IBIT vs. BITU
IBIT (iShares Bitcoin Trust ETF) and BITU (Proshares Ultra Bitcoin ETF) are both Cryptocurrency funds - IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant while BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, IBIT returned -38.74% vs -73.07% for BITU. With a 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 0.95%/yr for BITU.
Performance
IBIT vs. BITU - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -25.48% return, which is significantly higher than BITU's -52.92% return.
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITU
- 1D
- -5.58%
- 1M
- -34.84%
- YTD
- -52.92%
- 6M
- -59.11%
- 1Y
- -73.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. BITU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 41.09% |
BITU Proshares Ultra Bitcoin ETF | -52.92% | -37.07% | 37.90% |
Correlation
The correlation between IBIT and BITU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024 | 1.00 |
The correlation between IBIT and BITU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
IBIT vs. BITU — Risk / Return Rank
IBIT
BITU
IBIT vs. BITU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | BITU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.93 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.47 | +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. | |||
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Sharpe Ratios by Period
| IBIT | BITU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.84 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.35 | +0.64 |
Drawdowns
IBIT vs. BITU - Drawdown Comparison
The maximum IBIT drawdown since its inception was -49.36%, smaller than the maximum BITU drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for IBIT and BITU.
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Drawdown Indicators
| IBIT | BITU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.36% | -78.94% | +29.58% |
Max Drawdown (1Y)Largest decline over 1 year | -49.36% | -78.94% | +29.58% |
Current DrawdownCurrent decline from peak | -48.10% | -78.94% | +30.84% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -34.49% | +18.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.44% | 49.84% | -21.40% |
Volatility
IBIT vs. BITU - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 9.50%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.99%. This indicates that IBIT 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.
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Volatility by Period
| IBIT | BITU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 18.99% | -9.49% |
Volatility (6M)Calculated over the trailing 6-month period | 34.44% | 69.41% | -34.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 87.00% | -43.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.19% | 97.45% | -47.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.19% | 97.45% | -47.26% |
IBIT vs. BITU - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than BITU's 0.95% expense ratio.
Dividends
IBIT vs. BITU - Dividend Comparison
IBIT has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 83.36%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | 83.36% | 50.23% | 0.12% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, IBIT and BITU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BITU has higher volatility (18.99%) compared to IBIT (9.50%). In terms of maximum drawdown, IBIT dropped -49.36% vs BITU's -78.94%.
On 1-year performance, IBIT leads with -38.74% vs -73.07% for BITU. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -38.74% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for BITU.
BITU has the higher dividend yield at 83.36%, compared with 0.00% for IBIT.
IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IBIT and 0.95% for BITU.
BITU currently has the higher Sharpe Ratio (-0.84 vs -0.89), 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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