FXP vs. BITU

Last updated Jun 4, 2026

FXP (ProShares UltraShort FTSE China 50) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, FXP returned -6.43% vs -73.07% for BITU. At a correlation of -0.25, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

FXP vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) 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, FXP achieves a 13.64% return, which is significantly higher than BITU's -52.92% return.

FXP

• 1D: 4.65%
• 1M: 5.53%
• YTD: 13.64%
• 6M: 16.82%
• 1Y: -6.43%
• 3Y*: -30.22%
• 5Y*: -16.52%
• 10Y*: -23.04%

BITU

• 1D: -5.58%
• 1M: -34.84%
• YTD: -52.92%
• 6M: -59.11%
• 1Y: -73.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXP vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FXP ProShares UltraShort FTSE China 50	13.64%	-45.32%	-47.92%
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%

Correlation

The correlation between FXP and BITU 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 (All Time) Calculated using the full available price history since Apr 3, 2024	-0.25

Return for Risk

FXP vs. BITU — Risk / Return Rank

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

FXP

FXP Risk / Return Rank: 7
FXP Sharpe Ratio Rank: 7
FXP Sortino Ratio Rank: 8
FXP Omega Ratio Rank: 8
FXP Calmar Ratio Rank: 7
FXP Martin Ratio Rank: 7

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
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.

FXP vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) 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.

	FXP	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	-0.84	+0.68
Sortino ratio: Return per unit of downside risk	0.04	-1.44	+1.47
Omega ratio: Gain probability vs. loss probability	1.00	0.84	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.24	-0.93	+0.69
Martin ratio: Return relative to average drawdown	-0.40	-1.47	+1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXP vs. BITU - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is higher than the BITU Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of FXP 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

	FXP	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	-0.84	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.35	-0.09

Drawdowns

FXP vs. BITU - Drawdown Comparison

The maximum FXP drawdown since its inception was -99.94%, which is greater than BITU's maximum drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for FXP and BITU.

Drawdown Indicators

	FXP	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-78.94%	-21.00%
Max Drawdown (1Y) Largest decline over 1 year	-27.21%	-78.94%	+51.73%
Max Drawdown (3Y) Largest decline over 3 years	-82.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-87.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.71%	—	—
Current Drawdown Current decline from peak	-99.92%	-78.94%	-20.98%
Average Drawdown Average peak-to-trough decline	-94.15%	-34.49%	-59.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.66%	49.84%	-32.18%

Volatility

FXP vs. BITU - Volatility Comparison

The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 15.06%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.99%. This indicates that FXP 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

	FXP	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.06%	18.99%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	28.87%	69.41%	-40.54%
Volatility (1Y) Calculated over the trailing 1-year period	39.29%	87.00%	-47.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.12%	97.45%	-34.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	97.45%	-42.54%

FXP vs. BITU - Expense Ratio Comparison

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

Dividends

FXP vs. BITU - Dividend Comparison

FXP's dividend yield for the trailing twelve months is around 4.12%, less than BITU's 83.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXP ProShares UltraShort FTSE China 50	4.12%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%

Frequently Asked Questions

Can I hold both FXP and BITU in my portfolio?

FXP and BITU 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.

Which is riskier, FXP or BITU?

BITU has higher volatility (18.99%) compared to FXP (15.06%). In terms of maximum drawdown, FXP dropped -99.94% vs BITU's -78.94%.

Which ETF is better, FXP or BITU?

On 1-year performance, FXP leads with -6.43% vs -73.07% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, FXP has been the lower-risk option at 15.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXP or BITU?

Over the 1-year period, FXP has performed better with a -6.43% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXP or BITU?

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

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

BITU has the higher dividend yield at 83.36%, compared with 4.12% for FXP.

What is the main difference between FXP and BITU?

FXP is categorized as Leveraged Equities, while BITU is Cryptocurrency. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

FXP currently has the higher Sharpe Ratio (-0.16 vs -0.84), 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.