TBF vs. BITU

Last updated Aug 6, 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 7.38% vs -77.06% for BITU. Their -0.01 correlation means they have often moved in opposite directions in the past. 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.

Returns By Period

In the year-to-date period, TBF achieves a 5.32% return, which is significantly higher than BITU's -56.03% return.

TBF

• 1D: -0.16%
• 1M: 2.99%
• 6M: 4.48%
• YTD: 5.32%
• 1Y: 7.38%
• 3Y*: 6.77%
• 5Y*: 12.07%
• 10Y*: 3.52%
• ALL TIME*: -2.94%

BITU

• 1D: 1.91%
• 1M: 1.59%
• 6M: -34.91%
• YTD: -56.03%
• 1Y: -77.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -32.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$36.99M	$37.69M	$45.41M
TBF ProShares Short 20+ Year Treasury	$5.03M	$3.82M	$5.32M

TBF vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBF ProShares Short 20+ Year Treasury	5.32%	1.27%	7.87%
BITU Proshares Ultra Bitcoin ETF	-56.03%	-37.07%	41.85%

Correlation

The correlation between TBF and BITU is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.01

Return for Risk

TBF vs. BITU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBF

TBF Risk / Return Rank: 29
TBF Sharpe Ratio Rank: 30
TBF Sortino Ratio Rank: 29
TBF Omega Ratio Rank: 27
TBF Calmar Ratio Rank: 30
TBF Martin Ratio Rank: 28

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 1
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	TBF	BITU	Difference
Sharpe ratio: Return per unit of total volatility	0.81	-0.88	+1.69
Sortino ratio: Return per unit of downside risk	1.23	-1.63	+2.86
Omega ratio: Gain probability vs. loss probability	1.14	0.82	+0.32
Calmar ratio: Return relative to maximum drawdown	1.14	-0.93	+2.06
Martin ratio: Return relative to average drawdown	2.57	-1.29	+3.85

TBF vs. BITU - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.81, which is higher than the BITU Sharpe Ratio of -0.88. 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.

Drawdowns

TBF vs. BITU - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for TBF and BITU.

Drawdown Indicators

	TBF	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-83.45%	+13.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-83.45%	+76.93%
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	-41.77%	-80.34%	+38.57%
Average Drawdown Average peak-to-trough decline	-47.37%	-37.83%	-9.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	59.95%	-57.07%

Volatility

TBF vs. BITU - Volatility Comparison

The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.56%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 16.16%. 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.

Volatility by Period

	TBF	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	16.16%	-13.60%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	66.29%	-59.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.11%	88.21%	-79.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	95.85%	-80.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.44%	95.85%	-81.41%

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 2.70%, less than BITU's 78.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITU Proshares Ultra Bitcoin ETF	78.05%	50.23%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBF ProShares Short 20+ Year Treasury	2.70%	3.39%	4.06%	4.99%	0.36%	0.00%	0.22%	1.68%	0.88%

Frequently Asked Questions

Can I hold both TBF and BITU in my portfolio?

TBF and BITU have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBF or BITU?

BITU has higher volatility (16.16%) compared to TBF (2.56%). In terms of maximum drawdown, TBF dropped -70.40% vs BITU's -83.45%.

Which ETF is better, TBF or BITU?

On 1-year performance, TBF leads with 7.38% vs -77.06% for BITU. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBF or BITU?

Over the 1-year period, TBF has performed better with a 7.38% return vs -77.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBF or BITU?

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

Which ETF pays a higher dividend yield, TBF or BITU?

BITU has the higher dividend yield at 78.05%, compared with 2.70% for TBF.

What is the main difference between TBF and BITU?

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.

Which has better risk-adjusted returns?

TBF currently has the higher Sharpe Ratio (0.81 vs -0.88), 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.