BITU vs. SBIT

Last updated Jun 4, 2026

BITU (Proshares Ultra Bitcoin ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds from ProShares - BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, BITU returned -73.07% vs 68.00% for SBIT. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

BITU vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and Proshares Ultrashort Bitcoin ETF (SBIT). 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 SBIT's 37.02% return.

BITU

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

SBIT

• 1D: 5.42%
• 1M: 46.58%
• YTD: 37.02%
• 6M: 52.37%
• 1Y: 68.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%
SBIT Proshares Ultrashort Bitcoin ETF	37.02%	-25.11%	-73.13%

Correlation

The correlation between BITU and SBIT is -1.00, 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	-1.00
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	-1.00

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

Return for Risk

BITU vs. SBIT — 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

SBIT

SBIT Risk / Return Rank: 26
SBIT Sharpe Ratio Rank: 22
SBIT Sortino Ratio Rank: 28
SBIT Omega Ratio Rank: 27
SBIT Calmar Ratio Rank: 29
SBIT Martin Ratio Rank: 22

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. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	0.78	-1.63
Sortino ratio: Return per unit of downside risk	-1.44	1.54	-2.97
Omega ratio: Gain probability vs. loss probability	0.84	1.18	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.93	1.43	-2.35
Martin ratio: Return relative to average drawdown	-1.47	2.76	-4.23
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. SBIT - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is lower than the SBIT Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of BITU and SBIT, 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	SBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	0.78	-1.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.46	+0.11

Drawdowns

BITU vs. SBIT - Drawdown Comparison

The maximum BITU drawdown since its inception was -78.94%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BITU and SBIT.

Drawdown Indicators

	BITU	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-91.35%	+12.41%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	-47.94%	-31.00%
Current Drawdown Current decline from peak	-78.94%	-78.26%	-0.68%
Average Drawdown Average peak-to-trough decline	-34.49%	-68.55%	+34.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.84%	24.69%	+25.15%

Volatility

BITU vs. SBIT - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) and Proshares Ultrashort Bitcoin ETF (SBIT) have volatilities of 18.99% and 18.22%, 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	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	18.22%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	69.41%	68.46%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	87.00%	87.18%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	97.47%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	97.47%	-0.02%

BITU vs. SBIT - Expense Ratio Comparison

Both BITU and SBIT have an expense ratio of 0.95%.

Dividends

BITU vs. SBIT - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 83.36%, more than SBIT's 3.42% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%
SBIT Proshares Ultrashort Bitcoin ETF	3.42%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BITU and SBIT in my portfolio?

BITU and SBIT have a correlation of -1.00, 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 SBIT?

BITU has higher volatility (18.99%) compared to SBIT (18.22%). In terms of maximum drawdown, BITU dropped -78.94% vs SBIT's -91.35%.

Which ETF is better, BITU or SBIT?

On 1-year performance, SBIT leads with 68.00% vs -73.07% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, SBIT has been the lower-risk option at 18.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or SBIT?

Over the 1-year period, SBIT has performed better with a 68.00% 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 SBIT?

BITU and SBIT have the same expense ratio: 0.95% per year.

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

BITU has the higher dividend yield at 83.36%, compared with 3.42% for SBIT.

What is the main difference between BITU and SBIT?

BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while SBIT tracks Bloomberg Bitcoin Index (-200%).

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.78 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.