DUG vs. BITO
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 -25.03%/yr vs 21.20%/yr for BITO. Their -0.14 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
DUG vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, DUG achieves a -47.25% return, which is significantly lower than BITO's -29.42% return.
DUG
- 1D
- -1.85%
- 1M
- -20.41%
- 6M
- -30.77%
- YTD
- -47.25%
- 1Y
- -52.73%
- 3Y*
- -25.03%
- 5Y*
- -40.83%
- 10Y*
- -32.74%
- ALL TIME*
- -30.09%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $1.33M | $1.11M | $2.13M |
DUG vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | -47.25% | -18.63% | -6.13% | -2.28% | -72.98% | 0.88% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between DUG and BITO is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.14 |
The correlation between DUG and BITO shifts across timeframes, from -0.14 (all time) to -0.02 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DUG vs. BITO — Risk / Return Rank
DUG
BITO
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.
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.
| DUG | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.89 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.36 | -0.07 |
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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.
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Drawdown Indicators
| DUG | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -77.86% | -22.06% |
Max Drawdown (1Y)Largest decline over 1 year | -57.00% | -54.47% | -2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -65.94% | -54.47% | -11.47% |
Max Drawdown (5Y)Largest decline over 5 years | -94.03% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.46% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -51.32% | -48.60% |
Average DrawdownAverage peak-to-trough decline | -89.04% | -37.18% | -51.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.55% | 35.48% | +0.07% |
Volatility
DUG vs. BITO - Volatility Comparison
ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 12.01% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.96%. 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.
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Volatility by Period
| DUG | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.01% | 8.96% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 33.36% | 33.45% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 44.19% | -2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.13% | 54.60% | -3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.79% | 54.60% | +4.19% |
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 4.54%, less than BITO's 61.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DUG ProShares UltraShort Oil & Gas | 4.54% | 3.21% | 5.66% | 4.16% | 0.28% | 0.00% | 0.10% | 0.56% | 0.29% |
Frequently Asked Questions
DUG and BITO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUG has higher volatility (12.01%) compared to BITO (8.96%). In terms of maximum drawdown, DUG dropped -99.92% vs BITO's -77.86%.
On 3-year performance, BITO leads with 21.20% vs -25.03% for DUG. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 21.20% return vs -25.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUG and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.47%, compared with 4.54% for DUG.
DUG is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-1.09 vs -1.21), 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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