EUO vs. BITO

Last updated Jul 1, 2026

EUO (ProShares UltraShort Euro) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. EUO is passively managed, while BITO is actively managed. Over the past 3 years, EUO returned 1.70%/yr vs 16.64%/yr for BITO. At a correlation of -0.18, they often move in opposite directions. EUO charges 0.99%/yr vs 0.95%/yr for BITO.

Performance

EUO vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) 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, EUO achieves a 8.08% return, which is significantly higher than BITO's -33.98% return.

EUO

• 1D: -0.16%
• 1M: 4.62%
• YTD: 8.08%
• 6M: 7.70%
• 1Y: 11.43%
• 3Y*: 1.70%
• 5Y*: 5.10%
• 10Y*: 2.41%

BITO

• 1D: -2.56%
• 1M: -20.25%
• YTD: -33.98%
• 6M: -34.31%
• 1Y: -47.60%
• 3Y*: 16.64%
• 5Y*: —
• 10Y*: —

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

EUO vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EUO ProShares UltraShort Euro	8.08%	-18.87%	19.79%	-1.02%	13.88%	4.32%
BITO ProShares Bitcoin Strategy ETF	-33.98%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between EUO and BITO is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.18

Return for Risk

EUO vs. BITO — Risk / Return Rank

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

EUO

EUO Risk / Return Rank: 27
EUO Sharpe Ratio Rank: 27
EUO Sortino Ratio Rank: 26
EUO Omega Ratio Rank: 26
EUO Calmar Ratio Rank: 31
EUO Martin Ratio Rank: 26

BITO

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

EUO vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) 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.

	EUO	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.91	-1.08	+1.99
Sortino ratio: Return per unit of downside risk	1.34	-1.67	+3.01
Omega ratio: Gain probability vs. loss probability	1.17	0.82	+0.35
Calmar ratio: Return relative to maximum drawdown	1.42	-0.88	+2.30
Martin ratio: Return relative to average drawdown	3.36	-1.48	+4.84

EUO vs. BITO - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.91, which is higher than the BITO Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of EUO 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.

Drawdowns

EUO vs. BITO - Drawdown Comparison

The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for EUO and BITO.

Drawdown Indicators

	EUO	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-77.86%	+39.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-54.47%	+46.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-54.47%	+30.01%
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	—	—
Current Drawdown Current decline from peak	-15.67%	-54.47%	+38.80%
Average Drawdown Average peak-to-trough decline	-18.49%	-36.93%	+18.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	32.19%	-28.78%

Volatility

EUO vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort Euro (EUO) is 3.33%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 13.25%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUO	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	13.25%	-9.92%
Volatility (6M) Calculated over the trailing 6-month period	9.07%	34.43%	-25.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	44.19%	-31.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.56%	54.95%	-39.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	54.95%	-40.17%

EUO vs. BITO - Expense Ratio Comparison

EUO has a 0.99% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

EUO vs. BITO - Dividend Comparison

EUO has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 75.43%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	75.43%	78.29%	61.59%	15.14%
EUO ProShares UltraShort Euro	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUO and BITO in my portfolio?

EUO and BITO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUO or BITO?

BITO has higher volatility (13.25%) compared to EUO (3.33%). In terms of maximum drawdown, EUO dropped -38.58% vs BITO's -77.86%.

Which ETF is better, EUO or BITO?

On 3-year performance, BITO leads with 16.64% vs 1.70% for EUO. On fees, BITO is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUO or BITO?

Over the 3-year period, BITO has performed better with a 16.64% return vs 1.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUO or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.

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

BITO has the higher dividend yield at 75.43%, compared with 0.00% for EUO.

What is the main difference between EUO and BITO?

EUO is categorized as Leveraged Currency, while BITO is Cryptocurrency. Their fees differ too: 0.99% for EUO and 0.95% for BITO.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.91 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.