UJB vs. BITI
UJB (ProShares Ultra High Yield) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UJB returned 10.82%/yr vs -30.65%/yr for BITI. At a correlation of -0.33, they often move in opposite directions. UJB charges 0.95%/yr vs 1.03%/yr for BITI.
Performance
UJB vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, UJB achieves a 0.83% return, which is significantly lower than BITI's 28.75% return.
UJB
- 1D
- -0.46%
- 1M
- -0.38%
- 6M
- 0.04%
- YTD
- 0.83%
- 1Y
- 6.23%
- 3Y*
- 10.82%
- 5Y*
- 2.64%
- 10Y*
- 5.85%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
UJB vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 0.83% | 12.22% | 9.41% | 17.70% | 2.21% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between UJB and BITI is -0.43, 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 | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.33 |
The correlation between UJB and BITI shifts across timeframes, from -0.43 (1 year) to -0.32 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UJB vs. BITI — Risk / Return Rank
UJB
BITI
UJB vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) 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.
| UJB | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.26 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 2.72 | -1.47 |
| Martin ratioReturn relative to average drawdown | 5.27 | 6.78 | -1.51 |
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Drawdowns
UJB vs. BITI - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UJB and BITI.
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Drawdown Indicators
| UJB | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -92.16% | +52.02% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -25.28% | +20.27% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -84.63% | +75.16% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | — | — |
Current DrawdownCurrent decline from peak | -0.93% | -85.94% | +85.01% |
Average DrawdownAverage peak-to-trough decline | -6.13% | -68.34% | +62.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 10.11% | -8.93% |
Volatility
UJB vs. BITI - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.59%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UJB | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 11.38% | -9.79% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 34.25% | -28.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.28% | 44.14% | -36.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 52.28% | -37.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 52.28% | -34.59% |
UJB vs. BITI - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
UJB vs. BITI - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.20%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.20% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
Frequently Asked Questions
UJB and BITI have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.38%) compared to UJB (1.59%). In terms of maximum drawdown, UJB dropped -40.14% vs BITI's -92.16%.
On 3-year performance, UJB leads with 10.82% vs -30.65% for BITI. On fees, UJB is cheaper at 0.95% per year. On volatility, UJB has been the lower-risk option at 1.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UJB has performed better with a 10.82% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UJB is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 3.20% for UJB.
UJB is categorized as Leveraged Bonds, while BITI is Cryptocurrency. UJB tracks Markit iBoxx $ Liquid High Yield Index, while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for UJB and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.56 vs 0.86), 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.
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