UBR vs. BITI
UBR (ProShares Ultra MSCI Brazil) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UBR returned 7.74%/yr vs -32.35%/yr for BITI. Their -0.22 correlation means they have often moved in opposite directions in the past. UBR charges 0.95%/yr vs 1.03%/yr for BITI.
Performance
UBR vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, UBR achieves a 23.81% return, which is significantly lower than BITI's 25.22% return.
UBR
- 1D
- -1.21%
- 1M
- 10.89%
- 6M
- -9.85%
- YTD
- 23.81%
- 1Y
- 79.72%
- 3Y*
- 7.74%
- 5Y*
- 0.25%
- 10Y*
- -5.26%
- ALL TIME*
- -12.23%
BITI
- 1D
- -1.48%
- 1M
- -4.03%
- 6M
- 13.09%
- YTD
- 25.22%
- 1Y
- 56.28%
- 3Y*
- -32.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
| $56.44K | $45.60K | $86.71K |
UBR vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 23.81% | 96.11% | -57.05% | 49.98% | 2.44% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between UBR and BITI is -0.36, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.22 |
The correlation between UBR and BITI shifts across timeframes, from -0.36 (1 year) to -0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UBR vs. BITI — Risk / Return Rank
UBR
BITI
UBR vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) 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.
| UBR | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.22 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 2.24 | 0.00 |
| Martin ratioReturn relative to average drawdown | 5.18 | 5.45 | -0.27 |
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Drawdowns
UBR vs. BITI - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, which is greater than BITI's maximum drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UBR and BITI.
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Drawdown Indicators
| UBR | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -92.16% | -4.99% |
Max Drawdown (1Y)Largest decline over 1 year | -35.75% | -25.28% | -10.47% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -84.63% | +26.52% |
Max Drawdown (5Y)Largest decline over 5 years | -65.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | — | — |
Current DrawdownCurrent decline from peak | -92.16% | -86.33% | -5.83% |
Average DrawdownAverage peak-to-trough decline | -78.03% | -68.61% | -9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.43% | 10.37% | +5.06% |
Volatility
UBR vs. BITI - Volatility Comparison
ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 11.82% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. This indicates that UBR's price experiences larger fluctuations and is considered to be riskier 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
| UBR | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.82% | 8.93% | +2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 37.83% | 33.35% | +4.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.74% | 44.25% | +5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.14% | 52.01% | +3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.23% | 52.01% | +14.22% |
UBR vs. BITI - Expense Ratio Comparison
UBR has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
UBR vs. BITI - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.59%, less than BITI's 21.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% |
UBR ProShares Ultra MSCI Brazil | 1.59% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% |
Frequently Asked Questions
UBR and BITI have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBR has higher volatility (11.82%) compared to BITI (8.93%). In terms of maximum drawdown, UBR dropped -97.15% vs BITI's -92.16%.
On 3-year performance, UBR leads with 7.74% vs -32.35% for BITI. On fees, UBR is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UBR has performed better with a 7.74% return vs -32.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBR is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.80%, compared with 1.59% for UBR.
UBR is categorized as Leveraged Equities, while BITI is Cryptocurrency. UBR tracks MSCI Brazil Index (200%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for UBR and 1.03% for BITI.
UBR currently has the higher Sharpe Ratio (1.61 vs 1.28), 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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