UGL vs. BITU

Last updated Aug 2, 2026

UGL (ProShares Ultra Gold) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, UGL returned 24.87% vs -78.13% for BITU. Their 0.18 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

UGL vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) 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, UGL achieves a -20.41% return, which is significantly higher than BITU's -58.54% return.

UGL

• 1D: -2.99%
• 1M: -4.25%
• 6M: -34.89%
• YTD: -20.41%
• 1Y: 24.87%
• 3Y*: 43.93%
• 5Y*: 24.15%
• 10Y*: 14.00%
• ALL TIME*: 11.85%

BITU

• 1D: -5.81%
• 1M: 2.83%
• 6M: -53.44%
• YTD: -58.54%
• 1Y: -78.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -34.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$38.79M	$39.32M	$47.38M
UGL ProShares Ultra Gold	$72.32M	$67.11M	$108.24M

UGL vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UGL ProShares Ultra Gold	-20.41%	137.57%	26.77%
BITU Proshares Ultra Bitcoin ETF	-58.54%	-37.07%	41.85%

Correlation

The correlation between UGL and BITU is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.18

Return for Risk

UGL vs. BITU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UGL

UGL Risk / Return Rank: 24
UGL Sharpe Ratio Rank: 24
UGL Sortino Ratio Rank: 27
UGL Omega Ratio Rank: 30
UGL Calmar Ratio Rank: 22
UGL Martin Ratio Rank: 19

BITU

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UGL vs. BITU - Risk-Adjusted Trends Comparison

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

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.

	UGL	BITU	Difference
Sharpe ratio: Return per unit of total volatility	0.54	-0.90	+1.44
Sortino ratio: Return per unit of downside risk	1.00	-1.79	+2.79
Omega ratio: Gain probability vs. loss probability	1.14	0.80	+0.34
Calmar ratio: Return relative to maximum drawdown	0.60	-0.96	+1.55
Martin ratio: Return relative to average drawdown	1.22	-1.34	+2.56

UGL vs. BITU - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.54, which is higher than the BITU Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of UGL 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.

Drawdowns

UGL vs. BITU - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for UGL and BITU.

Drawdown Indicators

	UGL	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-83.45%	+7.52%
Max Drawdown (1Y) Largest decline over 1 year	-50.02%	-83.45%	+33.43%
Max Drawdown (3Y) Largest decline over 3 years	-50.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.02%	—	—
Current Drawdown Current decline from peak	-48.39%	-81.46%	+33.07%
Average Drawdown Average peak-to-trough decline	-43.64%	-37.61%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.47%	59.30%	-34.83%

Volatility

UGL vs. BITU - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 12.79%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 17.90%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.79%	17.90%	-5.11%
Volatility (6M) Calculated over the trailing 6-month period	47.42%	67.92%	-20.50%
Volatility (1Y) Calculated over the trailing 1-year period	55.84%	88.38%	-32.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.12%	96.07%	-58.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.70%	96.07%	-63.37%

UGL vs. BITU - Expense Ratio Comparison

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

Dividends

UGL vs. BITU - Dividend Comparison

UGL has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 93.04%.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	82.40%	50.23%	0.12%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and BITU in my portfolio?

UGL and BITU have a correlation of 0.28, 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 BITU?

BITU has higher volatility (17.90%) compared to UGL (12.79%). In terms of maximum drawdown, UGL dropped -75.93% vs BITU's -83.45%.

Which ETF is better, UGL or BITU?

On 1-year performance, UGL leads with 24.87% vs -78.13% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or BITU?

Over the 1-year period, UGL has performed better with a 24.87% return vs -78.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or BITU?

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

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

BITU has the higher dividend yield at 82.40%, compared with 0.00% for UGL.

What is the main difference between UGL and BITU?

UGL is categorized as Leveraged Commodities, while BITU is Cryptocurrency. UGL tracks Bloomberg Gold Subindex (200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.54 vs -0.90), 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.