SKYU vs. BITO

Last updated Jun 6, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SKYU is passively managed, while BITO is actively managed. Over the past 3 years, SKYU returned 32.82%/yr vs 22.23%/yr for BITO. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SKYU vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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, SKYU achieves a 8.80% return, which is significantly higher than BITO's -32.00% return.

SKYU

• 1D: -9.87%
• 1M: 15.67%
• YTD: 8.80%
• 6M: 4.86%
• 1Y: 24.53%
• 3Y*: 32.82%
• 5Y*: 0.04%
• 10Y*: —

BITO

• 1D: -4.97%
• 1M: -26.17%
• YTD: -32.00%
• 6M: -33.58%
• 1Y: -43.17%
• 3Y*: 22.23%
• 5Y*: —
• 10Y*: —

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

SKYU vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	8.80%	2.76%	65.79%	105.76%	-75.95%	-17.58%
BITO ProShares Bitcoin Strategy ETF	-32.00%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between SKYU and BITO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.38

SKYU vs. BITO - Sectors Allocation Comparison

Sectors	SKYU	BITO
Technology	51.5%	-
Communication Services	4.7%	-
Industrials	2.5%	-
Consumer Cyclical	2.4%	-
Healthcare	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	68.5%
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYU vs. BITO — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 17
SKYU Sharpe Ratio Rank: 16
SKYU Sortino Ratio Rank: 20
SKYU Omega Ratio Rank: 20
SKYU Calmar Ratio Rank: 15
SKYU Martin Ratio Rank: 14

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: 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.

SKYU vs. BITO - Risk-Adjusted Trends Comparison

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

	SKYU	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.99	+1.42
Sortino ratio: Return per unit of downside risk	0.99	-1.44	+2.43
Omega ratio: Gain probability vs. loss probability	1.12	0.84	+0.28
Calmar ratio: Return relative to maximum drawdown	0.49	-0.82	+1.31
Martin ratio: Return relative to average drawdown	1.03	-1.47	+2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYU vs. BITO - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.43, which is higher than the BITO Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of SKYU 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

	SKYU	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	-0.99	+1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.12	+0.12

Drawdowns

SKYU vs. BITO - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SKYU and BITO.

Drawdown Indicators

	SKYU	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-77.86%	-5.15%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-53.10%	+2.87%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-53.10%	-2.61%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-29.94%	-53.10%	+23.16%
Average Drawdown Average peak-to-trough decline	-49.14%	-36.76%	-12.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.91%	29.46%	-5.55%

Volatility

SKYU vs. BITO - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 25.39% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.76%. This indicates that SKYU'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

	SKYU	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.39%	9.76%	+15.63%
Volatility (6M) Calculated over the trailing 6-month period	47.78%	33.97%	+13.81%
Volatility (1Y) Calculated over the trailing 1-year period	56.82%	43.86%	+12.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	55.13%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.25%	55.13%	+6.12%

SKYU vs. BITO - Expense Ratio Comparison

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

Dividends

SKYU vs. BITO - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.64%, less than BITO's 73.23% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.23%	78.29%	61.59%	15.14%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.64%	0.56%	0.21%	0.00%

Frequently Asked Questions

Can I hold both SKYU and BITO in my portfolio?

SKYU and BITO 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 BITO?

SKYU has higher volatility (25.39%) compared to BITO (9.76%). In terms of maximum drawdown, SKYU dropped -83.01% vs BITO's -77.86%.

Which ETF is better, SKYU or BITO?

On 3-year performance, SKYU leads with 32.82% vs 22.23% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or BITO?

Over the 3-year period, SKYU has performed better with a 32.82% return vs 22.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or BITO?

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

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

BITO has the higher dividend yield at 73.23%, compared with 0.64% for SKYU.

What is the main difference between SKYU and BITO?

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

Which has better risk-adjusted returns?

SKYU currently has the higher Sharpe Ratio (0.43 vs -0.99), 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.