BITU vs. SETH

Last updated Jul 15, 2026

BITU (Proshares Ultra Bitcoin ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds from ProShares - BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. Over the past year, BITU returned -79.57% vs 7.17% for SETH. At a correlation of -0.81, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

BITU vs. SETH - Performance Comparison

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

Returns By Period

In the year-to-date period, BITU achieves a -55.85% return, which is significantly lower than SETH's 29.42% return.

BITU

• 1D: 7.33%
• 1M: 0.28%
• 6M: -61.77%
• YTD: -55.85%
• 1Y: -79.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SETH

• 1D: -5.83%
• 1M: -13.54%
• 6M: 40.18%
• YTD: 29.42%
• 1Y: 7.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-55.85%	-37.07%	41.85%
SETH ProShares Short Ether Strategy ETF	29.42%	-29.41%	-18.66%

Correlation

The correlation between BITU and SETH is -0.89, 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	-0.89
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.81

The correlation between BITU and SETH has been stable across timeframes, ranging from -0.89 to -0.81 - a consistent structural relationship.

Return for Risk

BITU vs. SETH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITU

BITU Risk / Return Rank: 1
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 1
BITU Omega Ratio Rank: 1
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 2

SETH

SETH Risk / Return Rank: 13
SETH Sharpe Ratio Rank: 11
SETH Sortino Ratio Rank: 15
SETH Omega Ratio Rank: 15
SETH Calmar Ratio Rank: 12
SETH Martin Ratio Rank: 11

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. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and ProShares Short Ether Strategy ETF (SETH). 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	SETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	0.11	-1.01
Sortino ratio: Return per unit of downside risk	-1.79	0.63	-2.42
Omega ratio: Gain probability vs. loss probability	0.80	1.08	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.96	0.17	-1.13
Martin ratio: Return relative to average drawdown	-1.41	0.31	-1.72

BITU vs. SETH - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.90, which is lower than the SETH Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of BITU and SETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITU vs. SETH - Drawdown Comparison

The maximum BITU drawdown since its inception was -83.45%, roughly equal to the maximum SETH drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for BITU and SETH.

Drawdown Indicators

	BITU	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-80.74%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-41.47%	-41.98%
Current Drawdown Current decline from peak	-80.26%	-64.45%	-15.81%
Average Drawdown Average peak-to-trough decline	-36.64%	-54.91%	+18.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.45%	23.16%	+33.29%

Volatility

BITU vs. SETH - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 23.07% compared to ProShares Short Ether Strategy ETF (SETH) at 17.32%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.07%	17.32%	+5.75%
Volatility (6M) Calculated over the trailing 6-month period	70.52%	47.16%	+23.36%
Volatility (1Y) Calculated over the trailing 1-year period	88.40%	68.44%	+19.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.89%	69.36%	+27.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.89%	69.36%	+27.53%

BITU vs. SETH - Expense Ratio Comparison

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

Dividends

BITU vs. SETH - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 87.36%, more than SETH's 17.24% yield.

Position	TTM	2025	2024	2023
BITU Proshares Ultra Bitcoin ETF	87.36%	50.23%	0.12%	0.00%
SETH ProShares Short Ether Strategy ETF	17.24%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both BITU and SETH in my portfolio?

BITU and SETH have a correlation of -0.89, 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 SETH?

BITU has higher volatility (23.07%) compared to SETH (17.32%). In terms of maximum drawdown, BITU dropped -83.45% vs SETH's -80.74%.

Which ETF is better, BITU or SETH?

On 1-year performance, SETH leads with 7.17% vs -79.57% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, SETH has been the lower-risk option at 17.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or SETH?

Over the 1-year period, SETH has performed better with a 7.17% return vs -79.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or SETH?

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

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

BITU has the higher dividend yield at 87.36%, compared with 17.24% for SETH.

What is the main difference between BITU and SETH?

BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while SETH tracks Bloomberg Galaxy Ethereum (--100%).

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (0.11 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.