BITU vs. SSO

Last updated Aug 5, 2026

BITU (Proshares Ultra Bitcoin ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, BITU returned -77.91% vs 42.09% for SSO. Their 0.43 correlation means their historical movements had little consistent relationship. BITU charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

BITU vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITU achieves a -56.85% return, which is significantly lower than SSO's 23.77% return.

BITU

• 1D: 1.18%
• 1M: 7.02%
• 6M: -41.26%
• YTD: -56.85%
• 1Y: -77.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.51%

SSO

• 1D: 3.55%
• 1M: 6.55%
• 6M: 21.77%
• YTD: 23.77%
• 1Y: 42.09%
• 3Y*: 35.52%
• 5Y*: 18.31%
• 10Y*: 23.69%
• ALL TIME*: 16.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$36.32M	$38.70M	$45.83M
SSO ProShares Ultra S&P500	$209.12M	$200.07M	$224.05M

BITU vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-56.85%	-37.07%	41.85%
SSO ProShares Ultra S&P500	23.77%	26.19%	20.58%

Correlation

The correlation between BITU and SSO is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.43

Return for Risk

BITU vs. SSO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITU

BITU Risk / Return Rank: 2
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

SSO

SSO Risk / Return Rank: 61
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 57
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 59
SSO Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITU vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and ProShares Ultra S&P500 (SSO). 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	SSO	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.65	-2.54
Sortino ratio: Return per unit of downside risk	-1.68	2.21	-3.89
Omega ratio: Gain probability vs. loss probability	0.82	1.29	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.94	2.33	-3.26
Martin ratio: Return relative to average drawdown	-1.30	9.31	-10.61

BITU vs. SSO - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.89, which is lower than the SSO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of BITU and SSO, 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. SSO - Drawdown Comparison

The maximum BITU drawdown since its inception was -83.45%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for BITU and SSO.

Drawdown Indicators

	BITU	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-84.67%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-18.17%	-65.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.34%	—
Current Drawdown Current decline from peak	-80.70%	0.00%	-80.70%
Average Drawdown Average peak-to-trough decline	-37.76%	-19.44%	-18.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.73%	4.53%	+55.20%

Volatility

BITU vs. SSO - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 16.04% compared to ProShares Ultra S&P500 (SSO) at 8.20%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	8.20%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	66.33%	20.57%	+45.76%
Volatility (1Y) Calculated over the trailing 1-year period	88.24%	25.75%	+62.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.93%	33.95%	+61.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.93%	35.94%	+59.99%

BITU vs. SSO - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

BITU vs. SSO - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 79.54%, more than SSO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITU Proshares Ultra Bitcoin ETF	79.54%	50.23%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.63%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both BITU and SSO in my portfolio?

BITU and SSO have a correlation of 0.47, 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 SSO?

BITU has higher volatility (16.04%) compared to SSO (8.20%). In terms of maximum drawdown, BITU dropped -83.45% vs SSO's -84.67%.

Which ETF is better, BITU or SSO?

On 1-year performance, SSO leads with 42.09% vs -77.91% for BITU. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or SSO?

Over the 1-year period, SSO has performed better with a 42.09% return vs -77.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 79.54%, compared with 0.63% for SSO.

What is the main difference between BITU and SSO?

BITU is categorized as Cryptocurrency, while SSO is Leveraged Equities. BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while SSO tracks S&P 500. Their fees differ too: 0.95% for BITU and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.65 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.