UCYB vs. BITO

Last updated Jun 5, 2026

UCYB (ProShares Ultra Nasdaq Cybersecurity) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UCYB is a Leveraged Equities fund tracking the Nasdaq CTA Cybersecurity Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UCYB is passively managed, while BITO is actively managed. Over the past 3 years, UCYB returned 43.47%/yr vs 26.82%/yr for BITO. At a 0.36 correlation, their price movements are largely independent. UCYB charges 0.97%/yr vs 0.95%/yr for BITO.

Performance

UCYB vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cybersecurity (UCYB) 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, UCYB achieves a 51.10% return, which is significantly higher than BITO's -28.44% return.

UCYB

• 1D: -1.99%
• 1M: 61.03%
• YTD: 51.10%
• 6M: 38.20%
• 1Y: 37.94%
• 3Y*: 43.47%
• 5Y*: 18.13%
• 10Y*: —

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

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

UCYB vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UCYB ProShares Ultra Nasdaq Cybersecurity	51.10%	9.41%	28.84%	68.85%	-55.15%	-0.59%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between UCYB and BITO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.36

UCYB vs. BITO - Sectors Allocation Comparison

Sectors	UCYB	BITO
Technology	95.1%	-
Industrials	4.8%	-
Communication Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	68.5%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

UCYB vs. BITO — Risk / Return Rank

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

UCYB

UCYB Risk / Return Rank: 22
UCYB Sharpe Ratio Rank: 23
UCYB Sortino Ratio Rank: 25
UCYB Omega Ratio Rank: 25
UCYB Calmar Ratio Rank: 20
UCYB Martin Ratio Rank: 18

BITO

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

UCYB vs. BITO - Risk-Adjusted Trends Comparison

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

	UCYB	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.77	-0.97	+1.74
Sortino ratio: Return per unit of downside risk	1.32	-1.39	+2.71
Omega ratio: Gain probability vs. loss probability	1.17	0.84	+0.32
Calmar ratio: Return relative to maximum drawdown	0.89	-0.83	+1.72
Martin ratio: Return relative to average drawdown	1.97	-1.44	+3.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCYB vs. BITO - Sharpe Ratio Comparison

The current UCYB Sharpe Ratio is 0.77, which is higher than the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of UCYB 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.

Sharpe Ratios by Period

	UCYB	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.97	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.10	+0.40

Drawdowns

UCYB vs. BITO - Drawdown Comparison

The maximum UCYB drawdown since its inception was -62.69%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UCYB and BITO.

Drawdown Indicators

	UCYB	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-62.69%	-77.86%	+15.17%
Max Drawdown (1Y) Largest decline over 1 year	-43.04%	-50.64%	+7.60%
Max Drawdown (3Y) Largest decline over 3 years	-43.04%	-50.64%	+7.60%
Max Drawdown (5Y) Largest decline over 5 years	-62.69%	—	—
Current Drawdown Current decline from peak	-8.02%	-50.64%	+42.62%
Average Drawdown Average peak-to-trough decline	-27.47%	-36.75%	+9.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.33%	29.27%	-9.94%

Volatility

UCYB vs. BITO - Volatility Comparison

ProShares Ultra Nasdaq Cybersecurity (UCYB) has a higher volatility of 22.45% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.03%. This indicates that UCYB'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.

Volatility by Period

	UCYB	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.45%	9.03%	+13.42%
Volatility (6M) Calculated over the trailing 6-month period	42.18%	33.71%	+8.47%
Volatility (1Y) Calculated over the trailing 1-year period	49.53%	43.61%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.95%	55.10%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.63%	55.10%	-5.47%

UCYB vs. BITO - Expense Ratio Comparison

UCYB has a 0.97% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

UCYB vs. BITO - Dividend Comparison

UCYB's dividend yield for the trailing twelve months is around 1.43%, less than BITO's 69.59% yield.

Position	TTM	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%	0.00%
UCYB ProShares Ultra Nasdaq Cybersecurity	1.43%	1.90%	2.16%	0.56%	0.00%	0.91%

Frequently Asked Questions

Can I hold both UCYB and BITO in my portfolio?

UCYB and BITO have a correlation of 0.32, 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 BITO?

UCYB has higher volatility (22.45%) compared to BITO (9.03%). In terms of maximum drawdown, UCYB dropped -62.69% vs BITO's -77.86%.

Which ETF is better, UCYB or BITO?

On 3-year performance, UCYB leads with 43.47% vs 26.82% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCYB or BITO?

Over the 3-year period, UCYB has performed better with a 43.47% return vs 26.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCYB or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 0.97% for UCYB.

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

BITO has the higher dividend yield at 69.59%, compared with 1.43% for UCYB.

What is the main difference between UCYB and BITO?

UCYB is categorized as Leveraged Equities, while BITO is Cryptocurrency. Their fees differ too: 0.97% for UCYB and 0.95% for BITO.

Which has better risk-adjusted returns?

UCYB currently has the higher Sharpe Ratio (0.77 vs -0.97), 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.