UCYB vs. BITI

Last updated Jul 18, 2026

UCYB (ProShares Ultra Nasdaq Cybersecurity) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UCYB is a Leveraged Equities fund tracking the Nasdaq CTA Cybersecurity Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UCYB returned 39.35%/yr vs -31.71%/yr for BITI. At a correlation of -0.33, they often move in opposite directions. UCYB charges 0.97%/yr vs 1.03%/yr for BITI.

Performance

UCYB vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cybersecurity (UCYB) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCYB achieves a 53.63% return, which is significantly higher than BITI's 24.73% return.

UCYB

• 1D: 0.75%
• 1M: 18.87%
• 6M: 52.19%
• YTD: 53.63%
• 1Y: 37.33%
• 3Y*: 39.35%
• 5Y*: 15.34%
• 10Y*: —

BITI

• 1D: 0.20%
• 1M: -0.52%
• 6M: 36.51%
• YTD: 24.73%
• 1Y: 64.56%
• 3Y*: -31.71%
• 5Y*: —
• 10Y*: —

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

UCYB vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UCYB ProShares Ultra Nasdaq Cybersecurity	53.63%	9.41%	28.84%	68.85%	-11.56%
BITI ProShares Short Bitcoin ETF	24.73%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between UCYB and BITI is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.33

Return for Risk

UCYB vs. BITI — Risk / Return Rank

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

UCYB

UCYB Risk / Return Rank: 26
UCYB Sharpe Ratio Rank: 26
UCYB Sortino Ratio Rank: 29
UCYB Omega Ratio Rank: 28
UCYB Calmar Ratio Rank: 24
UCYB Martin Ratio Rank: 22

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 54
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 65
BITI Martin Ratio Rank: 48

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.

UCYB vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cybersecurity (UCYB) 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.

	UCYB	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.47	-0.75
Sortino ratio: Return per unit of downside risk	1.28	2.04	-0.76
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	0.87	2.57	-1.70
Martin ratio: Return relative to average drawdown	1.90	6.36	-4.47

UCYB vs. BITI - Sharpe Ratio Comparison

The current UCYB Sharpe Ratio is 0.72, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of UCYB and BITI, 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

UCYB vs. BITI - Drawdown Comparison

The maximum UCYB drawdown since its inception was -62.69%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UCYB and BITI.

Drawdown Indicators

	UCYB	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-62.69%	-92.16%	+29.47%
Max Drawdown (1Y) Largest decline over 1 year	-43.04%	-25.28%	-17.76%
Max Drawdown (3Y) Largest decline over 3 years	-43.04%	-84.63%	+41.59%
Max Drawdown (5Y) Largest decline over 5 years	-62.69%	—	—
Current Drawdown Current decline from peak	-6.48%	-86.38%	+79.90%
Average Drawdown Average peak-to-trough decline	-27.17%	-68.42%	+41.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.75%	10.18%	+9.57%

Volatility

UCYB vs. BITI - Volatility Comparison

ProShares Ultra Nasdaq Cybersecurity (UCYB) has a higher volatility of 15.16% compared to ProShares Short Bitcoin ETF (BITI) at 10.69%. This indicates that UCYB'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.

Volatility by Period

	UCYB	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.16%	10.69%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	45.48%	34.09%	+11.39%
Volatility (1Y) Calculated over the trailing 1-year period	52.01%	44.07%	+7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.59%	52.21%	-1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.84%	52.21%	-2.37%

UCYB vs. BITI - Expense Ratio Comparison

UCYB has a 0.97% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

UCYB vs. BITI - Dividend Comparison

UCYB's dividend yield for the trailing twelve months is around 1.51%, less than BITI's 15.59% yield.

Position	TTM	2025	2024	2023	2022	2021
BITI ProShares Short Bitcoin ETF	15.59%	1.60%	3.91%	3.33%	0.06%	0.00%
UCYB ProShares Ultra Nasdaq Cybersecurity	1.51%	1.90%	2.16%	0.56%	0.00%	0.91%

Frequently Asked Questions

Can I hold both UCYB and BITI in my portfolio?

UCYB 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.

Which is riskier, UCYB or BITI?

UCYB has higher volatility (15.16%) compared to BITI (10.69%). In terms of maximum drawdown, UCYB dropped -62.69% vs BITI's -92.16%.

Which ETF is better, UCYB or BITI?

On 3-year performance, UCYB leads with 39.35% vs -31.71% for BITI. On fees, UCYB is cheaper at 0.97% per year. On volatility, BITI has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCYB or BITI?

Over the 3-year period, UCYB has performed better with a 39.35% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCYB or BITI?

UCYB is cheaper with a 0.97% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, UCYB or BITI?

BITI has the higher dividend yield at 15.59%, compared with 1.51% for UCYB.

What is the main difference between UCYB and BITI?

UCYB is categorized as Leveraged Equities, while BITI is Cryptocurrency. UCYB tracks Nasdaq CTA Cybersecurity Index (200%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.97% for UCYB and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.72), 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.