ETHD vs. BITO

Last updated Jun 4, 2026

ETHD (ProShares UltraShort Ether ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds from ProShares. Both are actively managed. Over the past year, ETHD returned -42.18% vs -41.01% for BITO. At a correlation of -0.82, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.95%/yr for BITO.

Performance

ETHD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) 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, ETHD achieves a 63.80% return, which is significantly higher than BITO's -26.37% return.

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ETHD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	29.33%

Correlation

The correlation between ETHD and BITO is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	-0.82

The correlation between ETHD and BITO has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.

Return for Risk

ETHD vs. BITO — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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.

ETHD vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

	ETHD	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	-0.95	+0.63
Sortino ratio: Return per unit of downside risk	0.40	-1.35	+1.75
Omega ratio: Gain probability vs. loss probability	1.05	0.85	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.51	-0.82	+0.32
Martin ratio: Return relative to average drawdown	-0.64	-1.41	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHD vs. BITO - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.31, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of ETHD 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

	ETHD	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	-0.95	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.09	-0.26

Drawdowns

ETHD vs. BITO - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ETHD and BITO.

Drawdown Indicators

	ETHD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-77.86%	-17.73%
Max Drawdown (1Y) Largest decline over 1 year	-83.63%	-50.05%	-33.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-87.20%	-49.22%	-37.98%
Average Drawdown Average peak-to-trough decline	-66.01%	-36.73%	-29.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.00%	29.09%	+36.91%

Volatility

ETHD vs. BITO - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 19.00% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that ETHD'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

	ETHD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.00%	9.43%	+9.57%
Volatility (6M) Calculated over the trailing 6-month period	92.37%	34.26%	+58.11%
Volatility (1Y) Calculated over the trailing 1-year period	136.23%	43.57%	+92.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.19%	55.11%	+87.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.19%	55.11%	+87.08%

ETHD vs. BITO - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

ETHD vs. BITO - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 10.68%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%	0.00%

Frequently Asked Questions

Can I hold both ETHD and BITO in my portfolio?

ETHD and BITO have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHD or BITO?

ETHD has higher volatility (19.00%) compared to BITO (9.43%). In terms of maximum drawdown, ETHD dropped -95.59% vs BITO's -77.86%.

Which ETF is better, ETHD or BITO?

On 1-year performance, BITO leads with -41.01% vs -42.18% for ETHD. On fees, BITO is cheaper at 0.95% per year. 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, ETHD or BITO?

Over the 1-year period, BITO has performed better with a -41.01% return vs -42.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

BITO has the higher dividend yield at 67.63%, compared with 10.68% for ETHD.

What is the main difference between ETHD and BITO?

Their fees differ too: 1.01% for ETHD and 0.95% for BITO.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.31 vs -0.94), 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.