PEX vs. BITU

Last updated Jun 4, 2026

PEX (ProShares Global Listed Private Equity ETF) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, PEX returned -12.90% vs -73.07% for BITU. At a 0.35 correlation, their price movements are largely independent. PEX charges 3.13%/yr vs 0.95%/yr for BITU.

Performance

PEX vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) 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, PEX achieves a -12.48% return, which is significantly higher than BITU's -52.92% return.

PEX

• 1D: -2.88%
• 1M: -5.57%
• YTD: -12.48%
• 6M: -10.90%
• 1Y: -12.90%
• 3Y*: 3.61%
• 5Y*: -1.12%
• 10Y*: 4.13%

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)

PEX vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEX ProShares Global Listed Private Equity ETF	-12.48%	0.21%	7.53%
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%

Correlation

The correlation between PEX and BITU is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.35

PEX vs. BITU - Sectors Allocation Comparison

Sectors	PEX	BITU
Financial Services	96.7%	4.2%
Industrials	1.5%	-
Healthcare	1.5%	-
Basic Materials	0.4%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PEX vs. BITU — Risk / Return Rank

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

PEX

PEX Risk / Return Rank: 3
PEX Sharpe Ratio Rank: 2
PEX Sortino Ratio Rank: 3
PEX Omega Ratio Rank: 3
PEX Calmar Ratio Rank: 4
PEX Martin Ratio Rank: 4

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.

PEX vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.

	PEX	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.84	+0.01
Sortino ratio: Return per unit of downside risk	-1.09	-1.44	+0.35
Omega ratio: Gain probability vs. loss probability	0.88	0.84	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.93	+0.40
Martin ratio: Return relative to average drawdown	-1.06	-1.47	+0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEX vs. BITU - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.83, which is comparable to the BITU Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of PEX 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

	PEX	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.84	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.35	+0.60

Drawdowns

PEX vs. BITU - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum BITU drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for PEX and BITU.

Drawdown Indicators

	PEX	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-78.94%	+29.77%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-78.94%	+54.22%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	—	—
Current Drawdown Current decline from peak	-20.90%	-78.94%	+58.04%
Average Drawdown Average peak-to-trough decline	-8.21%	-34.49%	+26.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	49.84%	-37.62%

Volatility

PEX vs. BITU - Volatility Comparison

The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 4.81%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.99%. This indicates that PEX 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

	PEX	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	18.99%	-14.18%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	69.41%	-56.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	87.00%	-71.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	97.45%	-79.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	97.45%	-78.01%

PEX vs. BITU - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than BITU's 0.95% expense ratio.

Dividends

PEX vs. BITU - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.81%, less than BITU's 83.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PEX ProShares Global Listed Private Equity ETF	12.81%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%

Frequently Asked Questions

Can I hold both PEX and BITU in my portfolio?

PEX and BITU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEX or BITU?

BITU has higher volatility (18.99%) compared to PEX (4.81%). In terms of maximum drawdown, PEX dropped -49.17% vs BITU's -78.94%.

Which ETF is better, PEX or BITU?

On 1-year performance, PEX leads with -12.90% vs -73.07% for BITU. On fees, BITU is cheaper at 0.95% per year. On volatility, PEX has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEX or BITU?

Over the 1-year period, PEX has performed better with a -12.90% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEX or BITU?

BITU is cheaper with a 0.95% expense ratio, compared with 3.13% for PEX.

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

BITU has the higher dividend yield at 83.36%, compared with 12.81% for PEX.

What is the main difference between PEX and BITU?

PEX is categorized as Financials Equities, while BITU is Cryptocurrency. PEX tracks LPX Direct Listed Private Equity Index, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. Their fees differ too: 3.13% for PEX and 0.95% for BITU.

Which has better risk-adjusted returns?

PEX currently has the higher Sharpe Ratio (-0.83 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.