BTC-USD vs. UPRO
BTC-USD (Bitcoin) is a cryptocurrency, while UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, BTC-USD returned 57.23%/yr vs 29.76%/yr for UPRO. At a 0.13 correlation, their price movements are largely independent.
Performance
BTC-USD vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, BTC-USD achieves a -26.27% return, which is significantly lower than UPRO's 20.70% return. Over the past 10 years, BTC-USD has outperformed UPRO with an annualized return of 57.23%, while UPRO has yielded a comparatively lower 29.76% annualized return.
BTC-USD
- 1D
- 1.71%
- 1M
- -20.43%
- YTD
- -26.27%
- 6M
- -28.52%
- 1Y
- -39.20%
- 3Y*
- 36.94%
- 5Y*
- 9.74%
- 10Y*
- 57.23%
UPRO
- 1D
- 1.54%
- 1M
- -3.92%
- YTD
- 20.70%
- 6M
- 21.09%
- 1Y
- 70.79%
- 3Y*
- 46.83%
- 5Y*
- 21.40%
- 10Y*
- 29.76%
BTC-USD vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -26.27% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
UPRO ProShares UltraPro S&P 500 | 20.70% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between BTC-USD and UPRO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
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 | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2012 | 0.13 |
Over the past year, BTC-USD and UPRO have become more correlated (0.39) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
BTC-USD vs. UPRO — Risk / Return Rank
BTC-USD
UPRO
BTC-USD vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and ProShares UltraPro S&P 500 (UPRO). 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.
| BTC-USD | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.69 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.43 | -3.20 |
| Martin ratioReturn relative to average drawdown | -1.33 | 10.01 | -11.35 |
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Drawdowns
BTC-USD vs. UPRO - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for BTC-USD and UPRO.
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Drawdown Indicators
| BTC-USD | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -76.82% | -8.48% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -26.78% | -24.43% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -48.87% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -63.94% | -12.73% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | -76.82% | -6.98% |
Current DrawdownCurrent decline from peak | -48.27% | -7.60% | -40.67% |
Average DrawdownAverage peak-to-trough decline | -42.36% | -14.40% | -27.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.16% | 6.50% | +28.66% |
Volatility
BTC-USD vs. UPRO - Volatility Comparison
The current volatility for Bitcoin (BTC-USD) is 11.97%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 13.22%. This indicates that BTC-USD experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTC-USD | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.97% | 13.22% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 34.64% | 28.74% | +5.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.59% | 36.77% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.57% | 50.52% | -5.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.61% | 53.83% | +2.78% |
Frequently Asked Questions
BTC-USD and UPRO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (13.22%) compared to BTC-USD (11.97%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs UPRO's -76.82%.
UPRO currently has the higher Sharpe Ratio (1.77 vs -0.92), 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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