UCO vs. BITU

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, UCO returned 118.05% vs -70.45% for BITU. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UCO vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than BITU's -50.14% return.

UCO

• 1D: 2.52%
• 1M: 0.21%
• YTD: 142.55%
• 6M: 133.13%
• 1Y: 118.05%
• 3Y*: 24.78%
• 5Y*: 21.76%
• 10Y*: -11.55%

BITU

• 1D: -11.77%
• 1M: -28.10%
• YTD: -50.14%
• 6M: -54.90%
• 1Y: -70.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCO vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	-19.54%
BITU Proshares Ultra Bitcoin ETF	-50.14%	-37.07%	37.90%

Correlation

The correlation between UCO and BITU is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.02

Return for Risk

UCO vs. BITU — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

BITU

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

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.

UCO vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Proshares Ultra Bitcoin ETF (BITU). 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.

	UCO	BITU	Difference
Sharpe ratio Return per unit of total volatility	2.08	-0.81	+2.89
Sortino ratio Return per unit of downside risk	2.43	-1.30	+3.73
Omega ratio Gain probability vs. loss probability	1.32	0.85	+0.46
Calmar ratio Return relative to maximum drawdown	3.78	-0.91	+4.69
Martin ratio Return relative to average drawdown	7.17	-1.42	+8.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCO vs. BITU - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the BITU Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of UCO and BITU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCO	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	-0.81	+2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-0.33	-0.01

Drawdowns

UCO vs. BITU - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than BITU's maximum drawdown of -77.76%. Use the drawdown chart below to compare losses from any high point for UCO and BITU.

Drawdown Indicators

	UCO	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-77.76%	-22.19%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-77.76%	+42.99%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.75%	—	—
Current Drawdown Current decline from peak	-99.25%	-77.70%	-21.55%
Average Drawdown Average peak-to-trough decline	-85.48%	-34.41%	-51.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	49.59%	-31.27%

Volatility

UCO vs. BITU - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to Proshares Ultra Bitcoin ETF (BITU) at 19.53%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCO	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	19.53%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	70.19%	-23.79%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	86.84%	-29.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	97.46%	-37.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	97.46%	-26.10%

UCO vs. BITU - Expense Ratio Comparison

Both UCO and BITU have an expense ratio of 0.95%.

Dividends

UCO vs. BITU - Dividend Comparison

UCO has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 78.71%.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	78.71%	50.23%	0.12%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCO and BITU in my portfolio?

UCO and BITU have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCO or BITU?

UCO has higher volatility (22.10%) compared to BITU (19.53%). In terms of maximum drawdown, UCO dropped -99.95% vs BITU's -77.76%.

Which ETF is better, UCO or BITU?

On 1-year performance, UCO leads with 118.05% vs -70.45% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, BITU has been the lower-risk option at 19.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or BITU?

Over the 1-year period, UCO has performed better with a 118.05% return vs -70.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or BITU?

UCO and BITU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UCO or BITU?

BITU has the higher dividend yield at 78.71%, compared with 0.00% for UCO.

What is the main difference between UCO and BITU?

UCO is categorized as Leveraged Commodities, while BITU is Cryptocurrency. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.08 vs -0.81), 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.