
IBIT iShares Bitcoin Trust ETF | -28.88% | -6.41% | 33.46% |
Correlation
The correlation between BITU and IBIT 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 IBIT has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
BITU vs. IBIT — Risk / Return Rank
BITU
IBIT
BITU vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.86 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.77 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.30 | -0.09 |
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Drawdowns
BITU vs. IBIT - Drawdown Comparison
The maximum BITU drawdown since its inception was -82.21%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for BITU and IBIT.
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Drawdown Indicators
| BITU | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.21% | -52.11% | -30.10% |
Max Drawdown (1Y)Largest decline over 1 year | -82.21% | -52.11% | -30.10% |
Current DrawdownCurrent decline from peak | -81.25% | -50.47% | -30.78% |
Average DrawdownAverage peak-to-trough decline | -35.50% | -16.85% | -18.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.05% | 30.58% | +22.47% |
Volatility
BITU vs. IBIT - Volatility Comparison
Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 26.20% compared to iShares Bitcoin Trust ETF (IBIT) at 13.18%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITU | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.20% | 13.18% | +13.02% |
Volatility (6M)Calculated over the trailing 6-month period | 69.81% | 34.64% | +35.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.13% | 44.31% | +43.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.37% | 50.22% | +47.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.37% | 50.22% | +47.15% |
BITU vs. IBIT - Expense Ratio Comparison
BITU has a 0.95% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
BITU vs. IBIT - Dividend Comparison
BITU's dividend yield for the trailing twelve months is around 93.59%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | 93.59% | 50.23% | 0.12% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, BITU and IBIT 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.
BITU has higher volatility (26.20%) compared to IBIT (13.18%). In terms of maximum drawdown, BITU dropped -82.21% vs IBIT's -52.11%.
On 1-year performance, IBIT leads with -39.82% vs -74.19% for BITU. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -39.82% return vs -74.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for BITU.
BITU has the higher dividend yield at 93.59%, compared with 0.00% for IBIT.
BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for BITU and 0.25% for IBIT.
BITU currently has the higher Sharpe Ratio (-0.84 vs -0.90), 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.
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