USD vs. BITI
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 95.45%/yr vs -32.35%/yr for BITI. Their -0.34 correlation means they have often moved in opposite directions in the past. USD charges 0.95%/yr vs 1.03%/yr for BITI.
Performance
USD vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 55.27% return, which is significantly higher than BITI's 25.22% return.
USD
- 1D
- 3.34%
- 1M
- -7.07%
- 6M
- 41.04%
- YTD
- 55.27%
- 1Y
- 98.72%
- 3Y*
- 95.45%
- 5Y*
- 54.39%
- 10Y*
- 53.94%
- ALL TIME*
- 28.27%
BITI
- 1D
- -1.48%
- 1M
- -4.03%
- 6M
- 13.09%
- YTD
- 25.22%
- 1Y
- 56.28%
- 3Y*
- -32.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
| $71.31M | $70.59M | $96.20M |
USD vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 55.27% | 62.08% | 139.64% | 228.79% | -14.85% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between USD and BITI is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.34 |
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Return for Risk
USD vs. BITI — Risk / Return Rank
USD
BITI
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 ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.22 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.24 | +0.29 |
| Martin ratioReturn relative to average drawdown | 7.21 | 5.45 | +1.76 |
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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.
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Drawdown Indicators
| USD | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -92.16% | +3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -39.33% | -25.28% | -14.05% |
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 DrawdownCurrent decline from peak | -28.27% | -86.33% | +58.06% |
Average DrawdownAverage peak-to-trough decline | -32.23% | -68.61% | +36.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.74% | 10.37% | +3.37% |
Volatility
USD vs. BITI - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 27.45% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. 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.
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Volatility by Period
| USD | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.45% | 8.93% | +18.52% |
Volatility (6M)Calculated over the trailing 6-month period | 61.08% | 33.35% | +27.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.76% | 44.25% | +29.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.77% | 52.01% | +26.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 52.01% | +18.40% |
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 0.37%, less than BITI's 21.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 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 | 0.37% | 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
USD and BITI have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.45%) compared to BITI (8.93%). In terms of maximum drawdown, USD dropped -88.63% vs BITI's -92.16%.
On 3-year performance, USD leads with 95.45% vs -32.35% for BITI. On fees, USD is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USD has performed better with a 95.45% return vs -32.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.80%, compared with 0.37% for USD.
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.
USD currently has the higher Sharpe Ratio (1.35 vs 1.28), 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.
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