UWM vs. BITO
UWM (ProShares Ultra Russell2000) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UWM is passively managed, while BITO is actively managed. Over the past 3 years, UWM returned 22.09%/yr vs 22.22%/yr for BITO. Their 0.45 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UWM vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, UWM achieves a 38.52% return, which is significantly higher than BITO's -28.40% return.
UWM
- 1D
- 3.34%
- 1M
- -1.55%
- 6M
- 23.05%
- YTD
- 38.52%
- 1Y
- 76.90%
- 3Y*
- 22.09%
- 5Y*
- 4.52%
- 10Y*
- 11.49%
- ALL TIME*
- 7.33%
BITO
- 1D
- 1.45%
- 1M
- 3.64%
- 6M
- -19.37%
- YTD
- -28.40%
- 1Y
- -45.62%
- 3Y*
- 22.22%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59B | $2.59B | $2.08B | |
| $17.74M | $17.63M | $19.86M |
UWM vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | 38.52% | 13.59% | 11.32% | 22.62% | -43.69% | -2.85% |
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between UWM and BITO is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.45 |
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Return for Risk
UWM vs. BITO — Risk / Return Rank
UWM
BITO
UWM vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.
| UWM | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.06 | ||
| Sortino ratioReturn per unit of downside risk | +4.19 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.83 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | -0.84 | +4.31 |
| Martin ratioReturn relative to average drawdown | 11.84 | -1.28 | +13.13 |
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Drawdowns
UWM vs. BITO - Drawdown Comparison
The maximum UWM drawdown since its inception was -88.21%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UWM and BITO.
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Drawdown Indicators
| UWM | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.21% | -77.86% | -10.35% |
Max Drawdown (1Y)Largest decline over 1 year | -22.28% | -54.47% | +32.19% |
Max Drawdown (3Y)Largest decline over 3 years | -49.79% | -54.47% | +4.68% |
Max Drawdown (5Y)Largest decline over 5 years | -61.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -71.46% | — | — |
Current DrawdownCurrent decline from peak | -3.36% | -50.61% | +47.25% |
Average DrawdownAverage peak-to-trough decline | -30.64% | -37.19% | +6.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.51% | 35.62% | -29.11% |
Volatility
UWM vs. BITO - Volatility Comparison
The current volatility for ProShares Ultra Russell2000 (UWM) is 8.22%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.72%. This indicates that UWM experiences smaller price fluctuations and is considered to be less risky 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
| UWM | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 8.72% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 27.96% | 33.49% | -5.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.36% | 44.21% | -5.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.94% | 54.58% | -9.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.03% | 54.58% | -8.55% |
UWM vs. BITO - Expense Ratio Comparison
Both UWM and BITO have an expense ratio of 0.95%.
Dividends
UWM vs. BITO - Dividend Comparison
UWM's dividend yield for the trailing twelve months is around 0.81%, less than BITO's 47.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UWM ProShares Ultra Russell2000 | 0.81% | 1.05% | 1.16% | 0.34% | 0.40% | 0.00% | 0.07% | 0.55% | 0.41% | 0.11% | 0.27% | 0.23% |
Frequently Asked Questions
UWM and BITO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.72%) compared to UWM (8.22%). In terms of maximum drawdown, UWM dropped -88.21% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.22% vs 22.09% for UWM. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 8.22%. 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 22.22% return vs 22.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UWM and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.03%, compared with 0.81% for UWM.
UWM is categorized as Leveraged Equities, while BITO is Cryptocurrency.
UWM currently has the higher Sharpe Ratio (2.02 vs -1.04), 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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