UGL vs. BITO

Last updated Jun 4, 2026

UGL (ProShares Ultra Gold) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UGL is passively managed, while BITO is actively managed. Over the past 3 years, UGL returned 53.18%/yr vs 25.27%/yr for BITO. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UGL vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) 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, UGL achieves a -2.16% return, which is significantly higher than BITO's -26.37% return.

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

UGL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UGL ProShares Ultra Gold	-2.16%	137.57%	46.36%	15.56%	-7.59%	6.03%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between UGL and BITO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.11

Return for Risk

UGL vs. BITO — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

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.

UGL vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) 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.

	UGL	BITO	Difference
Sharpe ratio Return per unit of total volatility	0.98	-0.95	+1.93
Sortino ratio Return per unit of downside risk	1.43	-1.35	+2.78
Omega ratio Gain probability vs. loss probability	1.21	0.85	+0.37
Calmar ratio Return relative to maximum drawdown	1.38	-0.82	+2.20
Martin ratio Return relative to average drawdown	3.17	-1.41	+4.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGL vs. BITO - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.98, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of UGL 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

	UGL	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	-0.95	+1.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.09	+0.48

Drawdowns

UGL vs. BITO - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UGL and BITO.

Drawdown Indicators

	UGL	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-77.86%	+1.93%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	-50.05%	+12.49%
Max Drawdown (3Y) Largest decline over 3 years	-37.56%	-50.05%	+12.49%
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-36.56%	-49.22%	+12.66%
Average Drawdown Average peak-to-trough decline	-43.63%	-36.73%	-6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	29.09%	-12.74%

Volatility

UGL vs. BITO - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 11.03% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that UGL'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

	UGL	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	9.43%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	46.81%	34.26%	+12.55%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	43.57%	+9.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	55.11%	-18.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	55.11%	-22.77%

UGL vs. BITO - Expense Ratio Comparison

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

Dividends

UGL vs. BITO - Dividend Comparison

UGL has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 67.63%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and BITO in my portfolio?

UGL and BITO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGL or BITO?

UGL has higher volatility (11.03%) compared to BITO (9.43%). In terms of maximum drawdown, UGL dropped -75.93% vs BITO's -77.86%.

Which ETF is better, UGL or BITO?

On 3-year performance, UGL leads with 53.18% vs 25.27% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or BITO?

Over the 3-year period, UGL has performed better with a 53.18% return vs 25.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or BITO?

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

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

BITO has the higher dividend yield at 67.63%, compared with 0.00% for UGL.

What is the main difference between UGL and BITO?

UGL is categorized as Leveraged Commodities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.98 vs -0.94), 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.