QQUP vs. BITO

Last updated Jul 18, 2026

QQUP (ProShares Ultra QQQ Mega) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. QQUP is passively managed, while BITO is actively managed. Over the past year, QQUP returned 28.32% vs -48.20% for BITO. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

QQUP vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (QQUP) 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, QQUP achieves a 3.18% return, which is significantly higher than BITO's -28.01% return.

QQUP

• 1D: -2.73%
• 1M: 2.47%
• 6M: 5.22%
• YTD: 3.18%
• 1Y: 28.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -0.34%
• 1M: -0.33%
• 6M: -33.99%
• YTD: -28.01%
• 1Y: -48.20%
• 3Y*: 21.17%
• 5Y*: —
• 10Y*: —

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

QQUP vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	3.18%	45.33%
BITO ProShares Bitcoin Strategy ETF	-28.01%	-21.68%

Correlation

The correlation between QQUP and BITO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.45

Return for Risk

QQUP vs. BITO — Risk / Return Rank

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

QQUP

QQUP Risk / Return Rank: 23
QQUP Sharpe Ratio Rank: 24
QQUP Sortino Ratio Rank: 25
QQUP Omega Ratio Rank: 25
QQUP Calmar Ratio Rank: 21
QQUP Martin Ratio Rank: 22

BITO

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

QQUP vs. BITO - Risk-Adjusted Trends Comparison

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

	QQUP	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-1.10	+1.80
Sortino ratio: Return per unit of downside risk	1.16	-1.71	+2.87
Omega ratio: Gain probability vs. loss probability	1.14	0.81	+0.33
Calmar ratio: Return relative to maximum drawdown	0.76	-0.89	+1.64
Martin ratio: Return relative to average drawdown	1.99	-1.42	+3.41

QQUP vs. BITO - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.70, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of QQUP 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

QQUP vs. BITO - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for QQUP and BITO.

Drawdown Indicators

	QQUP	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-77.86%	+40.19%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-54.47%	+16.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-15.66%	-50.35%	+34.69%
Average Drawdown Average peak-to-trough decline	-10.00%	-37.07%	+27.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.27%	34.06%	-19.79%

Volatility

QQUP vs. BITO - Volatility Comparison

ProShares Ultra QQQ Mega (QQUP) has a higher volatility of 13.85% compared to ProShares Bitcoin Strategy ETF (BITO) at 10.41%. This indicates that QQUP'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

	QQUP	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.85%	10.41%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	31.97%	34.29%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	40.78%	44.02%	-3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.89%	54.78%	-14.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.89%	54.78%	-14.89%

QQUP vs. BITO - Expense Ratio Comparison

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

Dividends

QQUP vs. BITO - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.64%, less than BITO's 60.45% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.45%	78.29%	61.59%	15.14%
QQUP ProShares Ultra QQQ Mega	0.64%	0.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and BITO in my portfolio?

QQUP and BITO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQUP or BITO?

QQUP has higher volatility (13.85%) compared to BITO (10.41%). In terms of maximum drawdown, QQUP dropped -37.67% vs BITO's -77.86%.

Which ETF is better, QQUP or BITO?

On 1-year performance, QQUP leads with 28.32% vs -48.20% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 10.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or BITO?

Over the 1-year period, QQUP has performed better with a 28.32% return vs -48.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or BITO?

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

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

BITO has the higher dividend yield at 60.45%, compared with 0.64% for QQUP.

What is the main difference between QQUP and BITO?

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

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (0.70 vs -1.10), 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.