UMDD vs. BITI

Last updated Jul 14, 2026

UMDD (ProShares UltraPro MidCap400) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UMDD returned 18.33%/yr vs -30.65%/yr for BITI. At a correlation of -0.38, they often move in opposite directions. UMDD charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

UMDD vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) 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, UMDD achieves a 36.23% return, which is significantly higher than BITI's 28.75% return.

UMDD

• 1D: -1.79%
• 1M: -3.67%
• 6M: 18.94%
• YTD: 36.23%
• 1Y: 44.87%
• 3Y*: 18.33%
• 5Y*: 3.86%
• 10Y*: 11.02%

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

UMDD vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UMDD ProShares UltraPro MidCap400	36.23%	-2.57%	19.68%	27.21%	16.86%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between UMDD and BITI is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.38

Return for Risk

UMDD vs. BITI — Risk / Return Rank

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

UMDD

UMDD Risk / Return Rank: 38
UMDD Sharpe Ratio Rank: 32
UMDD Sortino Ratio Rank: 36
UMDD Omega Ratio Rank: 33
UMDD Calmar Ratio Rank: 42
UMDD Martin Ratio Rank: 45

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

UMDD vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) 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.

	UMDD	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.56	-0.61
Sortino ratio: Return per unit of downside risk	1.56	2.13	-0.57
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.73	2.72	-0.99
Martin ratio: Return relative to average drawdown	5.76	6.78	-1.02

UMDD vs. BITI - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 0.95, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of UMDD 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

UMDD vs. BITI - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UMDD and BITI.

Drawdown Indicators

	UMDD	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-92.16%	+5.92%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-25.28%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	-84.63%	+24.30%
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	—	—
Current Drawdown Current decline from peak	-7.44%	-85.94%	+78.50%
Average Drawdown Average peak-to-trough decline	-23.49%	-68.34%	+44.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.82%	10.11%	-2.29%

Volatility

UMDD vs. BITI - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 12.69% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.69%	11.38%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	35.24%	34.25%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	47.53%	44.14%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.88%	52.28%	+6.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.09%	52.28%	+9.81%

UMDD vs. BITI - Expense Ratio Comparison

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

Dividends

UMDD vs. BITI - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.68%, 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%
UMDD ProShares UltraPro MidCap400	0.68%	1.00%	0.76%	0.19%	0.49%	0.06%	0.08%	0.64%	0.32%	0.00%	0.03%	0.06%

Frequently Asked Questions

Can I hold both UMDD and BITI in my portfolio?

UMDD and BITI have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMDD or BITI?

UMDD has higher volatility (12.69%) compared to BITI (11.38%). In terms of maximum drawdown, UMDD dropped -86.24% vs BITI's -92.16%.

Which ETF is better, UMDD or BITI?

On 3-year performance, UMDD leads with 18.33% vs -30.65% for BITI. On fees, UMDD is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or BITI?

Over the 3-year period, UMDD has performed better with a 18.33% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or BITI?

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

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

BITI has the higher dividend yield at 15.10%, compared with 0.68% for UMDD.

What is the main difference between UMDD and BITI?

UMDD is categorized as Leveraged Equities, while BITI is Cryptocurrency. UMDD tracks S&P MidCap 400 Index (300%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for UMDD and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.95), 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.