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UJB vs. BITO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UJB vs. BITO

Last updated Jun 4, 2026

UJB (ProShares Ultra High Yield) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while BITO is a Cryptocurrency fund actively managed by ProShares. UJB is passively managed, while BITO is actively managed. Over the past 3 years, UJB returned 11.49%/yr vs 25.27%/yr for BITO. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UJB vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra High Yield (UJB) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, UJB achieves a 0.81% return, which is significantly higher than BITO's -26.37% return.

UJB

1D
-0.45%
1M
0.33%
YTD
0.81%
6M
1.28%
1Y
8.44%
3Y*
11.49%
5Y*
3.01%
10Y*
6.36%

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)

UJB vs. BITO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
UJB
ProShares Ultra High Yield		0.81%12.22%9.41%17.70%-23.27%1.62%
BITO
ProShares Bitcoin Strategy ETF		-26.37%-11.19%104.45%137.33%-63.91%-31.09%

Correlation

The correlation between UJB and BITO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2021

0.34

The correlation between UJB and BITO shifts across timeframes, from 0.30 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.

UJB vs. BITO - Sectors Allocation Comparison

Sectors
UJB
BITO

Energy

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

68.5%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

UJB
100.0%
BITO

-

Basic Materials

UJB

-

BITO

-

Communication Services

UJB

-

BITO

-

Consumer Cyclical

UJB

-

BITO

-

Consumer Defensive

UJB

-

BITO

-

Financial Services

UJB

-

BITO
68.5%

Healthcare

UJB

-

BITO

-

Industrials

UJB

-

BITO

-

Real Estate

UJB

-

BITO

-

Technology

UJB

-

BITO

-

Utilities

UJB

-

BITO

-

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ProShares Ultra High Yield

ProShares Bitcoin Strategy ETF

Often compared with UJB:
UJB vs. VOOUJB vs. TYDUJB vs. RISRUJB vs. SPYUJB vs. TQQQUJB vs. UPROUJB vs. SPHY
Often compared with BITO:
BITO vs. BTC-USDBITO vs. IBITBITO vs. BTCIBITO vs. QQQBITO vs. BITUBITO vs. BITXBITO vs. MSTR

Return for Risk

UJB vs. BITO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UJB
UJB Risk / Return Rank: 3535
Overall Rank
UJB Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
UJB Sortino Ratio Rank: 3232
Sortino Ratio Rank
UJB Omega Ratio Rank: 3232
Omega Ratio Rank
UJB Calmar Ratio Rank: 3434
Calmar Ratio Rank
UJB Martin Ratio Rank: 4444
Martin Ratio Rank
BITO
BITO Risk / Return Rank: 22
Overall Rank
BITO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BITO Sortino Ratio Rank: 22
Sortino Ratio Rank
BITO Omega Ratio Rank: 22
Omega Ratio Rank
BITO Calmar Ratio Rank: 22
Calmar Ratio Rank
BITO Martin Ratio Rank: 22
Martin Ratio Rank
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.

UJB vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) 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.

UJBBITODifference
Sharpe ratioReturn per unit of total volatility
1.16
-0.95

+2.11

Sortino ratioReturn per unit of downside risk
1.74
-1.35

+3.09

Omega ratioGain probability vs. loss probability

1.22

0.85

+0.37

Calmar ratioReturn relative to maximum drawdown

1.69

-0.82

+2.51

Martin ratioReturn relative to average drawdown

7.20

-1.41

+8.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UJB vs. BITO - Sharpe Ratio Comparison

The current UJB Sharpe Ratio is 1.16, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of UJB 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.

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Sharpe Ratios by Period

UJBBITODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

-0.95

+2.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

-0.09

+0.42

Drawdowns

UJB vs. BITO - Drawdown Comparison

The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UJB and BITO.

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Drawdown Indicators

UJBBITODifference

Max Drawdown

Largest peak-to-trough decline

-40.14%

-77.86%

+37.72%

Max Drawdown (1Y)

Largest decline over 1 year

-5.01%

-50.05%

+45.04%

Max Drawdown (3Y)

Largest decline over 3 years

-9.47%

-50.05%

+40.58%

Max Drawdown (5Y)

Largest decline over 5 years

-30.14%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-40.14%

—

—

Current Drawdown

Current decline from peak

-0.85%

-49.22%

+48.37%

Average Drawdown

Average peak-to-trough decline

-6.17%

-36.73%

+30.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

29.09%

-27.92%

Volatility

UJB vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra High Yield (UJB) is 2.29%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that UJB 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.

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Volatility by Period

UJBBITODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

9.43%

-7.14%

Volatility (6M)

Calculated over the trailing 6-month period

5.76%

34.26%

-28.50%

Volatility (1Y)

Calculated over the trailing 1-year period

7.29%

43.57%

-36.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.67%

55.11%

-40.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.28%

55.11%

-36.83%

UJB vs. BITO - Expense Ratio Comparison

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

Dividends

UJB vs. BITO - Dividend Comparison

UJB's dividend yield for the trailing twelve months is around 3.35%, less than BITO's 67.63% yield.

PositionTTM20252024202320222021202020192018201720162015
BITO
ProShares Bitcoin Strategy ETF		67.63%78.29%61.59%15.14%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UJB
ProShares Ultra High Yield		3.35%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 BITO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BITO has higher volatility (9.43%) compared to UJB (2.29%). In terms of maximum drawdown, UJB dropped -40.14% vs BITO's -77.86%.

On 3-year performance, BITO leads with 25.27% vs 11.49% for UJB. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, BITO has performed better with a 25.27% return vs 11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

BITO has the higher dividend yield at 67.63%, compared with 3.35% for UJB.

UJB is categorized as Leveraged Bonds, while BITO is Cryptocurrency.

UJB currently has the higher Sharpe Ratio (1.16 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.

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