BITU vs. UGL
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 -77.91% vs 24.94% for UGL. Their 0.18 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
BITU vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, BITU achieves a -56.85% return, which is significantly lower than UGL's -19.34% return.
BITU
- 1D
- 1.18%
- 1M
- 7.02%
- 6M
- -41.26%
- YTD
- -56.85%
- 1Y
- -77.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -33.51%
UGL
- 1D
- 1.31%
- 1M
- -2.97%
- 6M
- -36.38%
- YTD
- -19.34%
- 1Y
- 24.94%
- 3Y*
- 44.82%
- 5Y*
- 24.79%
- 10Y*
- 14.65%
- ALL TIME*
- 11.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $36.32M | $38.70M | $45.83M | |
| $79.61M | $67.60M | $105.24M |
BITU vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | -56.85% | -37.07% | 41.85% |
UGL ProShares Ultra Gold | -19.34% | 137.57% | 26.77% |
Correlation
The correlation between BITU and UGL is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | 0.18 |
The correlation between BITU and UGL shifts across timeframes, from 0.18 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BITU vs. UGL — Risk / Return Rank
BITU
UGL
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 ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.13 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.50 | -1.44 |
| Martin ratioReturn relative to average drawdown | -1.30 | 1.01 | -2.31 |
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Drawdowns
BITU vs. UGL - Drawdown Comparison
The maximum BITU drawdown since its inception was -83.45%, 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.
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Drawdown Indicators
| BITU | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.45% | -75.93% | -7.52% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | -50.02% | -33.43% |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.02% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.02% | — |
Current DrawdownCurrent decline from peak | -80.70% | -47.70% | -33.00% |
Average DrawdownAverage peak-to-trough decline | -37.76% | -43.64% | +5.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.73% | 24.84% | +34.89% |
Volatility
BITU vs. UGL - Volatility Comparison
Proshares Ultra Bitcoin ETF (BITU) has a higher volatility of 16.04% compared to ProShares Ultra Gold (UGL) at 11.96%. 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.
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Volatility by Period
| BITU | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.04% | 11.96% | +4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 66.33% | 40.84% | +25.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.24% | 55.71% | +32.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 95.93% | 37.14% | +58.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 32.69% | +63.24% |
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 79.54%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | 79.54% | 50.23% | 0.12% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITU and UGL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITU has higher volatility (16.04%) compared to UGL (11.96%). In terms of maximum drawdown, BITU dropped -83.45% vs UGL's -75.93%.
On 1-year performance, UGL leads with 24.94% vs -77.91% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGL has performed better with a 24.94% return vs -77.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITU and UGL have the same expense ratio: 0.95% per year.
BITU has the higher dividend yield at 79.54%, compared with 0.00% for 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%).
UGL currently has the higher Sharpe Ratio (0.45 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.
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