SKYU vs. BITI

Last updated Jul 18, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SKYU returned 24.28%/yr vs -31.71%/yr for BITI. At a correlation of -0.36, they often move in opposite directions. SKYU charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

SKYU vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKYU achieves a 0.49% return, which is significantly lower than BITI's 24.73% return.

SKYU

• 1D: -0.31%
• 1M: 5.74%
• 6M: 10.58%
• YTD: 0.49%
• 1Y: 8.45%
• 3Y*: 24.28%
• 5Y*: -3.11%
• 10Y*: —

BITI

• 1D: 0.20%
• 1M: -0.52%
• 6M: 36.51%
• YTD: 24.73%
• 1Y: 64.56%
• 3Y*: -31.71%
• 5Y*: —
• 10Y*: —

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

SKYU vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.49%	2.76%	65.79%	105.76%	-27.99%
BITI ProShares Short Bitcoin ETF	24.73%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between SKYU and BITI is -0.38, 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	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.36

Return for Risk

SKYU vs. BITI — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 13
SKYU Sharpe Ratio Rank: 12
SKYU Sortino Ratio Rank: 15
SKYU Omega Ratio Rank: 15
SKYU Calmar Ratio Rank: 12
SKYU Martin Ratio Rank: 12

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 54
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 65
BITI Martin Ratio Rank: 48

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.

SKYU vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and ProShares Short Bitcoin ETF (BITI). 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.

	SKYU	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.47	-1.33
Sortino ratio: Return per unit of downside risk	0.63	2.04	-1.41
Omega ratio: Gain probability vs. loss probability	1.07	1.25	-0.17
Calmar ratio: Return relative to maximum drawdown	0.17	2.57	-2.40
Martin ratio: Return relative to average drawdown	0.33	6.36	-6.03

SKYU vs. BITI - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.15, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SKYU and BITI, 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

SKYU vs. BITI - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SKYU and BITI.

Drawdown Indicators

	SKYU	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-92.16%	+9.15%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-25.28%	-24.95%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-84.63%	+28.92%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-35.29%	-86.38%	+51.09%
Average Drawdown Average peak-to-trough decline	-48.84%	-68.42%	+19.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.35%	10.18%	+15.17%

Volatility

SKYU vs. BITI - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 13.66% compared to ProShares Short Bitcoin ETF (BITI) at 10.69%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.66%	10.69%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	48.76%	34.09%	+14.67%
Volatility (1Y) Calculated over the trailing 1-year period	57.91%	44.07%	+13.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.27%	52.21%	+10.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.97%	52.21%	+8.76%

SKYU vs. BITI - Expense Ratio Comparison

SKYU has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SKYU vs. BITI - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.82%, less than BITI's 15.59% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.59%	1.60%	3.91%	3.33%	0.06%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.82%	0.56%	0.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SKYU and BITI in my portfolio?

SKYU and BITI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYU or BITI?

SKYU has higher volatility (13.66%) compared to BITI (10.69%). In terms of maximum drawdown, SKYU dropped -83.01% vs BITI's -92.16%.

Which ETF is better, SKYU or BITI?

On 3-year performance, SKYU leads with 24.28% vs -31.71% for BITI. On fees, SKYU is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or BITI?

Over the 3-year period, SKYU has performed better with a 24.28% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or BITI?

SKYU is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, SKYU or BITI?

BITI has the higher dividend yield at 15.59%, compared with 0.82% for SKYU.

What is the main difference between SKYU and BITI?

SKYU is categorized as Leveraged Equities, while BITI is Cryptocurrency. SKYU tracks ISE Cloud Computing Index (200%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for SKYU and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.15), 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.