DDM vs. BITO

Last updated Jun 3, 2026

DDM (ProShares Ultra Dow30) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - DDM is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. DDM is passively managed, while BITO is actively managed. Over the past 3 years, DDM returned 25.91%/yr vs 26.52%/yr for BITO. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

DDM vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Dow30 (DDM) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDM achieves a 11.91% return, which is significantly higher than BITO's -24.14% return.

DDM

• 1D: 0.92%
• 1M: 7.36%
• YTD: 11.91%
• 6M: 14.33%
• 1Y: 41.13%
• 3Y*: 25.91%
• 5Y*: 12.69%
• 10Y*: 19.78%

BITO

• 1D: -5.85%
• 1M: -14.50%
• YTD: -24.14%
• 6M: -27.28%
• 1Y: -38.17%
• 3Y*: 26.52%
• 5Y*: —
• 10Y*: —

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

DDM vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DDM ProShares Ultra Dow30	11.91%	20.59%	21.60%	24.34%	-19.48%	5.23%
BITO ProShares Bitcoin Strategy ETF	-24.14%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between DDM and BITO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.36

DDM vs. BITO - Sectors Allocation Comparison

Sectors	DDM	BITO
Financial Services	27.2%	68.5%
Industrials	18.4%	-
Technology	17.1%	-
Healthcare	13.1%	-
Consumer Cyclical	11.6%	-
Consumer Defensive	4.4%	-
Basic Materials	4.0%	-
Energy	2.4%	-
Communication Services	1.9%	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DDM vs. BITO — Risk / Return Rank

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

DDM

DDM Risk / Return Rank: 46
DDM Sharpe Ratio Rank: 49
DDM Sortino Ratio Rank: 48
DDM Omega Ratio Rank: 45
DDM Calmar Ratio Rank: 43
DDM Martin Ratio Rank: 47

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO 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.

DDM vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) and ProShares Bitcoin Strategy ETF (BITO). 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.

	DDM	BITO	Difference
Sharpe ratio Return per unit of total volatility	1.71	-0.88	+2.59
Sortino ratio Return per unit of downside risk	2.40	-1.21	+3.61
Omega ratio Gain probability vs. loss probability	1.29	0.86	+0.43
Calmar ratio Return relative to maximum drawdown	2.16	-0.77	+2.93
Martin ratio Return relative to average drawdown	7.95	-1.33	+9.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DDM vs. BITO - Sharpe Ratio Comparison

The current DDM Sharpe Ratio is 1.71, which is higher than the BITO Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of DDM and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DDM	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	-0.88	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.08	+0.48

Drawdowns

DDM vs. BITO - Drawdown Comparison

The maximum DDM drawdown since its inception was -81.70%, roughly equal to the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for DDM and BITO.

Drawdown Indicators

	DDM	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-81.70%	-77.86%	-3.84%
Max Drawdown (1Y) Largest decline over 1 year	-19.31%	-50.05%	+30.74%
Max Drawdown (3Y) Largest decline over 3 years	-31.62%	-50.05%	+18.43%
Max Drawdown (5Y) Largest decline over 5 years	-40.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.13%	—	—
Current Drawdown Current decline from peak	0.00%	-47.68%	+47.68%
Average Drawdown Average peak-to-trough decline	-17.33%	-36.72%	+19.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.25%	28.93%	-23.68%

Volatility

DDM vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra Dow30 (DDM) is 5.91%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.61%. This indicates that DDM experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDM	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	9.61%	-3.70%
Volatility (6M) Calculated over the trailing 6-month period	18.55%	34.65%	-16.10%
Volatility (1Y) Calculated over the trailing 1-year period	24.12%	43.48%	-19.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.51%	55.12%	-25.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.76%	55.12%	-20.36%

DDM vs. BITO - Expense Ratio Comparison

Both DDM and BITO have an expense ratio of 0.95%.

Dividends

DDM vs. BITO - Dividend Comparison

DDM's dividend yield for the trailing twelve months is around 0.89%, less than BITO's 65.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	65.64%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DDM ProShares Ultra Dow30	0.89%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%

Frequently Asked Questions

Can I hold both DDM and BITO in my portfolio?

DDM and BITO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDM or BITO?

BITO has higher volatility (9.61%) compared to DDM (5.91%). In terms of maximum drawdown, DDM dropped -81.70% vs BITO's -77.86%.

Which ETF is better, DDM or BITO?

On 3-year performance, BITO leads with 26.52% vs 25.91% for DDM. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 5.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDM or BITO?

Over the 3-year period, BITO has performed better with a 26.52% return vs 25.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDM or BITO?

DDM and BITO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DDM or BITO?

BITO has the higher dividend yield at 65.64%, compared with 0.89% for DDM.

What is the main difference between DDM and BITO?

DDM is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

DDM currently has the higher Sharpe Ratio (1.71 vs -0.88), 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.