URSP vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra S&P 500 Equal Weight ETF (URSP) and ProShares Bitcoin Strategy ETF (BITO).

URSP and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. URSP is a passively managed fund by ProShares that tracks the performance of the S&P 500 Equal Weight Index. It was launched on Aug 25, 2025. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

URSP vs. BITO - Performance Comparison

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

URSP vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.01%	1.57%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-23.15%

Returns By Period

In the year-to-date period, URSP achieves a 0.01% return, which is significantly higher than BITO's -22.79% return.

URSP

• 1D: 0.71%
• 1M: -11.43%
• YTD: 0.01%
• 6M: 0.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

URSP vs. BITO - Expense Ratio Comparison

Both URSP and BITO have an expense ratio of 0.95%.

URSP

ProShares Ultra S&P 500 Equal Weight ETF

BITO

ProShares Bitcoin Strategy ETF

Return for Risk

URSP vs. BITO — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

URSP vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	URSP	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	-0.08	+0.19

Correlation

The correlation between URSP and BITO is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

URSP vs. BITO - Dividend Comparison

URSP's dividend yield for the trailing twelve months is around 0.68%, less than BITO's 80.47% yield.

	TTM	2025	2024	2023
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.68%	0.38%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

URSP vs. BITO - Drawdown Comparison

The maximum URSP drawdown since its inception was -15.72%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for URSP and BITO.

Drawdown Indicators

	URSP	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-77.86%	+62.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-50.05%	—
Current Drawdown Current decline from peak	-11.80%	-46.75%	+34.95%
Average Drawdown Average peak-to-trough decline	-3.12%	-36.57%	+33.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.73%	—

Volatility

Volatility by Period

	URSP	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.04%	45.32%	-21.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	55.77%	-31.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.04%	55.77%	-31.73%