VIXM vs. BITU
VIXM (ProShares VIX Mid-Term Futures ETF) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, VIXM returned -8.35% vs -73.07% for BITU. At a correlation of -0.34, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.95%/yr for BITU.
Performance
VIXM vs. BITU - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly higher than BITU's -52.92% return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
BITU
- 1D
- -5.58%
- 1M
- -34.84%
- YTD
- -52.92%
- 6M
- -59.11%
- 1Y
- -73.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VIXM vs. BITU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -9.74% |
BITU Proshares Ultra Bitcoin ETF | -52.92% | -37.07% | 37.90% |
Correlation
The correlation between VIXM and BITU is -0.36, 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 | -0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024 | -0.34 |
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Return for Risk
VIXM vs. BITU — Risk / Return Rank
VIXM
BITU
VIXM vs. BITU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Proshares Ultra Bitcoin ETF (BITU). 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.
| VIXM | BITU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.84 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | -0.93 | +0.38 |
| Martin ratioReturn relative to average drawdown | -0.96 | -1.47 | +0.51 |
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
| VIXM | BITU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | -0.84 | +0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.35 | -0.20 |
Drawdowns
VIXM vs. BITU - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than BITU's maximum drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for VIXM and BITU.
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Drawdown Indicators
| VIXM | BITU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -78.94% | -17.29% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -78.94% | +63.72% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -78.94% | -16.81% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -34.49% | -47.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 49.84% | -41.10% |
Volatility
VIXM vs. BITU - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.99%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | BITU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 18.99% | -15.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 69.41% | -55.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 87.00% | -68.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 97.45% | -66.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 97.45% | -64.55% |
VIXM vs. BITU - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than BITU's 0.95% expense ratio.
Dividends
VIXM vs. BITU - Dividend Comparison
VIXM has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 83.36%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | 83.36% | 50.23% | 0.12% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and BITU have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITU has higher volatility (18.99%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs BITU's -78.94%.
On 1-year performance, VIXM leads with -8.35% vs -73.07% for BITU. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VIXM has performed better with a -8.35% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for BITU.
BITU has the higher dividend yield at 83.36%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while BITU is Cryptocurrency. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. Their fees differ too: 0.85% for VIXM and 0.95% for BITU.
VIXM currently has the higher Sharpe Ratio (-0.44 vs -0.84), 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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