UPRO vs. BITI
UPRO (ProShares UltraPro S&P 500) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UPRO returned 46.49%/yr vs -32.35%/yr for BITI. Their -0.38 correlation means they have often moved in opposite directions in the past. UPRO charges 0.89%/yr vs 1.03%/yr for BITI.
Performance
UPRO vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, UPRO achieves a 26.96% return, which is significantly higher than BITI's 25.22% return.
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
BITI
- 1D
- -1.48%
- 1M
- -4.03%
- 6M
- 13.09%
- YTD
- 25.22%
- 1Y
- 56.28%
- 3Y*
- -32.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
| $303.16M | $293.07M | $361.38M |
UPRO vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 26.96% | 31.88% | 63.57% | 68.53% | 2.59% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between UPRO and BITI is -0.48, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.48 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.38 |
The correlation between UPRO and BITI shifts across timeframes, from -0.48 (1 year) to -0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UPRO vs. BITI — Risk / Return Rank
UPRO
BITI
UPRO vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.
| UPRO | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.22 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.24 | +0.03 |
| Martin ratioReturn relative to average drawdown | 8.68 | 5.45 | +3.23 |
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Drawdowns
UPRO vs. BITI - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UPRO and BITI.
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Drawdown Indicators
| UPRO | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -92.16% | +15.34% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -25.28% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -84.63% | +35.76% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | — | — |
Current DrawdownCurrent decline from peak | -2.80% | -86.33% | +83.53% |
Average DrawdownAverage peak-to-trough decline | -14.34% | -68.61% | +54.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.99% | 10.37% | -3.38% |
Volatility
UPRO vs. BITI - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 11.49% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. This indicates that UPRO'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.
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Volatility by Period
| UPRO | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.49% | 8.93% | +2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 30.61% | 33.35% | -2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.43% | 44.25% | -5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 52.01% | -1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.81% | 52.01% | +1.80% |
UPRO vs. BITI - Expense Ratio Comparison
UPRO has a 0.89% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
UPRO vs. BITI - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.74%, less than BITI's 21.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UPRO and BITI have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (11.49%) compared to BITI (8.93%). In terms of maximum drawdown, UPRO dropped -76.82% vs BITI's -92.16%.
On 3-year performance, UPRO leads with 46.49% vs -32.35% for BITI. On fees, UPRO is cheaper at 0.89% per year. On volatility, BITI has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UPRO has performed better with a 46.49% return vs -32.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.80%, compared with 0.74% for UPRO.
UPRO is categorized as Leveraged Equities, while BITI is Cryptocurrency. UPRO tracks S&P 500, while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.89% for UPRO and 1.03% for BITI.
UPRO currently has the higher Sharpe Ratio (1.58 vs 1.28), 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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