BITX vs. BITU

Last updated Jun 23, 2026

BITX (2x Bitcoin Strategy ETF) and BITU (Proshares Ultra Bitcoin ETF) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, BITX returned -72.52% vs -72.42% for BITU. With a 0.99 correlation, they move nearly in lockstep. BITX charges 2.38%/yr vs 0.95%/yr for BITU.

Performance

BITX vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BITX having a -54.53% return and BITU slightly lower at -55.20%.

BITX

• 1D: 4.77%
• 1M: -29.55%
• YTD: -54.53%
• 6M: -55.51%
• 1Y: -72.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITU

• 1D: 4.80%
• 1M: -29.77%
• YTD: -55.20%
• 6M: -56.23%
• 1Y: -72.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-54.53%	-38.71%	16.25%
BITU Proshares Ultra Bitcoin ETF	-55.20%	-37.07%	41.85%

Correlation

The correlation between BITX and BITU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.99

The correlation between BITX and BITU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

BITX vs. BITU — Risk / Return Rank

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

BITX

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

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: 2

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.

BITX vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Proshares Ultra Bitcoin ETF (BITU). 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.

	BITX	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.83	0.00
Sortino ratio: Return per unit of downside risk	-1.39	-1.37	-0.01
Omega ratio: Gain probability vs. loss probability	0.85	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.88	0.00
Martin ratio: Return relative to average drawdown	-1.37	-1.37	0.00

BITX vs. BITU - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.83, which is comparable to the BITU Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of BITX and BITU, 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

BITX vs. BITU - Drawdown Comparison

The maximum BITX drawdown since its inception was -82.16%, roughly equal to the maximum BITU drawdown of -82.21%. Use the drawdown chart below to compare losses from any high point for BITX and BITU.

Drawdown Indicators

	BITX	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-82.16%	-82.21%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-82.16%	-82.21%	+0.05%
Current Drawdown Current decline from peak	-79.90%	-79.96%	+0.06%
Average Drawdown Average peak-to-trough decline	-32.44%	-35.42%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.98%	52.80%	+0.18%

Volatility

BITX vs. BITU - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) and Proshares Ultra Bitcoin ETF (BITU) have volatilities of 25.73% and 25.87%, 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

	BITX	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.73%	25.87%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	69.23%	69.59%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	87.85%	88.10%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.16%	97.36%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.16%	97.36%	+0.80%

BITX vs. BITU - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than BITU's 0.95% expense ratio.

Dividends

BITX vs. BITU - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 35.05%, less than BITU's 87.60% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	87.60%	50.23%	0.12%
BITX 2x Bitcoin Strategy ETF	35.05%	21.69%	10.70%

Frequently Asked Questions

Can I hold both BITX and BITU in my portfolio?

With a correlation of 1.00, BITX and BITU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITX or BITU?

BITU has higher volatility (25.87%) compared to BITX (25.73%). In terms of maximum drawdown, BITX dropped -82.16% vs BITU's -82.21%.

Which ETF is better, BITX or BITU?

On 1-year performance, BITU leads with -72.42% vs -72.52% for BITX. On fees, BITU is cheaper at 0.95% per year. On volatility, BITX has been the lower-risk option at 25.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or BITU?

Over the 1-year period, BITU has performed better with a -72.42% return vs -72.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or BITU?

BITU is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITU has the higher dividend yield at 87.60%, compared with 35.05% for BITX.

What is the main difference between BITX and BITU?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.38% for BITX and 0.95% for BITU.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.83 vs -0.83), 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.