UPW vs. BITU

Last updated Aug 2, 2026

UPW (ProShares Ultra Utilities) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, UPW returned 4.16% vs -78.13% for BITU. Their 0.13 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

UPW vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) 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, UPW achieves a 5.68% return, which is significantly higher than BITU's -58.54% return.

UPW

• 1D: -1.15%
• 1M: -6.24%
• 6M: 3.76%
• YTD: 5.68%
• 1Y: 4.16%
• 3Y*: 17.45%
• 5Y*: 9.79%
• 10Y*: 9.38%
• ALL TIME*: 9.54%

BITU

• 1D: -5.81%
• 1M: 2.83%
• 6M: -53.44%
• YTD: -58.54%
• 1Y: -78.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -34.77%

*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	$38.79M	$39.32M	$47.38M
UPW ProShares Ultra Utilities	$399.58K	$331.97K	$346.79K

UPW vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPW ProShares Ultra Utilities	5.68%	23.61%	30.87%
BITU Proshares Ultra Bitcoin ETF	-58.54%	-37.07%	41.85%

Correlation

The correlation between UPW and BITU is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.13

Return for Risk

UPW vs. BITU — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 15
UPW Sharpe Ratio Rank: 14
UPW Sortino Ratio Rank: 15
UPW Omega Ratio Rank: 15
UPW Calmar Ratio Rank: 15
UPW Martin Ratio Rank: 14

BITU

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

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.

UPW vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) 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.

	UPW	BITU	Difference
Sharpe ratio: Return per unit of total volatility	0.16	-0.90	+1.06
Sortino ratio: Return per unit of downside risk	0.43	-1.79	+2.22
Omega ratio: Gain probability vs. loss probability	1.05	0.80	+0.25
Calmar ratio: Return relative to maximum drawdown	0.25	-0.96	+1.21
Martin ratio: Return relative to average drawdown	0.49	-1.34	+1.83

UPW vs. BITU - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.16, which is higher than the BITU Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of UPW 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

UPW vs. BITU - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for UPW and BITU.

Drawdown Indicators

	UPW	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-83.45%	+5.70%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-83.45%	+64.30%
Max Drawdown (3Y) Largest decline over 3 years	-25.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	—	—
Current Drawdown Current decline from peak	-14.30%	-81.46%	+67.16%
Average Drawdown Average peak-to-trough decline	-22.50%	-37.61%	+15.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	59.30%	-49.39%

Volatility

UPW vs. BITU - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 9.72%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 17.90%. This indicates that UPW 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

	UPW	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	17.90%	-8.18%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	67.92%	-43.57%
Volatility (1Y) Calculated over the trailing 1-year period	30.15%	88.38%	-58.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.49%	96.07%	-61.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.29%	96.07%	-58.78%

UPW vs. BITU - Expense Ratio Comparison

Both UPW and BITU have an expense ratio of 0.95%.

Dividends

UPW vs. BITU - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.48%, less than BITU's 93.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITU Proshares Ultra Bitcoin ETF	82.40%	50.23%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPW ProShares Ultra Utilities	1.48%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%

Frequently Asked Questions

Can I hold both UPW and BITU in my portfolio?

UPW and BITU have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or BITU?

BITU has higher volatility (17.90%) compared to UPW (9.72%). In terms of maximum drawdown, UPW dropped -77.75% vs BITU's -83.45%.

Which ETF is better, UPW or BITU?

On 1-year performance, UPW leads with 4.16% vs -78.13% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 9.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or BITU?

Over the 1-year period, UPW has performed better with a 4.16% return vs -78.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or BITU?

UPW and BITU have the same expense ratio: 0.95% per year.

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

BITU has the higher dividend yield at 82.40%, compared with 1.48% for UPW.

What is the main difference between UPW and BITU?

UPW is categorized as Leveraged Equities, while BITU is Cryptocurrency. UPW tracks Dow Jones U.S. Utilities Index (200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

UPW currently has the higher Sharpe Ratio (0.16 vs -0.90), 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.