MVV vs. BITO

Last updated Aug 4, 2026

MVV (ProShares Ultra Midcap 400) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. MVV is passively managed, while BITO is actively managed. Over the past 3 years, MVV returned 17.85%/yr vs 22.22%/yr for BITO. Their 0.40 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

MVV vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVV achieves a 28.19% return, which is significantly higher than BITO's -28.40% return.

MVV

• 1D: 2.04%
• 1M: -0.38%
• 6M: 17.10%
• YTD: 28.19%
• 1Y: 42.36%
• 3Y*: 17.85%
• 5Y*: 7.80%
• 10Y*: 12.98%
• ALL TIME*: 11.66%

BITO

• 1D: 1.45%
• 1M: 3.64%
• 6M: -19.37%
• YTD: -28.40%
• 1Y: -45.62%
• 3Y*: 22.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.59B	$2.59B	$2.08B
MVV ProShares Ultra Midcap 400	$571.21K	$587.07K	$850.63K

MVV vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MVV ProShares Ultra Midcap 400	28.19%	3.48%	17.75%	22.51%	-31.96%	5.94%
BITO ProShares Bitcoin Strategy ETF	-28.40%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between MVV and BITO is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.40

Return for Risk

MVV vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MVV

MVV Risk / Return Rank: 58
MVV Sharpe Ratio Rank: 53
MVV Sortino Ratio Rank: 55
MVV Omega Ratio Rank: 51
MVV Calmar Ratio Rank: 66
MVV Martin Ratio Rank: 65

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MVV vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

	MVV	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.35	-1.04	+2.39
Sortino ratio: Return per unit of downside risk	1.98	-1.56	+3.54
Omega ratio: Gain probability vs. loss probability	1.24	0.83	+0.41
Calmar ratio: Return relative to maximum drawdown	2.41	-0.84	+3.25
Martin ratio: Return relative to average drawdown	8.19	-1.28	+9.47

MVV vs. BITO - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.35, which is higher than the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of MVV and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MVV vs. BITO - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MVV and BITO.

Drawdown Indicators

	MVV	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-77.86%	-7.68%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-54.47%	+36.79%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-54.47%	+9.67%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	—	—
Current Drawdown Current decline from peak	-3.22%	-50.61%	+47.39%
Average Drawdown Average peak-to-trough decline	-20.40%	-37.19%	+16.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	35.62%	-30.43%

Volatility

MVV vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra Midcap 400 (MVV) is 7.32%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.72%. This indicates that MVV experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	8.72%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	23.30%	33.49%	-10.19%
Volatility (1Y) Calculated over the trailing 1-year period	31.52%	44.21%	-12.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.50%	54.58%	-15.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.28%	54.58%	-12.30%

MVV vs. BITO - Expense Ratio Comparison

Both MVV and BITO have an expense ratio of 0.95%.

Dividends

MVV vs. BITO - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.68%, less than BITO's 47.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	47.03%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MVV ProShares Ultra Midcap 400	0.68%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%

Frequently Asked Questions

Can I hold both MVV and BITO in my portfolio?

MVV and BITO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVV or BITO?

BITO has higher volatility (8.72%) compared to MVV (7.32%). In terms of maximum drawdown, MVV dropped -85.54% vs BITO's -77.86%.

Which ETF is better, MVV or BITO?

On 3-year performance, BITO leads with 22.22% vs 17.85% for MVV. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or BITO?

Over the 3-year period, BITO has performed better with a 22.22% return vs 17.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or BITO?

MVV and BITO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, MVV or BITO?

BITO has the higher dividend yield at 47.03%, compared with 0.68% for MVV.

What is the main difference between MVV and BITO?

MVV is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

MVV currently has the higher Sharpe Ratio (1.35 vs -1.04), 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.