ETHT vs. BITO

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Ether ETF (ETHT) and ProShares Bitcoin Strategy ETF (BITO).

ETHT and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHT is a passively managed fund by ProShares that tracks the performance of the Bloomberg Ethereum Index (200%). It was launched on Jun 6, 2024. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

ETHT vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

ETHT vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-60.06%	-64.86%	-41.68%
BITO ProShares Bitcoin Strategy ETF	-23.25%	-11.19%	29.33%

Returns By Period

In the year-to-date period, ETHT achieves a -60.06% return, which is significantly lower than BITO's -23.25% return.

ETHT

• 1D: 7.31%
• 1M: 12.62%
• YTD: -60.06%
• 6M: -83.27%
• 1Y: -39.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 1.75%
• 1M: 2.92%
• YTD: -23.25%
• 6M: -41.96%
• 1Y: -21.48%
• 3Y*: 24.62%
• 5Y*: —
• 10Y*: —

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

ETHT vs. BITO - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than BITO's 0.95% expense ratio.

BITO

ProShares Bitcoin Strategy ETF

ETHT

ProShares Ultra Ether ETF

Return for Risk

ETHT vs. BITO — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 12
ETHT Sharpe Ratio Rank: 7
ETHT Sortino Ratio Rank: 24
ETHT Omega Ratio Rank: 21
ETHT Calmar Ratio Rank: 4
ETHT Martin Ratio Rank: 6

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 5
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

ETHT vs. BITO - Risk-Adjusted Trends Comparison

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

	ETHT	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.26	-0.48	+0.21
Sortino ratio Return per unit of downside risk	0.63	-0.43	+1.06
Omega ratio Gain probability vs. loss probability	1.07	0.95	+0.12
Calmar ratio Return relative to maximum drawdown	-0.47	-0.46	-0.02
Martin ratio Return relative to average drawdown	-0.83	-0.97	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHT vs. BITO - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.26, which is higher than the BITO Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of ETHT and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHT	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.26	-0.48	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.08	-0.43

Correlation

The correlation between ETHT and BITO is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ETHT vs. BITO - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 11.73%, less than BITO's 84.71% yield.

	TTM	2025	2024	2023
ETHT ProShares Ultra Ether ETF	11.73%	4.57%	0.02%	0.00%
BITO ProShares Bitcoin Strategy ETF	84.71%	78.29%	61.59%	15.14%

Drawdowns

ETHT vs. BITO - Drawdown Comparison

The maximum ETHT drawdown since its inception was -93.10%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ETHT and BITO.

Drawdown Indicators

	ETHT	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-93.10%	-77.86%	-15.24%
Max Drawdown (1Y) Largest decline over 1 year	-90.13%	-50.05%	-40.08%
Current Drawdown Current decline from peak	-91.81%	-47.07%	-44.74%
Average Drawdown Average peak-to-trough decline	-62.26%	-36.56%	-25.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.51%	23.55%	+27.96%

Volatility

ETHT vs. BITO - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 37.83% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.89%. This indicates that ETHT'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

	ETHT	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.83%	12.89%	+24.94%
Volatility (6M) Calculated over the trailing 6-month period	107.97%	36.69%	+71.28%
Volatility (1Y) Calculated over the trailing 1-year period	151.62%	45.35%	+106.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.59%	55.79%	+91.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.59%	55.79%	+91.80%