ULE vs. BITO

Last updated Jul 12, 2026

ULE (ProShares Ultra Euro) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. ULE is passively managed, while BITO is actively managed. Over the past 3 years, ULE returned 1.51%/yr vs 19.76%/yr for BITO. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

ULE vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) 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, ULE achieves a -6.22% return, which is significantly higher than BITO's -28.18% return.

ULE

• 1D: -0.07%
• 1M: -2.54%
• 6M: -4.48%
• YTD: -6.22%
• 1Y: -6.08%
• 3Y*: 1.51%
• 5Y*: -3.50%
• 10Y*: -2.44%

BITO

• 1D: 1.17%
• 1M: 0.36%
• 6M: -30.25%
• YTD: -28.18%
• 1Y: -47.98%
• 3Y*: 19.76%
• 5Y*: —
• 10Y*: —

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

ULE vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ULE ProShares Ultra Euro	-6.22%	25.97%	-11.73%	5.08%	-15.51%	-4.38%
BITO ProShares Bitcoin Strategy ETF	-28.18%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between ULE and BITO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.18

Return for Risk

ULE vs. BITO — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 5
ULE Sharpe Ratio Rank: 5
ULE Sortino Ratio Rank: 5
ULE Omega Ratio Rank: 5
ULE Calmar Ratio Rank: 5
ULE Martin Ratio Rank: 4

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
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.

ULE vs. BITO - Risk-Adjusted Trends Comparison

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

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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	-1.04	+0.55
Sortino ratio: Return per unit of downside risk	-0.63	-1.57	+0.94
Omega ratio: Gain probability vs. loss probability	0.93	0.83	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.54	-0.84	+0.30
Martin ratio: Return relative to average drawdown	-1.12	-1.38	+0.26

ULE vs. BITO - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.49, which is higher than the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of ULE 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.

Drawdowns

ULE vs. BITO - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ULE and BITO.

Drawdown Indicators

	ULE	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-77.86%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-54.47%	+42.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-54.47%	+37.03%
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	-63.39%	-50.47%	-12.92%
Average Drawdown Average peak-to-trough decline	-46.15%	-37.02%	-9.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.65%	33.31%	-27.66%

Volatility

ULE vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 10.76%. This indicates that ULE 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.

Volatility by Period

	ULE	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	10.76%	-8.11%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	34.39%	-25.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	44.21%	-31.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	54.85%	-38.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	54.85%	-39.76%

ULE vs. BITO - Expense Ratio Comparison

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

Dividends

ULE vs. BITO - Dividend Comparison

ULE has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 60.59%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.59%	78.29%	61.59%	15.14%
ULE ProShares Ultra Euro	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULE and BITO in my portfolio?

ULE and BITO have a correlation of 0.18, 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 BITO?

BITO has higher volatility (10.76%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs BITO's -77.86%.

Which ETF is better, ULE or BITO?

On 3-year performance, BITO leads with 19.76% vs 1.51% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULE or BITO?

Over the 3-year period, BITO has performed better with a 19.76% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or BITO?

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

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

BITO has the higher dividend yield at 60.59%, compared with 0.00% for ULE.

What is the main difference between ULE and BITO?

ULE is categorized as Leveraged Currency, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

ULE currently has the higher Sharpe Ratio (-0.49 vs -1.04), 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.