ULE vs. BITI

Last updated Jul 17, 2026

ULE (ProShares Ultra Euro) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, ULE returned 0.29%/yr vs -31.62%/yr for BITI. At a correlation of -0.17, they often move in opposite directions. ULE charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

ULE vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULE achieves a -5.85% return, which is significantly lower than BITI's 24.48% return.

ULE

• 1D: -0.40%
• 1M: -2.78%
• 6M: -3.55%
• YTD: -5.85%
• 1Y: -4.77%
• 3Y*: 0.29%
• 5Y*: -3.18%
• 10Y*: -2.39%

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

ULE vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ULE ProShares Ultra Euro	-5.85%	25.97%	-11.73%	5.08%	0.83%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between ULE and BITI is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.17

Return for Risk

ULE vs. BITI — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 6
ULE Sharpe Ratio Rank: 6
ULE Sortino Ratio Rank: 6
ULE Omega Ratio Rank: 6
ULE Calmar Ratio Rank: 6
ULE Martin Ratio Rank: 6

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

ULE vs. BITI - Risk-Adjusted Trends Comparison

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

	ULE	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	1.47	-1.84
Sortino ratio: Return per unit of downside risk	-0.45	2.04	-2.49
Omega ratio: Gain probability vs. loss probability	0.95	1.25	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.41	2.57	-2.98
Martin ratio: Return relative to average drawdown	-0.82	6.38	-7.20

ULE vs. BITI - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.37, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ULE and BITI, 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

ULE vs. BITI - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ULE and BITI.

Drawdown Indicators

	ULE	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-92.16%	+19.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-25.28%	+13.61%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-84.63%	+67.38%
Max Drawdown (5Y) Largest decline over 5 years	-37.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	—	—
Current Drawdown Current decline from peak	-63.25%	-86.41%	+23.16%
Average Drawdown Average peak-to-trough decline	-46.16%	-68.40%	+22.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.80%	10.16%	-4.36%

Volatility

ULE vs. BITI - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 2.85%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that ULE 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.

Volatility by Period

	ULE	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	10.76%	-7.91%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	34.28%	-25.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	44.15%	-31.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	52.24%	-36.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.08%	52.24%	-37.16%

ULE vs. BITI - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

ULE vs. BITI - Dividend Comparison

ULE has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
ULE ProShares Ultra Euro	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULE and BITI in my portfolio?

ULE and BITI 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, ULE or BITI?

BITI has higher volatility (10.76%) compared to ULE (2.85%). In terms of maximum drawdown, ULE dropped -72.74% vs BITI's -92.16%.

Which ETF is better, ULE or BITI?

On 3-year performance, ULE leads with 0.29% vs -31.62% for BITI. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULE or BITI?

Over the 3-year period, ULE has performed better with a 0.29% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or BITI?

ULE is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, ULE or BITI?

BITI has the higher dividend yield at 15.62%, compared with 0.00% for ULE.

What is the main difference between ULE and BITI?

ULE is categorized as Leveraged Currency, while BITI is Cryptocurrency. ULE tracks USD/EUR Exchange Rate (-200%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for ULE and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.37), 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.