UPV vs. BITO

Last updated Jul 14, 2026

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 21.43%/yr vs 19.35%/yr for BITO. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UPV vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 8.72% return, which is significantly higher than BITO's -30.09% return.

UPV

• 1D: -1.70%
• 1M: -1.91%
• 6M: 2.53%
• YTD: 8.72%
• 1Y: 24.66%
• 3Y*: 21.43%
• 5Y*: 8.50%
• 10Y*: 11.66%

BITO

• 1D: -2.65%
• 1M: -2.30%
• 6M: -33.01%
• YTD: -30.09%
• 1Y: -49.36%
• 3Y*: 19.35%
• 5Y*: —
• 10Y*: —

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

UPV vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UPV ProShares Ultra Europe	8.72%	68.63%	-4.51%	32.16%	-36.58%	2.60%
BITO ProShares Bitcoin Strategy ETF	-30.09%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between UPV and BITO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.36

Return for Risk

UPV vs. BITO — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 28
UPV Sharpe Ratio Rank: 27
UPV Sortino Ratio Rank: 28
UPV Omega Ratio Rank: 26
UPV Calmar Ratio Rank: 27
UPV Martin Ratio Rank: 30

BITO

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

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.

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 ratio: Return per unit of total volatility	0.78	-1.12	+1.91
Sortino ratio: Return per unit of downside risk	1.27	-1.77	+3.04
Omega ratio: Gain probability vs. loss probability	1.15	0.81	+0.35
Calmar ratio: Return relative to maximum drawdown	1.06	-0.91	+1.97
Martin ratio: Return relative to average drawdown	3.51	-1.48	+4.99

UPV vs. BITO - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.78, which is higher than the BITO Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of UPV and BITO, 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

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.

Drawdown Indicators

	UPV	BITO	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-6.23%	-51.78%	+45.55%
Average Drawdown Average peak-to-trough decline	-20.73%	-37.03%	+16.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.04%	33.47%	-26.43%

Volatility

UPV vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 9.50%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 11.12%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	11.12%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	27.31%	34.48%	-7.17%
Volatility (1Y) Calculated over the trailing 1-year period	31.73%	44.12%	-12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.54%	54.84%	-19.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.14%	54.84%	-18.70%

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 2.28%, less than BITO's 62.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	62.24%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
UPV ProShares Ultra Europe	2.28%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%

Frequently Asked Questions

Can I hold both UPV and BITO in my portfolio?

UPV and BITO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPV or BITO?

BITO has higher volatility (11.12%) compared to UPV (9.50%). In terms of maximum drawdown, UPV dropped -67.25% vs BITO's -77.86%.

Which ETF is better, UPV or BITO?

On 3-year performance, UPV leads with 21.43% vs 19.35% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or BITO?

Over the 3-year period, UPV has performed better with a 21.43% return vs 19.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or BITO?

UPV and BITO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UPV or BITO?

BITO has the higher dividend yield at 62.24%, compared with 2.28% for UPV.

What is the main difference between UPV and BITO?

UPV is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

UPV currently has the higher Sharpe Ratio (0.78 vs -1.12), 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.