UGE vs. BITO

Last updated Jun 5, 2026

UGE (ProShares Ultra Consumer Goods) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UGE is passively managed, while BITO is actively managed. Over the past 3 years, UGE returned 4.97%/yr vs 26.82%/yr for BITO. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UGE vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) 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, UGE achieves a 9.38% return, which is significantly higher than BITO's -28.44% return.

UGE

• 1D: -0.22%
• 1M: -4.94%
• YTD: 9.38%
• 6M: 8.65%
• 1Y: -2.38%
• 3Y*: 4.97%
• 5Y*: -2.89%
• 10Y*: 7.73%

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)

UGE vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UGE ProShares Ultra Consumer Goods	9.38%	-5.21%	16.40%	2.38%	-46.78%	20.71%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between UGE and BITO is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.23

The correlation between UGE and BITO shifts across timeframes, from -0.01 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

UGE vs. BITO - Sectors Allocation Comparison

Sectors	UGE	BITO
Consumer Defensive	99.0%	-
Consumer Cyclical	1.0%	-
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Financial Services	-	68.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UGE vs. BITO — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 8
UGE Sharpe Ratio Rank: 8
UGE Sortino Ratio Rank: 8
UGE Omega Ratio Rank: 8
UGE Calmar Ratio Rank: 8
UGE Martin Ratio Rank: 8

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.

UGE vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) 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.

	UGE	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.97	+0.87
Sortino ratio: Return per unit of downside risk	0.04	-1.39	+1.43
Omega ratio: Gain probability vs. loss probability	1.00	0.84	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.13	-0.83	+0.71
Martin ratio: Return relative to average drawdown	-0.23	-1.44	+1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGE vs. BITO - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is -0.10, which is higher than the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of UGE 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

	UGE	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	-0.97	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	-0.10	+0.44

Drawdowns

UGE vs. BITO - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UGE and BITO.

Drawdown Indicators

	UGE	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-77.86%	+6.50%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-50.64%	+31.69%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-50.64%	+25.84%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	—	—
Current Drawdown Current decline from peak	-38.21%	-50.64%	+12.43%
Average Drawdown Average peak-to-trough decline	-18.74%	-36.75%	+18.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	29.27%	-18.81%

Volatility

UGE vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra Consumer Goods (UGE) is 7.52%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.03%. This indicates that UGE 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

	UGE	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	9.03%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	19.44%	33.71%	-14.27%
Volatility (1Y) Calculated over the trailing 1-year period	24.97%	43.61%	-18.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	55.10%	-23.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.07%	55.10%	-22.03%

UGE vs. BITO - Expense Ratio Comparison

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

Dividends

UGE vs. BITO - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.23%, less than BITO's 69.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UGE ProShares Ultra Consumer Goods	2.23%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both UGE and BITO in my portfolio?

UGE and BITO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGE or BITO?

BITO has higher volatility (9.03%) compared to UGE (7.52%). In terms of maximum drawdown, UGE dropped -71.36% vs BITO's -77.86%.

Which ETF is better, UGE or BITO?

On 3-year performance, BITO leads with 26.82% vs 4.97% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, UGE has been the lower-risk option at 7.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or BITO?

Over the 3-year period, BITO has performed better with a 26.82% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or BITO?

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

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

BITO has the higher dividend yield at 69.59%, compared with 2.23% for UGE.

What is the main difference between UGE and BITO?

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

Which has better risk-adjusted returns?

UGE currently has the higher Sharpe Ratio (-0.10 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.