RXL vs. BITO

Last updated Jun 5, 2026

RXL (ProShares Ultra Health Care) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. RXL is passively managed, while BITO is actively managed. Over the past 3 years, RXL returned 5.25%/yr vs 26.82%/yr for BITO. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

RXL vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) 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, RXL achieves a -5.87% return, which is significantly higher than BITO's -28.44% return.

RXL

• 1D: 6.28%
• 1M: 8.64%
• YTD: -5.87%
• 6M: -4.29%
• 1Y: 24.14%
• 3Y*: 5.25%
• 5Y*: 3.09%
• 10Y*: 11.97%

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

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

RXL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RXL ProShares Ultra Health Care	-5.87%	19.76%	-2.72%	-3.15%	-15.26%	15.97%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between RXL and BITO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.21

The correlation between RXL and BITO shifts across timeframes, from 0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

RXL vs. BITO - Sectors Allocation Comparison

Sectors	RXL	BITO
Healthcare	78.5%	-
Financial Services	12.0%	68.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RXL vs. BITO — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 24
RXL Sharpe Ratio Rank: 24
RXL Sortino Ratio Rank: 26
RXL Omega Ratio Rank: 24
RXL Calmar Ratio Rank: 24
RXL Martin Ratio Rank: 22

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
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.

RXL vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) 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.

	RXL	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.80	-0.97	+1.77
Sortino ratio: Return per unit of downside risk	1.38	-1.39	+2.77
Omega ratio: Gain probability vs. loss probability	1.15	0.84	+0.31
Calmar ratio: Return relative to maximum drawdown	1.14	-0.83	+1.97
Martin ratio: Return relative to average drawdown	2.68	-1.44	+4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RXL vs. BITO - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.80, which is higher than the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of RXL 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.

Sharpe Ratios by Period

	RXL	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	-0.97	+1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	-0.10	+0.51

Drawdowns

RXL vs. BITO - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for RXL and BITO.

Drawdown Indicators

	RXL	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-77.86%	+10.16%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-50.64%	+29.31%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-50.64%	+14.56%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	—	—
Current Drawdown Current decline from peak	-14.45%	-50.64%	+36.19%
Average Drawdown Average peak-to-trough decline	-15.86%	-36.75%	+20.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	29.27%	-20.22%

Volatility

RXL vs. BITO - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 10.34% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.03%. This indicates that RXL'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

	RXL	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	9.03%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	21.51%	33.71%	-12.20%
Volatility (1Y) Calculated over the trailing 1-year period	30.16%	43.61%	-13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.73%	55.10%	-25.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.28%	55.10%	-21.82%

RXL vs. BITO - Expense Ratio Comparison

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

Dividends

RXL vs. BITO - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.54%, less than BITO's 69.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RXL ProShares Ultra Health Care	1.54%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%

Frequently Asked Questions

Can I hold both RXL and BITO in my portfolio?

RXL and BITO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RXL or BITO?

RXL has higher volatility (10.34%) compared to BITO (9.03%). In terms of maximum drawdown, RXL dropped -67.70% vs BITO's -77.86%.

Which ETF is better, RXL or BITO?

On 3-year performance, BITO leads with 26.82% vs 5.25% for RXL. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or BITO?

Over the 3-year period, BITO has performed better with a 26.82% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or BITO?

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

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

BITO has the higher dividend yield at 69.59%, compared with 1.54% for RXL.

What is the main difference between RXL and BITO?

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

Which has better risk-adjusted returns?

RXL currently has the higher Sharpe Ratio (0.80 vs -0.97), 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.