EPV vs. BITO
EPV (ProShares UltraShort FTSE Europe) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - EPV is a Leveraged Equities fund tracking the FTSE All Cap Developed Europe (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. EPV is passively managed, while BITO is actively managed. Over the past 3 years, EPV returned -26.13%/yr vs 22.22%/yr for BITO. Their -0.37 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EPV vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, EPV achieves a -19.77% return, which is significantly higher than BITO's -28.40% return.
EPV
- 1D
- -1.09%
- 1M
- -3.19%
- 6M
- -10.92%
- YTD
- -19.77%
- 1Y
- -35.04%
- 3Y*
- -26.13%
- 5Y*
- -19.02%
- 10Y*
- -22.82%
- ALL TIME*
- -25.54%
BITO
- 1D
- 1.45%
- 1M
- 3.64%
- 6M
- -19.37%
- YTD
- -28.40%
- 1Y
- -45.62%
- 3Y*
- 22.22%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59B | $2.59B | $2.08B | |
| $306.03K | $269.56K | $428.32K |
EPV vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EPV ProShares UltraShort FTSE Europe | -19.77% | -45.21% | 2.02% | -30.81% | 15.53% | -4.39% |
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between EPV and BITO is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.37 |
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Return for Risk
EPV vs. BITO — Risk / Return Rank
EPV
BITO
EPV vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) 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.
| EPV | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.05 | -0.84 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.72 | -1.28 | -0.44 |
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Drawdowns
EPV vs. BITO - Drawdown Comparison
The maximum EPV drawdown since its inception was -99.41%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for EPV and BITO.
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Drawdown Indicators
| EPV | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.41% | -77.86% | -21.55% |
Max Drawdown (1Y)Largest decline over 1 year | -33.55% | -54.47% | +20.92% |
Max Drawdown (3Y)Largest decline over 3 years | -67.49% | -54.47% | -13.02% |
Max Drawdown (5Y)Largest decline over 5 years | -80.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.02% | — | — |
Current DrawdownCurrent decline from peak | -99.41% | -50.61% | -48.80% |
Average DrawdownAverage peak-to-trough decline | -88.47% | -37.19% | -51.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 35.62% | -13.70% |
Volatility
EPV vs. BITO - Volatility Comparison
ProShares UltraShort FTSE Europe (EPV) has a higher volatility of 9.50% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.72%. This indicates that EPV'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
| EPV | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 8.72% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 28.44% | 33.49% | -5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.47% | 44.21% | -11.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.99% | 54.58% | -18.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.90% | 54.58% | -17.68% |
EPV vs. BITO - Expense Ratio Comparison
Both EPV and BITO have an expense ratio of 0.95%.
Dividends
EPV vs. BITO - Dividend Comparison
EPV's dividend yield for the trailing twelve months is around 4.98%, less than BITO's 47.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EPV ProShares UltraShort FTSE Europe | 4.98% | 4.80% | 4.83% | 3.17% | 0.33% | 0.01% | 0.09% | 1.10% | 0.19% |
Frequently Asked Questions
EPV and BITO 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.
EPV has higher volatility (9.50%) compared to BITO (8.72%). In terms of maximum drawdown, EPV dropped -99.41% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.22% vs -26.13% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.72%. 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 22.22% return vs -26.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPV and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.03%, compared with 4.98% for EPV.
EPV is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-1.04 vs -1.08), 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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