USD vs. BITI

Last updated Jul 15, 2026

USD (ProShares Ultra Semiconductors) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, USD returned 104.08%/yr vs -31.54%/yr for BITI. At a correlation of -0.34, they often move in opposite directions. USD charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

USD vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, USD achieves a 81.18% return, which is significantly higher than BITI's 23.84% return.

USD

• 1D: 6.38%
• 1M: -3.04%
• 6M: 68.72%
• YTD: 81.18%
• 1Y: 145.11%
• 3Y*: 104.08%
• 5Y*: 63.45%
• 10Y*: 58.18%

BITI

• 1D: -3.81%
• 1M: -2.41%
• 6M: 34.02%
• YTD: 23.84%
• 1Y: 64.31%
• 3Y*: -31.54%
• 5Y*: —
• 10Y*: —

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

USD vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USD ProShares Ultra Semiconductors	81.18%	62.08%	139.64%	228.79%	-14.85%
BITI ProShares Short Bitcoin ETF	23.84%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between USD and BITI is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.34

Return for Risk

USD vs. BITI — Risk / Return Rank

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

USD

USD Risk / Return Rank: 76
USD Sharpe Ratio Rank: 82
USD Sortino Ratio Rank: 64
USD Omega Ratio Rank: 66
USD Calmar Ratio Rank: 91
USD Martin Ratio Rank: 80

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

USD vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Short Bitcoin ETF (BITI). 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.

	USD	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.46	+0.60
Sortino ratio: Return per unit of downside risk	2.35	2.03	+0.32
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	4.59	2.56	+2.03
Martin ratio: Return relative to average drawdown	11.97	6.37	+5.61

USD vs. BITI - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 2.06, which is higher than the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of USD and BITI, 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

USD vs. BITI - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for USD and BITI.

Drawdown Indicators

	USD	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-92.16%	+3.53%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-25.28%	-6.52%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-84.63%	+20.17%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	—	—
Current Drawdown Current decline from peak	-16.30%	-86.48%	+70.18%
Average Drawdown Average peak-to-trough decline	-32.25%	-68.36%	+36.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	10.13%	+2.04%

Volatility

USD vs. BITI - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 31.36% compared to ProShares Short Bitcoin ETF (BITI) at 11.73%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.36%	11.73%	+19.63%
Volatility (6M) Calculated over the trailing 6-month period	57.84%	34.49%	+23.35%
Volatility (1Y) Calculated over the trailing 1-year period	70.75%	44.24%	+26.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.26%	52.29%	+25.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.08%	52.29%	+17.79%

USD vs. BITI - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

USD vs. BITI - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.32%, less than BITI's 15.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.32%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and BITI in my portfolio?

USD and BITI 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, USD or BITI?

USD has higher volatility (31.36%) compared to BITI (11.73%). In terms of maximum drawdown, USD dropped -88.63% vs BITI's -92.16%.

Which ETF is better, USD or BITI?

On 3-year performance, USD leads with 104.08% vs -31.54% for BITI. On fees, USD is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 11.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or BITI?

Over the 3-year period, USD has performed better with a 104.08% return vs -31.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or BITI?

USD is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, USD or BITI?

BITI has the higher dividend yield at 15.70%, compared with 0.32% for USD.

What is the main difference between USD and BITI?

USD is categorized as Leveraged Equities, while BITI is Cryptocurrency. USD tracks Dow Jones U.S. Semiconductors Index (200%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for USD and 1.03% for BITI.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (2.06 vs 1.46), 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.