UPRO vs. BITU

Last updated Aug 4, 2026

UPRO (ProShares UltraPro S&P 500) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, UPRO returned 60.49% vs -77.50% for BITU. Their 0.43 correlation means their historical movements had little consistent relationship. UPRO charges 0.89%/yr vs 0.95%/yr for BITU.

Performance

UPRO vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 26.96% return, which is significantly higher than BITU's -57.36% 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%

BITU

• 1D: 2.86%
• 1M: 5.78%
• 6M: -44.05%
• YTD: -57.36%
• 1Y: -77.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$37.97M	$38.90M	$46.19M
UPRO ProShares UltraPro S&P 500	$303.16M	$293.07M	$361.38M

UPRO vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPRO ProShares UltraPro S&P 500	26.96%	31.88%	27.33%
BITU Proshares Ultra Bitcoin ETF	-57.36%	-37.07%	41.85%

Correlation

The correlation between UPRO and BITU is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.43

Return for Risk

UPRO vs. BITU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPRO

UPRO Risk / Return Rank: 65
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 63
UPRO Martin Ratio Rank: 70

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 1
BITU Omega Ratio Rank: 1
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPRO vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Proshares Ultra Bitcoin ETF (BITU). 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	BITU	Difference
Sharpe ratio: Return per unit of total volatility	1.58	-0.88	+2.46
Sortino ratio: Return per unit of downside risk	2.09	-1.66	+3.74
Omega ratio: Gain probability vs. loss probability	1.27	0.82	+0.45
Calmar ratio: Return relative to maximum drawdown	2.27	-0.93	+3.20
Martin ratio: Return relative to average drawdown	8.68	-1.30	+9.98

UPRO vs. BITU - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.58, which is higher than the BITU Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of UPRO and BITU, 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. BITU - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for UPRO and BITU.

Drawdown Indicators

	UPRO	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-83.45%	+6.63%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-83.45%	+56.67%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	—	—
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	-2.80%	-80.93%	+78.13%
Average Drawdown Average peak-to-trough decline	-14.34%	-37.68%	+23.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.99%	59.52%	-52.53%

Volatility

UPRO vs. BITU - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 11.49%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 17.53%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	17.53%	-6.04%
Volatility (6M) Calculated over the trailing 6-month period	30.61%	68.01%	-37.40%
Volatility (1Y) Calculated over the trailing 1-year period	38.43%	88.40%	-49.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.74%	96.01%	-45.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.81%	96.01%	-42.20%

UPRO vs. BITU - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than BITU's 0.95% expense ratio.

Dividends

UPRO vs. BITU - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.74%, less than BITU's 80.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITU Proshares Ultra Bitcoin ETF	80.48%	50.23%	0.12%	0.00%	0.00%	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

Can I hold both UPRO and BITU in my portfolio?

UPRO and BITU 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 BITU?

BITU has higher volatility (17.53%) compared to UPRO (11.49%). In terms of maximum drawdown, UPRO dropped -76.82% vs BITU's -83.45%.

Which ETF is better, UPRO or BITU?

On 1-year performance, UPRO leads with 60.49% vs -77.50% for BITU. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or BITU?

Over the 1-year period, UPRO has performed better with a 60.49% return vs -77.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or BITU?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 80.48%, compared with 0.74% for UPRO.

What is the main difference between UPRO and BITU?

UPRO is categorized as Leveraged Equities, while BITU is Cryptocurrency. UPRO tracks S&P 500, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. Their fees differ too: 0.89% for UPRO and 0.95% for BITU.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.58 vs -0.88), 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.