EFO vs. BITX

Last updated Jun 13, 2026

EFO (ProShares Ultra MSCI EAFE) and BITX (2x Bitcoin Strategy ETF) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%). Both are passively managed. Over the past year, EFO returned 32.73% vs -74.95% for BITX. At a 0.29 correlation, their price movements are largely independent. EFO charges 0.95%/yr vs 2.38%/yr for BITX.

Performance

EFO vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFO achieves a 14.57% return, which is significantly higher than BITX's -55.39% return.

EFO

• 1D: 0.75%
• 1M: 1.65%
• YTD: 14.57%
• 6M: 17.46%
• 1Y: 32.73%
• 3Y*: 22.90%
• 5Y*: 7.34%
• 10Y*: 11.62%

BITX

• 1D: 0.08%
• 1M: -37.85%
• YTD: -55.39%
• 6M: -58.72%
• 1Y: -74.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EFO vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EFO ProShares Ultra MSCI EAFE	14.57%	58.51%	-2.15%	8.78%
BITX 2x Bitcoin Strategy ETF	-55.39%	-38.71%	163.41%	46.18%

Correlation

The correlation between EFO and BITX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.29

Return for Risk

EFO vs. BITX — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 34
EFO Sharpe Ratio Rank: 32
EFO Sortino Ratio Rank: 33
EFO Omega Ratio Rank: 32
EFO Calmar Ratio Rank: 34
EFO Martin Ratio Rank: 37

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 3
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX 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.

EFO vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and 2x Bitcoin Strategy ETF (BITX). 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.

	EFO	BITX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	-0.86	+1.89
Sortino ratio: Return per unit of downside risk	1.59	-1.53	+3.11
Omega ratio: Gain probability vs. loss probability	1.19	0.83	+0.36
Calmar ratio: Return relative to maximum drawdown	1.48	-0.91	+2.40
Martin ratio: Return relative to average drawdown	5.06	-1.45	+6.51

EFO vs. BITX - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.03, which is higher than the BITX Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of EFO and BITX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFO vs. BITX - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum BITX drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for EFO and BITX.

Drawdown Indicators

	EFO	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-82.16%	+18.64%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-82.16%	+59.98%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	—	—
Current Drawdown Current decline from peak	-4.12%	-80.28%	+76.16%
Average Drawdown Average peak-to-trough decline	-18.64%	-32.12%	+13.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	51.79%	-45.28%

Volatility

EFO vs. BITX - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 11.44%, while 2x Bitcoin Strategy ETF (BITX) has a volatility of 24.10%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	24.10%	-12.66%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	69.17%	-42.50%
Volatility (1Y) Calculated over the trailing 1-year period	31.80%	87.50%	-55.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.20%	98.23%	-65.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.13%	98.23%	-64.10%

EFO vs. BITX - Expense Ratio Comparison

EFO has a 0.95% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

EFO vs. BITX - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.51%, less than BITX's 35.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITX 2x Bitcoin Strategy ETF	35.54%	21.69%	10.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EFO ProShares Ultra MSCI EAFE	1.51%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%

Frequently Asked Questions

Can I hold both EFO and BITX in my portfolio?

EFO and BITX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFO or BITX?

BITX has higher volatility (24.10%) compared to EFO (11.44%). In terms of maximum drawdown, EFO dropped -63.52% vs BITX's -82.16%.

Which ETF is better, EFO or BITX?

On 1-year performance, EFO leads with 32.73% vs -74.95% for BITX. On fees, EFO is cheaper at 0.95% per year. On volatility, EFO has been the lower-risk option at 11.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFO or BITX?

Over the 1-year period, EFO has performed better with a 32.73% return vs -74.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or BITX?

EFO is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

Which ETF pays a higher dividend yield, EFO or BITX?

BITX has the higher dividend yield at 35.54%, compared with 1.51% for EFO.

What is the main difference between EFO and BITX?

EFO is categorized as Leveraged Equities, while BITX is Cryptocurrency. EFO tracks MSCI EAFE Index (200%), while BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for EFO and 2.38% for BITX.

Which has better risk-adjusted returns?

EFO currently has the higher Sharpe Ratio (1.03 vs -0.86), 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.