UBR vs. BITO

Last updated Jun 24, 2026

UBR (ProShares Ultra MSCI Brazil) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UBR is passively managed, while BITO is actively managed. Over the past 3 years, UBR returned 1.85%/yr vs 18.00%/yr for BITO. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UBR vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Brazil (UBR) 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, UBR achieves a 10.18% return, which is significantly higher than BITO's -29.93% return.

UBR

• 1D: -1.03%
• 1M: -11.39%
• YTD: 10.18%
• 6M: 11.72%
• 1Y: 46.13%
• 3Y*: 1.85%
• 5Y*: -6.46%
• 10Y*: -2.60%

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

UBR vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UBR ProShares Ultra MSCI Brazil	10.18%	96.11%	-57.05%	49.98%	5.60%	-17.78%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between UBR and BITO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.22

Return for Risk

UBR vs. BITO — Risk / Return Rank

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

UBR

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

BITO

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

UBR vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) 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.

	UBR	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.93	-0.96	+1.88
Sortino ratio: Return per unit of downside risk	1.45	-1.38	+2.83
Omega ratio: Gain probability vs. loss probability	1.18	0.85	+0.34
Calmar ratio: Return relative to maximum drawdown	1.30	-0.80	+2.09
Martin ratio: Return relative to average drawdown	3.56	-1.35	+4.90

UBR vs. BITO - Sharpe Ratio Comparison

The current UBR Sharpe Ratio is 0.93, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of UBR 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

UBR vs. BITO - Drawdown Comparison

The maximum UBR drawdown since its inception was -97.15%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UBR and BITO.

Drawdown Indicators

	UBR	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-77.86%	-19.29%
Max Drawdown (1Y) Largest decline over 1 year	-35.75%	-53.10%	+17.35%
Max Drawdown (3Y) Largest decline over 3 years	-58.11%	-53.10%	-5.01%
Max Drawdown (5Y) Largest decline over 5 years	-65.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.57%	—	—
Current Drawdown Current decline from peak	-93.02%	-51.67%	-41.35%
Average Drawdown Average peak-to-trough decline	-77.93%	-36.86%	-41.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.00%	31.28%	-18.28%

Volatility

UBR vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra MSCI Brazil (UBR) is 11.56%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that UBR 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

	UBR	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.56%	12.79%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	39.42%	34.39%	+5.03%
Volatility (1Y) Calculated over the trailing 1-year period	50.06%	44.08%	+5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.72%	55.02%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.47%	55.02%	+11.45%

UBR vs. BITO - Expense Ratio Comparison

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

Dividends

UBR vs. BITO - Dividend Comparison

UBR's dividend yield for the trailing twelve months is around 1.90%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
UBR ProShares Ultra MSCI Brazil	1.90%	2.05%	8.09%	1.15%	0.00%	0.00%	0.00%	0.53%	0.13%

Frequently Asked Questions

Can I hold both UBR and BITO in my portfolio?

UBR and BITO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBR or BITO?

BITO has higher volatility (12.79%) compared to UBR (11.56%). In terms of maximum drawdown, UBR dropped -97.15% vs BITO's -77.86%.

Which ETF is better, UBR or BITO?

On 3-year performance, BITO leads with 18.00% vs 1.85% for UBR. Both ETFs have the same 0.95% expense ratio. On volatility, UBR has been the lower-risk option at 11.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBR or BITO?

Over the 3-year period, BITO has performed better with a 18.00% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBR or BITO?

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

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

BITO has the higher dividend yield at 71.07%, compared with 1.90% for UBR.

What is the main difference between UBR and BITO?

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

Which has better risk-adjusted returns?

UBR currently has the higher Sharpe Ratio (0.93 vs -0.96), 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.