ULTY vs. BITI

Last updated Jul 17, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - ULTY is a Derivative Income fund actively managed by YieldMax, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. ULTY is actively managed, while BITI is passively managed. Over the past year, ULTY returned -8.47% vs 64.61% for BITI. At a correlation of -0.57, they often move in opposite directions. ULTY charges 1.14%/yr vs 1.03%/yr for BITI.

Performance

ULTY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) 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, ULTY achieves a 5.47% return, which is significantly lower than BITI's 24.48% return.

ULTY

• 1D: -2.52%
• 1M: -4.46%
• 6M: 2.38%
• YTD: 5.47%
• 1Y: -8.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ULTY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	5.47%	-0.84%	-4.73%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-45.12%

Correlation

The correlation between ULTY and BITI is -0.59, 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	-0.59
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	-0.57

The correlation between ULTY and BITI has been stable across timeframes, ranging from -0.59 to -0.57 - a consistent structural relationship.

Return for Risk

ULTY vs. BITI — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 6
ULTY Sharpe Ratio Rank: 6
ULTY Sortino Ratio Rank: 6
ULTY Omega Ratio Rank: 6
ULTY Calmar Ratio Rank: 6
ULTY 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.

ULTY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) 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.

	ULTY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	1.47	-1.86
Sortino ratio: Return per unit of downside risk	-0.39	2.04	-2.43
Omega ratio: Gain probability vs. loss probability	0.95	1.25	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.35	2.57	-2.92
Martin ratio: Return relative to average drawdown	-0.66	6.38	-7.03

ULTY vs. BITI - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is -0.39, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ULTY 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

ULTY vs. BITI - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ULTY and BITI.

Drawdown Indicators

	ULTY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-92.16%	+65.31%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-25.28%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-13.53%	-86.41%	+72.88%
Average Drawdown Average peak-to-trough decline	-9.94%	-68.40%	+58.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.89%	10.16%	+2.73%

Volatility

ULTY vs. BITI - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 6.08%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that ULTY 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

	ULTY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	10.76%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	16.60%	34.28%	-17.68%
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	44.15%	-22.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.15%	52.24%	-25.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.15%	52.24%	-25.09%

ULTY vs. BITI - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

ULTY vs. BITI - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 117.30%, more than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
ULTY YieldMax Ultra Option Income Strategy ETF	117.30%	142.99%	111.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULTY and BITI in my portfolio?

ULTY and BITI have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULTY or BITI?

BITI has higher volatility (10.76%) compared to ULTY (6.08%). In terms of maximum drawdown, ULTY dropped -26.85% vs BITI's -92.16%.

Which ETF is better, ULTY or BITI?

On 1-year performance, BITI leads with 64.61% vs -8.47% for ULTY. On fees, BITI is cheaper at 1.03% per year. On volatility, ULTY has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -8.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 117.30%, compared with 15.62% for BITI.

What is the main difference between ULTY and BITI?

ULTY is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 1.14% for ULTY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.39), 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.