BITU vs. IBIT

Last updated Jun 4, 2026

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 -73.07% vs -38.74% for IBIT. With a 1.00 correlation, they move nearly in lockstep. BITU charges 0.95%/yr vs 0.25%/yr for IBIT.

Performance

BITU vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and iShares Bitcoin Trust ETF (IBIT). 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 IBIT's -25.48% return.

BITU

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

IBIT

• 1D: -2.76%
• 1M: -18.50%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%
IBIT iShares Bitcoin Trust ETF	-25.48%	-6.41%	41.09%

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 3, 2024	1.00

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

Return for Risk

BITU vs. IBIT — 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

IBIT

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

	BITU	IBIT	Difference
Sharpe ratio Return per unit of total volatility	-0.84	-0.89	+0.05
Sortino ratio Return per unit of downside risk	-1.44	-1.23	-0.21
Omega ratio Gain probability vs. loss probability	0.84	0.86	-0.02
Calmar ratio Return relative to maximum drawdown	-0.93	-0.79	-0.14
Martin ratio Return relative to average drawdown	-1.47	-1.36	-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. IBIT - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is comparable to the IBIT Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BITU and IBIT, 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	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.89	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.30	-0.64

Drawdowns

BITU vs. IBIT - Drawdown Comparison

The maximum BITU drawdown since its inception was -78.94%, which is greater than IBIT's maximum drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for BITU and IBIT.

Drawdown Indicators

	BITU	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-49.36%	-29.58%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	-49.36%	-29.58%
Current Drawdown Current decline from peak	-78.94%	-48.10%	-30.84%
Average Drawdown Average peak-to-trough decline	-34.49%	-16.02%	-18.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.84%	28.44%	+21.40%

Volatility

BITU vs. IBIT - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 18.99% compared to iShares Bitcoin Trust ETF (IBIT) at 9.50%. 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.

Volatility by Period

	BITU	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	9.50%	+9.49%
Volatility (6M) Calculated over the trailing 6-month period	69.41%	34.44%	+34.97%
Volatility (1Y) Calculated over the trailing 1-year period	87.00%	43.73%	+43.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	50.19%	+47.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	50.19%	+47.26%

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 83.36%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and IBIT in my portfolio?

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.

Which is riskier, BITU or IBIT?

BITU has higher volatility (18.99%) compared to IBIT (9.50%). In terms of maximum drawdown, BITU dropped -78.94% vs IBIT's -49.36%.

Which ETF is better, BITU or IBIT?

On 1-year performance, IBIT leads with -38.74% vs -73.07% for BITU. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or IBIT?

Over the 1-year period, IBIT has performed better with a -38.74% 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 IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 83.36%, compared with 0.00% for IBIT.

What is the main difference between BITU and 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.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.84 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.