TWM vs. BITO

Last updated Jul 12, 2026

TWM (ProShares UltraShort Russell2000) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. TWM is passively managed, while BITO is actively managed. Over the past 3 years, TWM returned -28.65%/yr vs 19.76%/yr for BITO. At a correlation of -0.45, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

TWM vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) 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, TWM achieves a -32.22% return, which is significantly lower than BITO's -28.18% return.

TWM

• 1D: 0.85%
• 1M: -2.27%
• 6M: -24.32%
• YTD: -32.22%
• 1Y: -45.74%
• 3Y*: -28.65%
• 5Y*: -18.09%
• 10Y*: -27.45%

BITO

• 1D: 1.17%
• 1M: 0.36%
• 6M: -30.25%
• YTD: -28.18%
• 1Y: -47.98%
• 3Y*: 19.76%
• 5Y*: —
• 10Y*: —

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

TWM vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TWM ProShares UltraShort Russell2000	-32.22%	-24.71%	-19.35%	-26.84%	28.43%	-1.82%
BITO ProShares Bitcoin Strategy ETF	-28.18%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between TWM and BITO is -0.48, 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	-0.48
Correlation (3Y) Calculated over the trailing 3-year period	-0.41
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.45

Return for Risk

TWM vs. BITO — Risk / Return Rank

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

TWM

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
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.

TWM vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) 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.

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.

	TWM	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	-1.04	-0.10
Sortino ratio: Return per unit of downside risk	-1.72	-1.57	-0.15
Omega ratio: Gain probability vs. loss probability	0.81	0.83	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.84	-0.03
Martin ratio: Return relative to average drawdown	-1.43	-1.38	-0.05

TWM vs. BITO - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -1.14, which is comparable to the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of TWM 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.

Drawdowns

TWM vs. BITO - Drawdown Comparison

The maximum TWM drawdown since its inception was -99.94%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for TWM and BITO.

Drawdown Indicators

	TWM	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-77.86%	-22.08%
Max Drawdown (1Y) Largest decline over 1 year	-50.65%	-54.47%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-74.44%	-54.47%	-19.97%
Max Drawdown (5Y) Largest decline over 5 years	-76.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.29%	—	—
Current Drawdown Current decline from peak	-99.94%	-50.47%	-49.47%
Average Drawdown Average peak-to-trough decline	-87.32%	-37.02%	-50.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.06%	33.31%	-2.25%

Volatility

TWM vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort Russell2000 (TWM) is 9.96%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 10.76%. This indicates that TWM experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWM	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	10.76%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	28.51%	34.39%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	39.05%	44.21%	-5.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.17%	54.85%	-9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.71%	54.85%	-9.14%

TWM vs. BITO - Expense Ratio Comparison

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

Dividends

TWM vs. BITO - Dividend Comparison

TWM's dividend yield for the trailing twelve months is around 5.50%, less than BITO's 60.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	60.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TWM ProShares UltraShort Russell2000	5.50%	5.36%	6.21%	4.72%	0.17%	0.00%	0.41%	1.49%	0.73%	0.05%

Frequently Asked Questions

Can I hold both TWM and BITO in my portfolio?

TWM and BITO have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWM or BITO?

BITO has higher volatility (10.76%) compared to TWM (9.96%). In terms of maximum drawdown, TWM dropped -99.94% vs BITO's -77.86%.

Which ETF is better, TWM or BITO?

On 3-year performance, BITO leads with 19.76% vs -28.65% for TWM. Both ETFs have the same 0.95% expense ratio. On volatility, TWM has been the lower-risk option at 9.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TWM or BITO?

Over the 3-year period, BITO has performed better with a 19.76% return vs -28.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TWM or BITO?

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

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

BITO has the higher dividend yield at 60.59%, compared with 5.50% for TWM.

What is the main difference between TWM and BITO?

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

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-1.04 vs -1.14), 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.