EWV vs. BITO
EWV (ProShares UltraShort MSCI Japan) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. EWV is passively managed, while BITO is actively managed. Over the past 3 years, EWV returned -28.99%/yr vs 18.00%/yr for BITO. At a correlation of -0.28, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EWV vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly higher than BITO's -29.93% return.
EWV
- 1D
- 9.12%
- 1M
- -4.14%
- YTD
- -27.73%
- 6M
- -26.75%
- 1Y
- -46.22%
- 3Y*
- -28.99%
- 5Y*
- -17.97%
- 10Y*
- -20.50%
BITO
- 1D
- -3.31%
- 1M
- -18.05%
- YTD
- -29.93%
- 6M
- -30.03%
- 1Y
- -42.09%
- 3Y*
- 18.00%
- 5Y*
- —
- 10Y*
- —
EWV vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | 0.91% |
BITO ProShares Bitcoin Strategy ETF | -29.93% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between EWV and BITO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.28 |
The correlation between EWV and BITO shifts across timeframes, from -0.31 (1 year) to -0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWV vs. BITO — Risk / Return Rank
EWV
BITO
EWV vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) 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.
| EWV | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.85 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.80 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.35 | -0.15 |
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Drawdowns
EWV vs. BITO - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for EWV and BITO.
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Drawdown Indicators
| EWV | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -77.86% | -21.34% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -53.10% | +1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -53.10% | -18.09% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | — | — |
Current DrawdownCurrent decline from peak | -99.13% | -51.67% | -47.46% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -36.86% | -47.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 31.28% | -0.36% |
Volatility
EWV vs. BITO - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.65% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that EWV'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
| EWV | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 12.79% | +2.86% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 34.39% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 44.08% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 55.02% | -17.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 55.02% | -19.93% |
EWV vs. BITO - Expense Ratio Comparison
Both EWV and BITO have an expense ratio of 0.95%.
Dividends
EWV vs. BITO - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, less than BITO's 71.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 71.07% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWV ProShares UltraShort MSCI Japan | 4.96% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
Frequently Asked Questions
EWV and BITO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.65%) compared to BITO (12.79%). In terms of maximum drawdown, EWV dropped -99.20% vs BITO's -77.86%.
On 3-year performance, BITO leads with 18.00% vs -28.99% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.79%. 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 18.00% return vs -28.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 71.07%, compared with 4.96% for EWV.
EWV is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.96 vs -1.10), 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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