MAKX vs. BITU

Last updated Jun 4, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, MAKX returned 82.53% vs -73.07% for BITU. At a 0.42 correlation, their price movements are largely independent. MAKX charges 0.58%/yr vs 0.95%/yr for BITU.

Performance

MAKX vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) 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, MAKX achieves a 47.39% return, which is significantly higher than BITU's -52.92% return.

MAKX

• 1D: -1.54%
• 1M: 17.86%
• YTD: 47.39%
• 6M: 42.02%
• 1Y: 82.53%
• 3Y*: 28.32%
• 5Y*: —
• 10Y*: —

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)

MAKX vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAKX ProShares S&P Kensho Smart Factories ETF	47.39%	21.63%	8.55%
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%

Correlation

The correlation between MAKX and BITU is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.42

MAKX vs. BITU - Sectors Allocation Comparison

Sectors	MAKX	BITU
Technology	64.1%	-
Industrials	21.3%	-
Communication Services	10.2%	-
Basic Materials	4.4%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.2%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MAKX vs. BITU — Risk / Return Rank

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

MAKX

MAKX Risk / Return Rank: 81
MAKX Sharpe Ratio Rank: 86
MAKX Sortino Ratio Rank: 79
MAKX Omega Ratio Rank: 73
MAKX Calmar Ratio Rank: 88
MAKX Martin Ratio Rank: 80

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.

MAKX vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.

	MAKX	BITU	Difference
Sharpe ratio: Return per unit of total volatility	2.87	-0.84	+3.71
Sortino ratio: Return per unit of downside risk	3.54	-1.44	+4.97
Omega ratio: Gain probability vs. loss probability	1.44	0.84	+0.60
Calmar ratio: Return relative to maximum drawdown	5.17	-0.93	+6.10
Martin ratio: Return relative to average drawdown	15.75	-1.47	+17.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAKX vs. BITU - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 2.87, which is higher than the BITU Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of MAKX 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

	MAKX	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	-0.84	+3.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	-0.35	+0.86

Drawdowns

MAKX vs. BITU - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, smaller than the maximum BITU drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for MAKX and BITU.

Drawdown Indicators

	MAKX	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-78.94%	+38.67%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-78.94%	+62.89%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	—	—
Current Drawdown Current decline from peak	-1.54%	-78.94%	+77.40%
Average Drawdown Average peak-to-trough decline	-16.60%	-34.49%	+17.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	49.84%	-44.58%

Volatility

MAKX vs. BITU - Volatility Comparison

The current volatility for ProShares S&P Kensho Smart Factories ETF (MAKX) is 10.34%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.99%. This indicates that MAKX 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

	MAKX	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	18.99%	-8.65%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	69.41%	-49.48%
Volatility (1Y) Calculated over the trailing 1-year period	29.03%	87.00%	-57.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.18%	97.45%	-69.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.18%	97.45%	-69.27%

MAKX vs. BITU - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is lower than BITU's 0.95% expense ratio.

Dividends

MAKX vs. BITU - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.10%, less than BITU's 83.36% yield.

Position	TTM	2025	2024	2023	2022
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%	0.00%	0.00%
MAKX ProShares S&P Kensho Smart Factories ETF	0.10%	0.15%	0.24%	0.52%	0.31%

Frequently Asked Questions

Can I hold both MAKX and BITU in my portfolio?

MAKX and BITU have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or BITU?

BITU has higher volatility (18.99%) compared to MAKX (10.34%). In terms of maximum drawdown, MAKX dropped -40.27% vs BITU's -78.94%.

Which ETF is better, MAKX or BITU?

On 1-year performance, MAKX leads with 82.53% vs -73.07% for BITU. On fees, MAKX is cheaper at 0.58% per year. On volatility, MAKX has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or BITU?

Over the 1-year period, MAKX has performed better with a 82.53% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or BITU?

MAKX is cheaper with a 0.58% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 83.36%, compared with 0.10% for MAKX.

What is the main difference between MAKX and BITU?

MAKX is categorized as Technology Equities, while BITU is Cryptocurrency. MAKX tracks S&P Kensho Smart Factories Index, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. Their fees differ too: 0.58% for MAKX and 0.95% for BITU.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (2.87 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.