UYG vs. BITO

Last updated Jun 28, 2026

UYG (ProShares Ultra Financials) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. UYG is passively managed, while BITO is actively managed. Over the past 3 years, UYG returned 30.40%/yr vs 16.80%/yr for BITO. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UYG vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, UYG achieves a -6.60% return, which is significantly higher than BITO's -32.82% return.

UYG

• 1D: 0.38%
• 1M: 9.36%
• YTD: -6.60%
• 6M: -9.22%
• 1Y: 1.43%
• 3Y*: 30.40%
• 5Y*: 11.29%
• 10Y*: 18.50%

BITO

• 1D: 0.74%
• 1M: -18.77%
• YTD: -32.82%
• 6M: -32.82%
• 1Y: -46.33%
• 3Y*: 16.80%
• 5Y*: —
• 10Y*: —

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

UYG vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UYG ProShares Ultra Financials	-6.60%	19.77%	55.71%	22.14%	-32.11%	6.54%
BITO ProShares Bitcoin Strategy ETF	-32.82%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between UYG and BITO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.33

The correlation between UYG and BITO shifts across timeframes, from 0.20 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UYG vs. BITO — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 10
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 10
UYG Martin Ratio Rank: 10

BITO

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

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.

UYG vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) 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.

	UYG	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.06	-1.06	+1.13
Sortino ratio: Return per unit of downside risk	0.28	-1.62	+1.91
Omega ratio: Gain probability vs. loss probability	1.03	0.82	+0.21
Calmar ratio: Return relative to maximum drawdown	0.06	-0.87	+0.93
Martin ratio: Return relative to average drawdown	0.15	-1.47	+1.62

UYG vs. BITO - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.06, which is higher than the BITO Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of UYG 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

UYG vs. BITO - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UYG and BITO.

Drawdown Indicators

	UYG	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-77.86%	-20.04%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-54.01%	+25.10%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-54.01%	+23.66%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	—	—
Current Drawdown Current decline from peak	-11.79%	-53.67%	+41.88%
Average Drawdown Average peak-to-trough decline	-63.19%	-36.90%	-26.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.34%	31.83%	-19.49%

Volatility

UYG vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 7.98%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 13.10%. This indicates that UYG 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.

Volatility by Period

	UYG	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.98%	13.10%	-5.12%
Volatility (6M) Calculated over the trailing 6-month period	22.38%	34.33%	-11.95%
Volatility (1Y) Calculated over the trailing 1-year period	28.93%	44.12%	-15.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.12%	54.98%	-18.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.90%	54.98%	-14.08%

UYG vs. BITO - Expense Ratio Comparison

Both UYG and BITO have an expense ratio of 0.95%.

Dividends

UYG vs. BITO - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 12.50%, less than BITO's 74.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	74.13%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UYG ProShares Ultra Financials	12.50%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and BITO in my portfolio?

UYG and BITO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or BITO?

BITO has higher volatility (13.10%) compared to UYG (7.98%). In terms of maximum drawdown, UYG dropped -97.90% vs BITO's -77.86%.

Which ETF is better, UYG or BITO?

On 3-year performance, UYG leads with 30.40% vs 16.80% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 7.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or BITO?

Over the 3-year period, UYG has performed better with a 30.40% return vs 16.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or BITO?

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

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

BITO has the higher dividend yield at 74.13%, compared with 12.50% for UYG.

What is the main difference between UYG and BITO?

UYG is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

UYG currently has the higher Sharpe Ratio (0.06 vs -1.06), 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.