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 -28.45%/yr vs 25.27%/yr for BITO. At a correlation of -0.27, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EWV vs. BITO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than BITO's -26.37% return.
EWV
- 1D
- -0.28%
- 1M
- -12.11%
- YTD
- -27.97%
- 6M
- -29.61%
- 1Y
- -43.86%
- 3Y*
- -28.45%
- 5Y*
- -17.58%
- 10Y*
- -20.24%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
EWV vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.97% | -37.70% | -11.06% | -28.34% | 34.35% | 2.27% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between EWV and BITO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.27 |
The correlation between EWV and BITO shifts across timeframes, from -0.30 (1 year) to -0.18 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| EWV | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.85 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.82 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.41 | -0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EWV | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | -0.95 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | -0.09 | -0.37 |
Drawdowns
EWV vs. BITO - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, 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.
Loading charts...
Drawdown Indicators
| EWV | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -77.86% | -21.27% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -50.05% | +3.17% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -50.05% | -18.62% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | — | — |
Current DrawdownCurrent decline from peak | -99.13% | -49.22% | -49.91% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -36.73% | -47.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 29.09% | -0.04% |
Volatility
EWV vs. BITO - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.11% and 9.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EWV | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 9.43% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 34.26% | -3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 43.57% | -3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 55.11% | -18.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 55.11% | -20.16% |
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 4.98%, less than BITO's 67.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWV ProShares UltraShort MSCI Japan | 4.98% | 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 -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (9.43%) compared to EWV (9.11%). In terms of maximum drawdown, EWV dropped -99.13% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs -28.45% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 9.11%. 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 25.27% return vs -28.45%. 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 67.63%, compared with 4.98% for EWV.
EWV is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.94 vs -1.11), 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.
Find the right allocation for EWV and BITO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer