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TBF vs. BITU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBF vs. BITU

Last updated Jun 5, 2026

TBF (ProShares Short 20+ Year Treasury) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, TBF returned 1.98% vs -73.89% for BITU. At a correlation of -0.02, they often move in opposite directions. TBF charges 0.94%/yr vs 0.95%/yr for BITU.

Performance

TBF vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TBF achieves a 2.13% return, which is significantly higher than BITU's -55.56% return.

TBF

1D
-0.24%
1M
-0.08%
YTD
2.13%
6M
3.96%
1Y
1.98%
3Y*
7.78%
5Y*
9.95%
10Y*
2.68%

BITU

1D
-5.61%
1M
-40.78%
YTD
-55.56%
6M
-61.06%
1Y
-73.89%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBF vs. BITU - Yearly Performance Comparison

2026 (YTD)20252024
TBF
ProShares Short 20+ Year Treasury		2.13%1.27%7.42%
BITU
Proshares Ultra Bitcoin ETF		-55.56%-37.07%37.90%

Correlation

The correlation between TBF and BITU is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Apr 3, 2024

-0.02

TBF vs. BITU - Sectors Allocation Comparison

Sectors
TBF
BITU

Financial Services

48.6%
4.2%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

TBF
48.6%
BITU
4.2%

Basic Materials

TBF

-

BITU

-

Communication Services

TBF

-

BITU

-

Consumer Cyclical

TBF

-

BITU

-

Consumer Defensive

TBF

-

BITU

-

Energy

TBF

-

BITU

-

Healthcare

TBF

-

BITU

-

Industrials

TBF

-

BITU

-

Real Estate

TBF

-

BITU

-

Technology

TBF

-

BITU

-

Utilities

TBF

-

BITU

-

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ProShares Short 20+ Year Treasury

Proshares Ultra Bitcoin ETF

Often compared with TBF:
TBF vs. TLTTBF vs. TTTTBF vs. TMVTBF vs. TLTWTBF vs. QQQTBF vs. UUPTBF vs. EDV
Often compared with BITU:
BITU vs. BITXBITU vs. BITOBITU vs. IBITBITU vs. BTC-USDBITU vs. MSTRBITU vs. CONLBITU vs. BITB

Return for Risk

TBF vs. BITU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TBF
TBF Risk / Return Rank: 1212
Overall Rank
TBF Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
TBF Sortino Ratio Rank: 1111
Sortino Ratio Rank
TBF Omega Ratio Rank: 1111
Omega Ratio Rank
TBF Calmar Ratio Rank: 1212
Calmar Ratio Rank
TBF Martin Ratio Rank: 1212
Martin Ratio Rank
BITU
BITU Risk / Return Rank: 22
Overall Rank
BITU Sharpe Ratio Rank: 33
Sharpe Ratio Rank
BITU Sortino Ratio Rank: 22
Sortino Ratio Rank
BITU Omega Ratio Rank: 22
Omega Ratio Rank
BITU Calmar Ratio Rank: 11
Calmar Ratio Rank
BITU Martin Ratio Rank: 11
Martin Ratio Rank
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.

TBF vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and Proshares Ultra Bitcoin ETF (BITU). 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.

TBFBITUDifference
Sharpe ratioReturn per unit of total volatility
0.21
-0.85

+1.06

Sortino ratioReturn per unit of downside risk
0.36
-1.48

+1.84

Omega ratioGain probability vs. loss probability

1.04

0.84

+0.21

Calmar ratioReturn relative to maximum drawdown

0.28

-0.92

+1.20

Martin ratioReturn relative to average drawdown

0.61

-1.48

+2.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBF vs. BITU - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.21, which is higher than the BITU Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of TBF and BITU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TBFBITUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.21

-0.85

+1.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.21

-0.37

+0.15

Drawdowns

TBF vs. BITU - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum BITU drawdown of -80.13%. Use the drawdown chart below to compare losses from any high point for TBF and BITU.

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Drawdown Indicators

TBFBITUDifference

Max Drawdown

Largest peak-to-trough decline

-70.40%

-80.13%

+9.73%

Max Drawdown (1Y)

Largest decline over 1 year

-7.23%

-80.13%

+72.90%

Max Drawdown (3Y)

Largest decline over 3 years

-17.79%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-17.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-38.39%

—

—

Current Drawdown

Current decline from peak

-43.53%

-80.13%

+36.60%

Average Drawdown

Average peak-to-trough decline

-47.43%

-34.58%

-12.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

50.09%

-46.82%

Volatility

TBF vs. BITU - Volatility Comparison

The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.77%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.31%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TBFBITUDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.77%

18.31%

-15.54%

Volatility (6M)

Calculated over the trailing 6-month period

6.43%

68.43%

-62.00%

Volatility (1Y)

Calculated over the trailing 1-year period

9.63%

87.07%

-77.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.71%

97.43%

-81.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

97.43%

-82.92%

TBF vs. BITU - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is lower than BITU's 0.95% expense ratio.

Dividends

TBF vs. BITU - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.85%, less than BITU's 88.31% yield.

PositionTTM20252024202320222021202020192018
BITU
Proshares Ultra Bitcoin ETF		88.31%50.23%0.12%0.00%0.00%0.00%0.00%0.00%0.00%
TBF
ProShares Short 20+ Year Treasury		2.85%3.39%4.06%4.99%0.36%0.00%0.22%1.68%0.88%

Frequently Asked Questions

TBF and BITU have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BITU has higher volatility (18.31%) compared to TBF (2.77%). In terms of maximum drawdown, TBF dropped -70.40% vs BITU's -80.13%.

On 1-year performance, TBF leads with 1.98% vs -73.89% for BITU. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, TBF has performed better with a 1.98% return vs -73.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TBF is cheaper with a 0.94% expense ratio, compared with 0.95% for BITU.

BITU has the higher dividend yield at 88.31%, compared with 2.85% for TBF.

TBF is categorized as Inverse Bonds, while BITU is Cryptocurrency. TBF tracks U.S. Treasury 20+ Year Index (-100%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. Their fees differ too: 0.94% for TBF and 0.95% for BITU.

TBF currently has the higher Sharpe Ratio (0.21 vs -0.85), 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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