DIG vs. BITO

Last updated Jun 4, 2026

DIG (ProShares Ultra Oil & Gas) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. DIG is passively managed, while BITO is actively managed. Over the past 3 years, DIG returned 23.37%/yr vs 25.27%/yr for BITO. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

DIG vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Oil & Gas (DIG) 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, DIG achieves a 66.35% return, which is significantly higher than BITO's -26.37% return.

DIG

• 1D: 2.57%
• 1M: -3.48%
• YTD: 66.35%
• 6M: 59.45%
• 1Y: 90.00%
• 3Y*: 23.37%
• 5Y*: 28.29%
• 10Y*: 5.32%

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

DIG vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DIG ProShares Ultra Oil & Gas	66.35%	2.73%	0.93%	-13.04%	125.34%	-8.23%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between DIG and BITO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.15

The correlation between DIG and BITO shifts across timeframes, from 0.03 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

DIG vs. BITO - Sectors Allocation Comparison

Sectors	DIG	BITO
Energy	61.8%	-
Financial Services	6.0%	68.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DIG vs. BITO — Risk / Return Rank

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

DIG

DIG Risk / Return Rank: 61
DIG Sharpe Ratio Rank: 66
DIG Sortino Ratio Rank: 53
DIG Omega Ratio Rank: 52
DIG Calmar Ratio Rank: 76
DIG Martin Ratio Rank: 59

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.

DIG vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) 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.

	DIG	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	-0.95	+3.16
Sortino ratio: Return per unit of downside risk	2.61	-1.35	+3.96
Omega ratio: Gain probability vs. loss probability	1.33	0.85	+0.48
Calmar ratio: Return relative to maximum drawdown	3.89	-0.82	+4.71
Martin ratio: Return relative to average drawdown	10.65	-1.41	+12.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIG vs. BITO - Sharpe Ratio Comparison

The current DIG Sharpe Ratio is 2.22, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of DIG 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

	DIG	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	-0.95	+3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-0.09	+0.09

Drawdowns

DIG vs. BITO - Drawdown Comparison

The maximum DIG drawdown since its inception was -97.04%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for DIG and BITO.

Drawdown Indicators

	DIG	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-77.86%	-19.18%
Max Drawdown (1Y) Largest decline over 1 year	-23.29%	-50.05%	+26.76%
Max Drawdown (3Y) Largest decline over 3 years	-42.41%	-50.05%	+7.64%
Max Drawdown (5Y) Largest decline over 5 years	-46.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.53%	—	—
Current Drawdown Current decline from peak	-51.27%	-49.22%	-2.05%
Average Drawdown Average peak-to-trough decline	-64.37%	-36.73%	-27.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	29.09%	-20.60%

Volatility

DIG vs. BITO - Volatility Comparison

ProShares Ultra Oil & Gas (DIG) has a higher volatility of 16.56% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that DIG's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIG	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.56%	9.43%	+7.13%
Volatility (6M) Calculated over the trailing 6-month period	33.14%	34.26%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	40.88%	43.57%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.59%	55.11%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.81%	55.11%	+2.70%

DIG vs. BITO - Expense Ratio Comparison

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

Dividends

DIG vs. BITO - Dividend Comparison

DIG's dividend yield for the trailing twelve months is around 1.50%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIG ProShares Ultra Oil & Gas	1.50%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%

Frequently Asked Questions

Can I hold both DIG and BITO in my portfolio?

DIG and BITO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIG or BITO?

DIG has higher volatility (16.56%) compared to BITO (9.43%). In terms of maximum drawdown, DIG dropped -97.04% vs BITO's -77.86%.

Which ETF is better, DIG or BITO?

On 3-year performance, BITO leads with 25.27% vs 23.37% for DIG. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIG or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs 23.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIG or BITO?

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

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

BITO has the higher dividend yield at 67.63%, compared with 1.50% for DIG.

What is the main difference between DIG and BITO?

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

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (2.22 vs -0.94), 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.