USD vs. BITO
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 125.78%/yr vs 26.82%/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
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Returns By Period
In the year-to-date period, USD achieves a 103.32% return, which is significantly higher than BITO's -28.44% return.
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
USD vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 40.18% |
BITO ProShares Bitcoin Strategy ETF | -28.44% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between USD and BITO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | 0.38 |
The correlation between USD and BITO shifts across timeframes, from 0.30 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.
USD vs. BITO - Sectors Allocation Comparison
Sectors
USD
BITO
Financial Services
Technology
-
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Financial Services
USD
BITO
Technology
USD
BITO
-
Energy
USD
BITO
-
Basic Materials
USD
-
BITO
-
Communication Services
USD
-
BITO
-
Consumer Cyclical
USD
-
BITO
-
Consumer Defensive
USD
-
BITO
-
Healthcare
USD
-
BITO
-
Industrials
USD
-
BITO
-
Real Estate
USD
-
BITO
-
Utilities
USD
-
BITO
-
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Return for Risk
USD vs. BITO — Risk / Return Rank
USD
BITO
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.
| USD | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.09 | ||
| Sortino ratioReturn per unit of downside risk | +5.01 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.84 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 7.94 | -0.83 | +8.77 |
| Martin ratioReturn relative to average drawdown | 22.96 | -1.44 | +24.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USD | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | -0.97 | +5.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | -0.10 | +0.59 |
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.
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Drawdown Indicators
| USD | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -77.86% | -10.77% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -50.64% | +18.84% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -50.64% | -13.82% |
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 | -6.07% | -50.64% | +44.57% |
Average DrawdownAverage peak-to-trough decline | -32.35% | -36.75% | +4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.98% | 29.27% | -18.29% |
Volatility
USD vs. BITO - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 21.29% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.03%. 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.
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Volatility by Period
| USD | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.29% | 9.03% | +12.26% |
Volatility (6M)Calculated over the trailing 6-month period | 46.74% | 33.71% | +13.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.28% | 43.61% | +17.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.56% | 55.10% | +21.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.24% | 55.10% | +14.14% |
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 0.23%, less than BITO's 69.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 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 | 0.23% | 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 BITO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to BITO (9.03%). In terms of maximum drawdown, USD dropped -88.63% vs BITO's -77.86%.
On 3-year performance, USD leads with 125.78% vs 26.82% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.03%. 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 125.78% return vs 26.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 69.59%, compared with 0.23% for USD.
USD is categorized as Leveraged Equities, while BITO is Cryptocurrency.
USD currently has the higher Sharpe Ratio (4.12 vs -0.97), 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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