UAUG vs. BITI
UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UAUG is a Defined Outcome fund tracking the S&P 500, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UAUG returned 12.75%/yr vs -31.71%/yr for BITI. At a correlation of -0.35, they often move in opposite directions. UAUG charges 0.79%/yr vs 1.03%/yr for BITI.
Performance
UAUG vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, UAUG achieves a 5.74% return, which is significantly lower than BITI's 24.73% return.
UAUG
- 1D
- -0.07%
- 1M
- 0.91%
- 6M
- 4.98%
- YTD
- 5.74%
- 1Y
- 11.49%
- 3Y*
- 12.75%
- 5Y*
- 8.12%
- 10Y*
- —
BITI
- 1D
- 0.20%
- 1M
- -0.52%
- 6M
- 36.51%
- YTD
- 24.73%
- 1Y
- 64.56%
- 3Y*
- -31.71%
- 5Y*
- —
- 10Y*
- —
UAUG vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UAUG Innovator U.S. Equity Ultra Buffer ETF - August | 5.74% | 12.42% | 15.51% | 17.71% | -2.89% |
BITI ProShares Short Bitcoin ETF | 24.73% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between UAUG and BITI is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.35 |
The correlation between UAUG and BITI shifts across timeframes, from -0.46 (1 year) to -0.34 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UAUG vs. BITI — Risk / Return Rank
UAUG
BITI
UAUG vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) 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.
| UAUG | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.25 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.57 | +0.34 |
| Martin ratioReturn relative to average drawdown | 15.45 | 6.36 | +9.09 |
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Drawdowns
UAUG vs. BITI - Drawdown Comparison
The maximum UAUG drawdown since its inception was -13.91%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UAUG and BITI.
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Drawdown Indicators
| UAUG | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.91% | -92.16% | +78.25% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -25.28% | +21.32% |
Max Drawdown (3Y)Largest decline over 3 years | -10.35% | -84.63% | +74.28% |
Max Drawdown (5Y)Largest decline over 5 years | -13.91% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -86.38% | +86.28% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -68.42% | +66.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 10.18% | -9.43% |
Volatility
UAUG vs. BITI - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 0.69%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that UAUG experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UAUG | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 10.69% | -10.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.12% | 34.09% | -29.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 44.07% | -38.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.91% | 52.21% | -44.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 52.21% | -43.56% |
UAUG vs. BITI - Expense Ratio Comparison
UAUG has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
UAUG vs. BITI - Dividend Comparison
UAUG has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.59% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% |
UAUG Innovator U.S. Equity Ultra Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.83% |
Frequently Asked Questions
UAUG and BITI have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.69%) compared to UAUG (0.69%). In terms of maximum drawdown, UAUG dropped -13.91% vs BITI's -92.16%.
On 3-year performance, UAUG leads with 12.75% vs -31.71% for BITI. On fees, UAUG is cheaper at 0.79% per year. On volatility, UAUG has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UAUG has performed better with a 12.75% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UAUG is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.59%, compared with 0.00% for UAUG.
UAUG is categorized as Defined Outcome, while BITI is Cryptocurrency. UAUG tracks S&P 500, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for UAUG and 1.03% for BITI.
UAUG currently has the higher Sharpe Ratio (2.26 vs 1.47), 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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