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 -26.36%/yr vs 18.00%/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
Loading charts...
Returns By Period
In the year-to-date period, DUG achieves a -36.75% return, which is significantly lower than BITO's -29.93% return.
DUG
- 1D
- -1.25%
- 1M
- 16.78%
- YTD
- -36.75%
- 6M
- -37.18%
- 1Y
- -42.58%
- 3Y*
- -26.36%
- 5Y*
- -36.37%
- 10Y*
- -31.35%
BITO
- 1D
- -3.31%
- 1M
- -18.05%
- YTD
- -29.93%
- 6M
- -30.03%
- 1Y
- -42.09%
- 3Y*
- 18.00%
- 5Y*
- —
- 10Y*
- —
DUG vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | -36.75% | -18.63% | -6.13% | -2.28% | -72.98% | 0.88% |
BITO ProShares Bitcoin Strategy ETF | -29.93% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between DUG and BITO is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.15 |
The correlation between DUG and BITO shifts across timeframes, from -0.15 (all time) to -0.05 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.80 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.35 | +0.01 |
Loading charts...
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.
Loading charts...
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% | -53.10% | -3.90% |
Max Drawdown (3Y)Largest decline over 3 years | -68.64% | -53.10% | -15.54% |
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 | -99.90% | -51.67% | -48.23% |
Average DrawdownAverage peak-to-trough decline | -88.98% | -36.86% | -52.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.81% | 31.28% | +0.53% |
Volatility
DUG vs. BITO - Volatility Comparison
ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 14.09% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. 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.
Loading charts...
Volatility by Period
| DUG | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.09% | 12.79% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 33.47% | 34.39% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.82% | 44.08% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.52% | 55.02% | -3.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.84% | 55.02% | +3.82% |
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 4.36%, less than BITO's 71.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 71.07% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DUG ProShares UltraShort Oil & Gas | 4.36% | 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 -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUG has higher volatility (14.09%) compared to BITO (12.79%). In terms of maximum drawdown, DUG dropped -99.92% vs BITO's -77.86%.
On 3-year performance, BITO leads with 18.00% vs -26.36% for DUG. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.79%. 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 18.00% return vs -26.36%. 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 71.07%, compared with 4.36% for DUG.
DUG is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.96 vs -1.03), 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.
Find the right allocation for DUG and BITO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer