UPV vs. BITO
UPV (ProShares Ultra Europe) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UPV is passively managed, while BITO is actively managed. Over the past 3 years, UPV returned 24.41%/yr vs 21.20%/yr for BITO. Their 0.37 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UPV vs. BITO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UPV achieves a 15.25% return, which is significantly higher than BITO's -29.42% return.
UPV
- 1D
- -0.78%
- 1M
- 2.19%
- 6M
- 5.99%
- YTD
- 15.25%
- 1Y
- 41.67%
- 3Y*
- 24.41%
- 5Y*
- 9.52%
- 10Y*
- 12.29%
- ALL TIME*
- 10.10%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $55.59K | $49.44K | $105.04K |
UPV vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 15.25% | 68.63% | -4.51% | 32.16% | -36.58% | 2.60% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between UPV and BITO is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.37 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UPV vs. BITO — Risk / Return Rank
UPV
BITO
UPV vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ProShares Bitcoin Strategy ETF (BITO). 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.
| UPV | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.38 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.81 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | -0.89 | +2.62 |
| Martin ratioReturn relative to average drawdown | 5.85 | -1.36 | +7.21 |
Loading charts...
Drawdowns
UPV vs. BITO - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UPV and BITO.
Loading charts...
Drawdown Indicators
| UPV | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -77.86% | +10.61% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -54.47% | +31.06% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -54.47% | +26.93% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -51.32% | +50.54% |
Average DrawdownAverage peak-to-trough decline | -20.67% | -37.18% | +16.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.92% | 35.48% | -28.56% |
Volatility
UPV vs. BITO - Volatility Comparison
ProShares Ultra Europe (UPV) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 8.89% and 8.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UPV | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 8.96% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 27.48% | 33.45% | -5.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.74% | 44.19% | -12.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.53% | 54.60% | -19.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.16% | 54.60% | -18.44% |
UPV vs. BITO - Expense Ratio Comparison
Both UPV and BITO have an expense ratio of 0.95%.
Dividends
UPV vs. BITO - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.15%, less than BITO's 61.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.15% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UPV and BITO 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.
BITO has higher volatility (8.96%) compared to UPV (8.89%). In terms of maximum drawdown, UPV dropped -67.25% vs BITO's -77.86%.
On 3-year performance, UPV leads with 24.41% vs 21.20% for BITO. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UPV has performed better with a 24.41% return vs 21.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPV and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.47%, compared with 2.15% for UPV.
UPV is categorized as Leveraged Equities, while BITO is Cryptocurrency.
UPV currently has the higher Sharpe Ratio (1.28 vs -1.09), 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.
Find the right allocation for UPV and BITO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer