QLD vs. BITO

Last updated Jun 24, 2026

QLD (ProShares Ultra QQQ) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. QLD is passively managed, while BITO is actively managed. Over the past 3 years, QLD returned 43.61%/yr vs 18.00%/yr for BITO. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

QLD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) 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, QLD achieves a 29.58% return, which is significantly higher than BITO's -29.93% return.

QLD

• 1D: -6.61%
• 1M: -2.02%
• YTD: 29.58%
• 6M: 26.13%
• 1Y: 66.80%
• 3Y*: 43.61%
• 5Y*: 21.41%
• 10Y*: 36.27%

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

QLD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QLD ProShares Ultra QQQ	29.58%	30.36%	42.82%	117.72%	-60.52%	12.94%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between QLD and BITO is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.43

The correlation between QLD and BITO shifts across timeframes, from 0.37 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QLD vs. BITO — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 53
QLD Sharpe Ratio Rank: 58
QLD Sortino Ratio Rank: 49
QLD Omega Ratio Rank: 51
QLD Calmar Ratio Rank: 56
QLD Martin Ratio Rank: 54

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) 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.

QLD vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.

	QLD	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.88	-0.96	+2.84
Sortino ratio: Return per unit of downside risk	2.33	-1.38	+3.71
Omega ratio: Gain probability vs. loss probability	1.31	0.85	+0.47
Calmar ratio: Return relative to maximum drawdown	2.67	-0.80	+3.47
Martin ratio: Return relative to average drawdown	9.05	-1.35	+10.40

QLD vs. BITO - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.88, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of QLD 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

QLD vs. BITO - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for QLD and BITO.

Drawdown Indicators

	QLD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-77.86%	-5.27%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-53.10%	+27.97%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-53.10%	+10.81%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	—	—
Current Drawdown Current decline from peak	-9.26%	-51.67%	+42.41%
Average Drawdown Average peak-to-trough decline	-18.14%	-36.86%	+18.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	31.28%	-23.88%

Volatility

QLD vs. BITO - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 18.22% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.22%	12.79%	+5.43%
Volatility (6M) Calculated over the trailing 6-month period	28.95%	34.39%	-5.44%
Volatility (1Y) Calculated over the trailing 1-year period	35.77%	44.08%	-8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.34%	55.02%	-9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.80%	55.02%	-10.22%

QLD vs. BITO - Expense Ratio Comparison

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

Dividends

QLD vs. BITO - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both QLD and BITO in my portfolio?

QLD and BITO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLD or BITO?

QLD has higher volatility (18.22%) compared to BITO (12.79%). In terms of maximum drawdown, QLD dropped -83.13% vs BITO's -77.86%.

Which ETF is better, QLD or BITO?

On 3-year performance, QLD leads with 43.61% vs 18.00% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or BITO?

Over the 3-year period, QLD has performed better with a 43.61% return vs 18.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or BITO?

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

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

BITO has the higher dividend yield at 71.07%, compared with 0.13% for QLD.

What is the main difference between QLD and BITO?

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

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.88 vs -0.96), 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.