UVXY vs. BITO

Last updated Jul 18, 2026

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 -60.83%/yr vs 21.17%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with UVXY having a -29.20% return and BITO slightly higher at -28.01%.

UVXY

• 1D: 8.81%
• 1M: -7.29%
• 6M: -28.42%
• YTD: -29.20%
• 1Y: -70.71%
• 3Y*: -60.83%
• 5Y*: -67.79%
• 10Y*: -71.80%

BITO

• 1D: -0.34%
• 1M: -0.33%
• 6M: -33.99%
• YTD: -28.01%
• 1Y: -48.20%
• 3Y*: 21.17%
• 5Y*: —
• 10Y*: —

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

UVXY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UVXY ProShares Ultra VIX Short-Term Futures ETF	-29.20%	-65.32%	-50.90%	-87.70%	-44.81%	-29.29%
BITO ProShares Bitcoin Strategy ETF	-28.01%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between UVXY and BITO is -0.38, 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	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.34

Return for Risk

UVXY vs. BITO — Risk / Return Rank

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

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 1

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: 2
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.

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.

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.

	UVXY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-1.10	+0.27
Sortino ratio: Return per unit of downside risk	-1.44	-1.71	+0.27
Omega ratio: Gain probability vs. loss probability	0.84	0.81	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.89	-0.07
Martin ratio: Return relative to average drawdown	-1.43	-1.42	-0.01

UVXY vs. BITO - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.82, which is comparable to the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of UVXY 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

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.

Drawdown Indicators

	UVXY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-77.86%	-22.14%
Max Drawdown (1Y) Largest decline over 1 year	-73.88%	-54.47%	-19.41%
Max Drawdown (3Y) Largest decline over 3 years	-95.42%	-54.47%	-40.95%
Max Drawdown (5Y) Largest decline over 5 years	-99.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-50.35%	-49.65%
Average Drawdown Average peak-to-trough decline	-98.76%	-37.07%	-61.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.63%	34.06%	+15.57%

Volatility

UVXY vs. BITO - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 19.34% compared to ProShares Bitcoin Strategy ETF (BITO) at 10.41%. 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.

Volatility by Period

	UVXY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.34%	10.41%	+8.93%
Volatility (6M) Calculated over the trailing 6-month period	67.22%	34.29%	+32.93%
Volatility (1Y) Calculated over the trailing 1-year period	85.95%	44.02%	+41.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.85%	54.78%	+49.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.04%	54.78%	+57.26%

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 60.45%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.45%	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

Can I hold both UVXY and BITO in my portfolio?

UVXY and BITO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVXY or BITO?

UVXY has higher volatility (19.34%) compared to BITO (10.41%). In terms of maximum drawdown, UVXY dropped -100.00% vs BITO's -77.86%.

Which ETF is better, UVXY or BITO?

On 3-year performance, BITO leads with 21.17% vs -60.83% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 10.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVXY or BITO?

Over the 3-year period, BITO has performed better with a 21.17% return vs -60.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVXY or BITO?

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

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

BITO has the higher dividend yield at 60.45%, compared with 0.00% for UVXY.

What is the main difference between UVXY and BITO?

UVXY is categorized as Volatility, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.82 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.