DUG vs. BITO

Last updated Jun 4, 2026

DUG (ProShares UltraShort Oil & Gas) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - DUG is a Leveraged Equities fund tracking the DJ Global United States (All) / Oil & Gas -IND (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. DUG is passively managed, while BITO is actively managed. Over the past 3 years, DUG returned -28.46%/yr vs 25.27%/yr for BITO. At a correlation of -0.15, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DUG vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) 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, DUG achieves a -44.70% return, which is significantly lower than BITO's -26.37% return.

DUG

• 1D: -2.67%
• 1M: 1.02%
• YTD: -44.70%
• 6M: -42.64%
• 1Y: -53.44%
• 3Y*: -28.46%
• 5Y*: -38.28%
• 10Y*: -32.42%

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)

DUG vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DUG ProShares UltraShort Oil & Gas	-44.70%	-18.63%	-6.13%	-2.28%	-72.98%	2.91%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

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

DUG vs. BITO - Sectors Allocation Comparison

Sectors	DUG	BITO
Financial Services	35.8%	68.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DUG vs. BITO — Risk / Return Rank

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

DUG

DUG Risk / Return Rank: 1
DUG Sharpe Ratio Rank: 0
DUG Sortino Ratio Rank: 0
DUG Omega Ratio Rank: 1
DUG Calmar Ratio Rank: 1
DUG Martin Ratio Rank: 1

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.

DUG vs. BITO - Risk-Adjusted Trends Comparison

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

	DUG	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.31	-0.95	-0.37
Sortino ratio: Return per unit of downside risk	-2.28	-1.35	-0.93
Omega ratio: Gain probability vs. loss probability	0.77	0.85	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.82	-0.07
Martin ratio: Return relative to average drawdown	-1.60	-1.41	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUG vs. BITO - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.31, which is lower than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of DUG 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

	DUG	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.31	-0.95	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.09	-0.42

Drawdowns

DUG vs. BITO - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for DUG and BITO.

Drawdown Indicators

	DUG	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-77.86%	-22.06%
Max Drawdown (1Y) Largest decline over 1 year	-59.89%	-50.05%	-9.84%
Max Drawdown (3Y) Largest decline over 3 years	-68.64%	-50.05%	-18.59%
Max Drawdown (5Y) Largest decline over 5 years	-94.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.46%	—	—
Current Drawdown Current decline from peak	-99.92%	-49.22%	-50.70%
Average Drawdown Average peak-to-trough decline	-88.97%	-36.73%	-52.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.39%	29.09%	+4.30%

Volatility

DUG vs. BITO - Volatility Comparison

ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 16.20% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that DUG'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

	DUG	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	9.43%	+6.77%
Volatility (6M) Calculated over the trailing 6-month period	32.96%	34.26%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	40.91%	43.57%	-2.66%
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	58.81%	55.11%	+3.70%

DUG vs. BITO - Expense Ratio Comparison

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

Dividends

DUG vs. BITO - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.99%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
DUG ProShares UltraShort Oil & Gas	4.99%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%

Frequently Asked Questions

Can I hold both DUG and BITO in my portfolio?

DUG 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, DUG or BITO?

DUG has higher volatility (16.20%) compared to BITO (9.43%). In terms of maximum drawdown, DUG dropped -99.92% vs BITO's -77.86%.

Which ETF is better, DUG or BITO?

On 3-year performance, BITO leads with 25.27% vs -28.46% for DUG. 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, DUG or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs -28.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUG or BITO?

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

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

BITO has the higher dividend yield at 67.63%, compared with 4.99% for DUG.

What is the main difference between DUG and BITO?

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

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-0.94 vs -1.31), 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.