UVXY vs. BITO
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while BITO is a Cryptocurrency fund actively managed by ProShares. UVXY is passively managed, while BITO is actively managed. Over the past 3 years, UVXY returned -64.78%/yr vs 26.82%/yr for BITO. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -23.07% return, which is significantly higher than BITO's -28.44% return.
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
UVXY vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -28.44% |
BITO ProShares Bitcoin Strategy ETF | -28.44% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between UVXY and BITO is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.34 |
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Return for Risk
UVXY vs. BITO — Risk / Return Rank
UVXY
BITO
UVXY vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.84 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.83 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.44 | +0.11 |
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
| UVXY | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | -0.97 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.10 | -0.58 |
Drawdowns
UVXY vs. BITO - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UVXY and BITO.
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Drawdown Indicators
| UVXY | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.86% | -22.14% |
Max Drawdown (1Y)Largest decline over 1 year | -76.19% | -50.64% | -25.55% |
Max Drawdown (3Y)Largest decline over 3 years | -95.25% | -50.64% | -44.61% |
Max Drawdown (5Y)Largest decline over 5 years | -99.69% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -50.64% | -49.36% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -36.75% | -61.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.83% | 29.27% | +26.56% |
Volatility
UVXY vs. BITO - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 12.26% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.03%. This indicates that UVXY'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
| UVXY | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 9.03% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 62.79% | 33.71% | +29.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.51% | 43.61% | +40.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.82% | 55.10% | +48.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.81% | 55.10% | +58.71% |
UVXY vs. BITO - Expense Ratio Comparison
Both UVXY and BITO have an expense ratio of 0.95%.
Dividends
UVXY vs. BITO - Dividend Comparison
UVXY has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 69.59%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and BITO have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to BITO (9.03%). In terms of maximum drawdown, UVXY dropped -100.00% vs BITO's -77.86%.
On 3-year performance, BITO leads with 26.82% vs -64.78% for UVXY. 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, BITO has performed better with a 26.82% return vs -64.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 69.59%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while BITO is Cryptocurrency.
UVXY currently has the higher Sharpe Ratio (-0.88 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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