BITU vs. MSTR

Last updated Apr 1, 2026

Compare and contrast key facts about Proshares Ultra Bitcoin ETF (BITU) and MicroStrategy Incorporated (MSTR).

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. MSTR - Performance Comparison

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

BITU vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-47.12%	-37.07%	37.90%
MSTR MicroStrategy Incorporated	-17.87%	-47.53%	83.44%

Returns By Period

In the year-to-date period, BITU achieves a -47.12% return, which is significantly lower than MSTR's -17.87% return.

BITU

• 1D: 3.93%
• 1M: 3.59%
• YTD: -47.12%
• 6M: -71.69%
• 1Y: -52.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTR

• 1D: 2.77%
• 1M: -3.63%
• YTD: -17.87%
• 6M: -61.27%
• 1Y: -56.71%
• 3Y*: 62.23%
• 5Y*: 12.15%
• 10Y*: 21.18%

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

Return for Risk

BITU vs. MSTR — 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: 5
BITU Calmar Ratio Rank: 2
BITU Martin Ratio Rank: 2

MSTR

MSTR Risk / Return Rank: 13
MSTR Sharpe Ratio Rank: 10
MSTR Sortino Ratio Rank: 10
MSTR Omega Ratio Rank: 12
MSTR Calmar Ratio Rank: 16
MSTR Martin Ratio Rank: 17

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and MicroStrategy Incorporated (MSTR). 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	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.58	-0.77	+0.18
Sortino ratio Return per unit of downside risk	-0.51	-1.12	+0.61
Omega ratio Gain probability vs. loss probability	0.94	0.87	+0.07
Calmar ratio Return relative to maximum drawdown	-0.70	-0.74	+0.05
Martin ratio Return relative to average drawdown	-1.35	-1.29	-0.05
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. MSTR - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.58, which is comparable to the MSTR Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of BITU and MSTR, 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	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	-0.77	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.12	-0.45

Correlation

The correlation between BITU and MSTR is 0.78, 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.

Dividends

BITU vs. MSTR - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 78.57%, while MSTR has not paid dividends to shareholders.

	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	78.57%	50.23%	0.12%
MSTR MicroStrategy Incorporated	0.00%	0.00%	0.00%

Drawdowns

BITU vs. MSTR - Drawdown Comparison

The maximum BITU drawdown since its inception was -77.76%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BITU and MSTR.

Drawdown Indicators

	BITU	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-77.76%	-99.86%	+22.10%
Max Drawdown (1Y) Largest decline over 1 year	-77.76%	-76.53%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-76.35%	-73.66%	-2.69%
Average Drawdown Average peak-to-trough decline	-31.27%	-86.60%	+55.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.22%	43.98%	-3.76%

Volatility

BITU vs. MSTR - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 26.13% compared to MicroStrategy Incorporated (MSTR) at 18.69%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.13%	18.69%	+7.44%
Volatility (6M) Calculated over the trailing 6-month period	74.10%	55.56%	+18.54%
Volatility (1Y) Calculated over the trailing 1-year period	90.36%	74.10%	+16.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.67%	91.30%	+8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.67%	73.16%	+26.51%