BTC-USD vs. SPXU
BTC-USD (Bitcoin) is a cryptocurrency, while SPXU (ProShares UltraPro Short S&P500) is S&P 500 fund tracking the S&P 500 Index (-300%). Over the past 10 years, BTC-USD returned 59.68%/yr vs -41.64%/yr for SPXU. At a correlation of -0.13, they often move in opposite directions.
Performance
BTC-USD vs. SPXU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BTC-USD achieves a -28.54% return, which is significantly lower than SPXU's -21.14% return. Over the past 10 years, BTC-USD has outperformed SPXU with an annualized return of 59.68%, while SPXU has yielded a comparatively lower -41.64% annualized return.
BTC-USD
- 1D
- -1.22%
- 1M
- -22.47%
- YTD
- -28.54%
- 6M
- -31.02%
- 1Y
- -40.89%
- 3Y*
- 33.16%
- 5Y*
- 10.82%
- 10Y*
- 59.68%
SPXU
- 1D
- -0.69%
- 1M
- -0.31%
- YTD
- -21.14%
- 6M
- -20.77%
- 1Y
- -45.16%
- 3Y*
- -41.69%
- 5Y*
- -34.21%
- 10Y*
- -41.64%
BTC-USD vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -28.54% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
SPXU ProShares UltraPro Short S&P500 | -21.14% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between BTC-USD and SPXU is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2012 | -0.13 |
Over the past year, the inverse relationship between BTC-USD and SPXU has strengthened: their correlation has moved from -0.13 to -0.38, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BTC-USD vs. SPXU — Risk / Return Rank
BTC-USD
SPXU
BTC-USD vs. SPXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and ProShares UltraPro Short S&P500 (SPXU). 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.
| BTC-USD | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.78 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.90 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.51 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BTC-USD | SPXU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -1.25 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | -0.68 | +0.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | -0.78 | +1.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | -0.83 | +1.97 |
Drawdowns
BTC-USD vs. SPXU - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for BTC-USD and SPXU.
Loading charts...
Drawdown Indicators
| BTC-USD | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -99.99% | +14.69% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -50.35% | -0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -84.36% | +33.15% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -90.23% | +13.56% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | -99.63% | +15.83% |
Current DrawdownCurrent decline from peak | -49.86% | -99.99% | +50.13% |
Average DrawdownAverage peak-to-trough decline | -42.32% | -93.34% | +51.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.46% | 29.91% | +4.55% |
Volatility
BTC-USD vs. SPXU - Volatility Comparison
Bitcoin (BTC-USD) has a higher volatility of 11.59% compared to ProShares UltraPro Short S&P500 (SPXU) at 10.96%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BTC-USD | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.59% | 10.96% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 27.98% | +6.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.67% | 36.20% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.95% | 50.44% | -5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.71% | 53.45% | +3.26% |
Frequently Asked Questions
BTC-USD and SPXU have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (11.59%) compared to SPXU (10.96%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs SPXU's -99.99%.
BTC-USD currently has the higher Sharpe Ratio (-0.95 vs -1.25), 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.
Find the right allocation for BTC-USD and SPXU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer