EUM vs. BITU

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, EUM returned -32.85% vs -73.89% for BITU. At a correlation of -0.37, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EUM vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUM achieves a -21.40% return, which is significantly higher than BITU's -55.56% return.

EUM

• 1D: 1.09%
• 1M: -5.64%
• YTD: -21.40%
• 6M: -22.97%
• 1Y: -32.85%
• 3Y*: -15.90%
• 5Y*: -5.09%
• 10Y*: -10.22%

BITU

• 1D: -5.61%
• 1M: -40.78%
• YTD: -55.56%
• 6M: -61.06%
• 1Y: -73.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUM vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EUM ProShares Short MSCI Emerging Markets	-21.40%	-22.61%	0.11%
BITU Proshares Ultra Bitcoin ETF	-55.56%	-37.07%	37.90%

Correlation

The correlation between EUM and BITU is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	-0.37

Return for Risk

EUM vs. BITU — Risk / Return Rank

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

EUM

EUM Risk / Return Rank: 0
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 0
EUM Omega Ratio Rank: 0
EUM Calmar Ratio Rank: 1
EUM Martin Ratio Rank: 0

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 3
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 1

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.

EUM vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Proshares Ultra Bitcoin ETF (BITU). 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.

	EUM	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	-0.85	-0.76
Sortino ratio: Return per unit of downside risk	-2.42	-1.48	-0.94
Omega ratio: Gain probability vs. loss probability	0.72	0.84	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.92	-0.04
Martin ratio: Return relative to average drawdown	-1.91	-1.48	-0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUM vs. BITU - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is lower than the BITU Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of EUM and BITU, 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

	EUM	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	-0.85	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	-0.37	+0.01

Drawdowns

EUM vs. BITU - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, which is greater than BITU's maximum drawdown of -80.13%. Use the drawdown chart below to compare losses from any high point for EUM and BITU.

Drawdown Indicators

	EUM	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-93.07%	-80.13%	-12.94%
Max Drawdown (1Y) Largest decline over 1 year	-34.25%	-80.13%	+45.88%
Max Drawdown (3Y) Largest decline over 3 years	-47.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-68.27%	—	—
Current Drawdown Current decline from peak	-92.91%	-80.13%	-12.78%
Average Drawdown Average peak-to-trough decline	-77.17%	-34.58%	-42.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	50.09%	-32.68%

Volatility

EUM vs. BITU - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 8.73%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.31%. This indicates that EUM experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUM	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	18.31%	-9.58%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	68.43%	-50.49%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	87.07%	-66.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	97.43%	-78.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	97.43%	-76.89%

EUM vs. BITU - Expense Ratio Comparison

Both EUM and BITU have an expense ratio of 0.95%.

Dividends

EUM vs. BITU - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, less than BITU's 88.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITU Proshares Ultra Bitcoin ETF	88.31%	50.23%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EUM ProShares Short MSCI Emerging Markets	4.54%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%

Frequently Asked Questions

Can I hold both EUM and BITU in my portfolio?

EUM and BITU have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or BITU?

BITU has higher volatility (18.31%) compared to EUM (8.73%). In terms of maximum drawdown, EUM dropped -93.07% vs BITU's -80.13%.

Which ETF is better, EUM or BITU?

On 1-year performance, EUM leads with -32.85% vs -73.89% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 8.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or BITU?

Over the 1-year period, EUM has performed better with a -32.85% return vs -73.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or BITU?

EUM and BITU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, EUM or BITU?

BITU has the higher dividend yield at 88.31%, compared with 4.54% for EUM.

What is the main difference between EUM and BITU?

EUM is categorized as Inverse Equities, while BITU is Cryptocurrency. EUM tracks MSCI Emerging Markets Index (-100%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.85 vs -1.61), 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.