UPRO vs. BITI

Last updated Jul 14, 2026

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 44.08%/yr vs -30.65%/yr for BITI. At a correlation of -0.38, they often move in opposite directions. UPRO charges 0.89%/yr vs 1.03%/yr for BITI.

Performance

UPRO vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) 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, UPRO achieves a 23.85% return, which is significantly lower than BITI's 28.75% return.

UPRO

• 1D: -2.35%
• 1M: 2.61%
• 6M: 17.29%
• YTD: 23.85%
• 1Y: 53.99%
• 3Y*: 44.08%
• 5Y*: 19.88%
• 10Y*: 28.63%

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)

UPRO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPRO ProShares UltraPro S&P 500	23.85%	31.88%	63.57%	68.53%	2.59%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between UPRO and BITI is -0.48, 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	-0.48
Correlation (3Y) Calculated over the trailing 3-year period	-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.

Return for Risk

UPRO vs. BITI — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 52
UPRO Sharpe Ratio Rank: 53
UPRO Sortino Ratio Rank: 48
UPRO Omega Ratio Rank: 50
UPRO Calmar Ratio Rank: 51
UPRO Martin Ratio Rank: 58

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.

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 ratio: Return per unit of total volatility	1.44	1.56	-0.11
Sortino ratio: Return per unit of downside risk	1.94	2.13	-0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	2.03	2.72	-0.69
Martin ratio: Return relative to average drawdown	8.00	6.78	+1.23

UPRO vs. BITI - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.44, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of UPRO 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

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.

Drawdown Indicators

	UPRO	BITI	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-5.19%	-85.94%	+80.75%
Average Drawdown Average peak-to-trough decline	-14.37%	-68.34%	+53.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	10.11%	-3.34%

Volatility

UPRO vs. BITI - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 12.62% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. 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.

Volatility by Period

	UPRO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.62%	11.38%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	29.99%	34.25%	-4.26%
Volatility (1Y) Calculated over the trailing 1-year period	37.63%	44.14%	-6.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.68%	52.28%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.72%	52.28%	+1.44%

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 0.75%, 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%
UPRO ProShares UltraPro S&P 500	0.75%	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

Can I hold both UPRO and BITI in my portfolio?

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.

Which is riskier, UPRO or BITI?

UPRO has higher volatility (12.62%) compared to BITI (11.38%). In terms of maximum drawdown, UPRO dropped -76.82% vs BITI's -92.16%.

Which ETF is better, UPRO or BITI?

On 3-year performance, UPRO leads with 44.08% vs -30.65% for BITI. On fees, UPRO is cheaper at 0.89% 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, UPRO or BITI?

Over the 3-year period, UPRO has performed better with a 44.08% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or BITI?

UPRO is cheaper with a 0.89% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.75% for UPRO.

What is the main difference between UPRO and BITI?

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.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 1.44), 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.