REW vs. BITO
REW (ProShares UltraShort Technology) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. REW is passively managed, while BITO is actively managed. Over the past 3 years, REW returned -47.19%/yr vs 25.27%/yr for BITO. At a correlation of -0.40, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
REW vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than BITO's -26.37% return.
REW
- 1D
- 2.13%
- 1M
- -32.71%
- YTD
- -48.44%
- 6M
- -47.77%
- 1Y
- -65.29%
- 3Y*
- -47.19%
- 5Y*
- -40.21%
- 10Y*
- -45.16%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
REW vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -48.44% | -43.15% | -33.70% | -61.35% | 65.72% | -15.14% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between REW and BITO is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.40 |
The correlation between REW and BITO shifts across timeframes, from -0.46 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
REW vs. BITO — Risk / Return Rank
REW
BITO
REW vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 0.85 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.82 | -0.17 |
| Martin ratioReturn relative to average drawdown | -2.00 | -1.41 | -0.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | -0.95 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.09 | -0.70 |
Drawdowns
REW vs. BITO - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for REW and BITO.
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Drawdown Indicators
| REW | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -77.86% | -22.13% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -50.05% | -16.20% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -50.05% | -36.71% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -49.22% | -50.77% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -36.73% | -50.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 29.09% | +3.51% |
Volatility
REW vs. BITO - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that REW'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.
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Volatility by Period
| REW | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 9.43% | +5.41% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 34.26% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 43.57% | -1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 55.11% | -3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 55.11% | -6.28% |
REW vs. BITO - Expense Ratio Comparison
Both REW and BITO have an expense ratio of 0.95%.
Dividends
REW vs. BITO - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 11.04%, less than BITO's 67.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
REW ProShares UltraShort Technology | 11.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
Frequently Asked Questions
REW 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.
REW has higher volatility (14.84%) compared to BITO (9.43%). In terms of maximum drawdown, REW dropped -99.99% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs -47.19% for REW. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 25.27% return vs -47.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 67.63%, compared with 11.04% for REW.
REW is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.94 vs -1.56), 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.
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