USD vs. BITO

Last updated Jul 17, 2026

USD (ProShares Ultra Semiconductors) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. USD is passively managed, while BITO is actively managed. Over the past 3 years, USD returned 94.08%/yr vs 21.06%/yr for BITO. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

USD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) 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, USD achieves a 63.25% return, which is significantly higher than BITO's -27.77% return.

USD

• 1D: -7.37%
• 1M: -12.52%
• 6M: 51.62%
• YTD: 63.25%
• 1Y: 108.17%
• 3Y*: 94.08%
• 5Y*: 61.69%
• 10Y*: 56.23%

BITO

• 1D: -0.91%
• 1M: -2.11%
• 6M: -33.51%
• YTD: -27.77%
• 1Y: -48.16%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

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

USD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USD ProShares Ultra Semiconductors	63.25%	62.08%	139.64%	228.79%	-68.57%	43.03%
BITO ProShares Bitcoin Strategy ETF	-27.77%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between USD and BITO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
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	0.38

Return for Risk

USD vs. BITO — Risk / Return Rank

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

USD

USD Risk / Return Rank: 60
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 81
USD Martin Ratio Rank: 62

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.

USD vs. BITO - Risk-Adjusted Trends Comparison

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

	USD	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	-1.10	+2.63
Sortino ratio: Return per unit of downside risk	1.99	-1.70	+3.70
Omega ratio: Gain probability vs. loss probability	1.26	0.81	+0.45
Calmar ratio: Return relative to maximum drawdown	3.42	-0.89	+4.31
Martin ratio: Return relative to average drawdown	8.81	-1.42	+10.23

USD vs. BITO - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 1.53, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of USD 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

USD vs. BITO - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for USD and BITO.

Drawdown Indicators

	USD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-77.86%	-10.77%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-54.47%	+22.67%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-54.47%	-9.99%
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	-24.58%	-50.18%	+25.60%
Average Drawdown Average peak-to-trough decline	-32.25%	-37.06%	+4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.32%	33.91%	-21.59%

Volatility

USD vs. BITO - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 30.75% compared to ProShares Bitcoin Strategy ETF (BITO) at 10.49%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.75%	10.49%	+20.26%
Volatility (6M) Calculated over the trailing 6-month period	58.47%	34.48%	+23.99%
Volatility (1Y) Calculated over the trailing 1-year period	71.05%	44.10%	+26.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.28%	54.80%	+23.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.10%	54.80%	+15.30%

USD vs. BITO - Expense Ratio Comparison

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

Dividends

USD vs. BITO - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.35%, less than BITO's 60.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	60.24%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.35%	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 BITO in my portfolio?

USD and BITO have a correlation of 0.40, 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 BITO?

USD has higher volatility (30.75%) compared to BITO (10.49%). In terms of maximum drawdown, USD dropped -88.63% vs BITO's -77.86%.

Which ETF is better, USD or BITO?

On 3-year performance, USD leads with 94.08% vs 21.06% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 10.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or BITO?

Over the 3-year period, USD has performed better with a 94.08% return vs 21.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or BITO?

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

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

BITO has the higher dividend yield at 60.24%, compared with 0.35% for USD.

What is the main difference between USD and BITO?

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

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.53 vs -1.10), 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.