UCO vs. BITO
UCO (ProShares Ultra Bloomberg Crude Oil) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UCO is passively managed, while BITO is actively managed. Over the past 3 years, UCO returned 9.81%/yr vs 21.20%/yr for BITO. Their 0.06 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UCO vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 109.21% return, which is significantly higher than BITO's -29.42% return.
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $134.26M | $138.13M | $153.19M |
UCO vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | -11.07% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between UCO and BITO is -0.03, 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. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.06 |
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Return for Risk
UCO vs. BITO — Risk / Return Rank
UCO
BITO
UCO vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +3.21 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.81 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.89 | +2.35 |
| Martin ratioReturn relative to average drawdown | 3.75 | -1.36 | +5.11 |
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Drawdowns
UCO vs. BITO - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UCO and BITO.
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Drawdown Indicators
| UCO | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -77.86% | -22.00% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -54.47% | +15.92% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -54.47% | +4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | — | — |
Current DrawdownCurrent decline from peak | -83.77% | -51.32% | -32.45% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -37.18% | -44.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 35.48% | -18.18% |
Volatility
UCO vs. BITO - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.96%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 8.96% | +13.37% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 33.45% | +18.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 44.19% | +15.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 54.60% | +5.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 54.60% | +263.05% |
UCO vs. BITO - Expense Ratio Comparison
Both UCO and BITO have an expense ratio of 0.95%.
Dividends
UCO vs. BITO - Dividend Comparison
UCO has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 61.66%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCO and BITO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.33%) compared to BITO (8.96%). In terms of maximum drawdown, UCO dropped -99.86% vs BITO's -77.86%.
On 3-year performance, BITO leads with 21.20% vs 9.81% for UCO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 21.20% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.47%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while BITO is Cryptocurrency.
UCO currently has the higher Sharpe Ratio (0.94 vs -1.09), 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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