BITU vs. UGL

Last updated Jun 24, 2026

BITU (Proshares Ultra Bitcoin ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past year, BITU returned -74.19% vs 27.53% for UGL. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BITU vs. UGL - Performance Comparison

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

Returns By Period

In the year-to-date period, BITU achieves a -58.07% return, which is significantly lower than UGL's -16.89% return.

BITU

• 1D: -6.41%
• 1M: -34.27%
• YTD: -58.07%
• 6M: -58.34%
• 1Y: -74.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGL

• 1D: -3.69%
• 1M: -17.68%
• YTD: -16.89%
• 6M: -24.16%
• 1Y: 27.53%
• 3Y*: 46.82%
• 5Y*: 26.27%
• 10Y*: 15.23%

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

BITU vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-58.07%	-37.07%	41.85%
UGL ProShares Ultra Gold	-16.89%	137.57%	26.77%

Correlation

The correlation between BITU and UGL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.16

Return for Risk

BITU vs. UGL — 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

UGL

UGL Risk / Return Rank: 17
UGL Sharpe Ratio Rank: 17
UGL Sortino Ratio Rank: 18
UGL Omega Ratio Rank: 21
UGL Calmar Ratio Rank: 16
UGL Martin Ratio Rank: 16

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. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and ProShares Ultra Gold (UGL). 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	UGL	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	0.50	-1.35
Sortino ratio: Return per unit of downside risk	-1.46	0.97	-2.43
Omega ratio: Gain probability vs. loss probability	0.84	1.14	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.90	0.59	-1.50
Martin ratio: Return relative to average drawdown	-1.40	1.46	-2.86

BITU vs. UGL - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.84, which is lower than the UGL Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of BITU and UGL, 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. UGL - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for BITU and UGL.

Drawdown Indicators

	BITU	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-75.93%	-6.28%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	-46.64%	-35.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-46.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.64%	—
Current Drawdown Current decline from peak	-81.25%	-46.11%	-35.14%
Average Drawdown Average peak-to-trough decline	-35.50%	-43.62%	+8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.05%	18.88%	+34.17%

Volatility

BITU vs. UGL - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 26.20% compared to ProShares Ultra Gold (UGL) at 16.29%. This indicates that BITU's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	16.29%	+9.91%
Volatility (6M) Calculated over the trailing 6-month period	69.81%	49.19%	+20.62%
Volatility (1Y) Calculated over the trailing 1-year period	88.13%	54.81%	+33.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.37%	36.65%	+60.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.37%	32.51%	+64.86%

BITU vs. UGL - Expense Ratio Comparison

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

Dividends

BITU vs. UGL - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 93.59%, while UGL has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	93.59%	50.23%	0.12%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and UGL in my portfolio?

BITU and UGL have a correlation of 0.24, 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 UGL?

BITU has higher volatility (26.20%) compared to UGL (16.29%). In terms of maximum drawdown, BITU dropped -82.21% vs UGL's -75.93%.

Which ETF is better, BITU or UGL?

On 1-year performance, UGL leads with 27.53% vs -74.19% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 16.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or UGL?

Over the 1-year period, UGL has performed better with a 27.53% return vs -74.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or UGL?

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

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

BITU has the higher dividend yield at 93.59%, compared with 0.00% for UGL.

What is the main difference between BITU and UGL?

BITU is categorized as Cryptocurrency, while UGL is Leveraged Commodities. BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while UGL tracks Bloomberg Gold Subindex (200%).

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.50 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.