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 102.64%/yr vs 22.88%/yr for BITO. Their 0.38 correlation means their historical movements had little consistent relationship. 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 73.03% return, which is significantly higher than BITO's -27.23% return.
USD
- 1D
- 0.95%
- 1M
- 0.29%
- 6M
- 81.72%
- YTD
- 73.03%
- 1Y
- 112.45%
- 3Y*
- 102.64%
- 5Y*
- 58.12%
- 10Y*
- 55.62%
- ALL TIME*
- 28.97%
BITO
- 1D
- 1.04%
- 1M
- 1.67%
- 6M
- -12.90%
- YTD
- -27.23%
- 1Y
- -45.00%
- 3Y*
- 22.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $991.40M | $2.39B | $2.05B | |
| $74.30M | $71.34M | $95.45M |
USD vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 73.03% | 62.08% | 139.64% | 228.79% | -68.57% | 43.03% |
BITO ProShares Bitcoin Strategy ETF | -27.23% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between USD and BITO is 0.41, which is low. Their historical price movements had little consistent relationship.
| 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 Oct 19, 2021 | 0.38 |
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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.
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 ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.83 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | -0.83 | +3.70 |
| Martin ratioReturn relative to average drawdown | 8.14 | -1.25 | +9.40 |
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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 | -39.33% | -54.47% | +15.14% |
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 DrawdownCurrent decline from peak | -20.06% | -49.81% | +29.75% |
Average DrawdownAverage peak-to-trough decline | -32.23% | -37.21% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.86% | 35.90% | -22.04% |
Volatility
USD vs. BITO - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 28.60% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.06%. 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 | 28.60% | 8.06% | +20.54% |
Volatility (6M)Calculated over the trailing 6-month period | 61.51% | 32.73% | +28.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.08% | 44.11% | +29.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.90% | 54.54% | +24.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.45% | 54.54% | +15.91% |
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 0.33%, less than BITO's 46.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 46.28% | 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 | 0.33% | 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 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.60%) compared to BITO (8.06%). In terms of maximum drawdown, USD dropped -88.63% vs BITO's -77.86%.
On 3-year performance, USD leads with 102.64% vs 22.88% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.06%. 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 102.64% return vs 22.88%. 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 46.28%, compared with 0.33% for USD.
USD is categorized as Leveraged Equities, while BITO is Cryptocurrency.
USD currently has the higher Sharpe Ratio (1.53 vs -1.02), 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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