VIXY vs. BITU

Last updated Jul 14, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-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, VIXY returned -52.30% vs -80.42% for BITU. At a correlation of -0.35, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.95%/yr for BITU.

Performance

VIXY vs. BITU - Performance Comparison

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

Returns By Period

In the year-to-date period, VIXY achieves a -18.02% return, which is significantly higher than BITU's -58.86% return.

VIXY

• 1D: 3.34%
• 1M: -9.75%
• 6M: -16.02%
• YTD: -18.02%
• 1Y: -52.30%
• 3Y*: -39.72%
• 5Y*: -46.37%
• 10Y*: -47.17%

BITU

• 1D: -5.16%
• 1M: -6.57%
• 6M: -62.01%
• YTD: -58.86%
• 1Y: -80.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VIXY vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIXY ProShares VIX Short-Term Futures ETF	-18.02%	-43.05%	-13.62%
BITU Proshares Ultra Bitcoin ETF	-58.86%	-37.07%	41.85%

Correlation

The correlation between VIXY and BITU 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 (All Time) Calculated using the full available price history since Apr 2, 2024	-0.35

Return for Risk

VIXY vs. BITU — Risk / Return Rank

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

VIXY

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

BITU

BITU Risk / Return Rank: 1
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 1
BITU Omega Ratio Rank: 1
BITU Calmar Ratio Rank: 0
BITU 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.

VIXY vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.

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.

	VIXY	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	-0.91	-0.02
Sortino ratio: Return per unit of downside risk	-1.47	-1.86	+0.39
Omega ratio: Gain probability vs. loss probability	0.83	0.80	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.97	0.00
Martin ratio: Return relative to average drawdown	-1.54	-1.43	-0.11

VIXY vs. BITU - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.93, which is comparable to the BITU Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of VIXY and BITU, 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

VIXY vs. BITU - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than BITU's maximum drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for VIXY and BITU.

Drawdown Indicators

	VIXY	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-83.45%	-16.55%
Max Drawdown (1Y) Largest decline over 1 year	-54.62%	-83.45%	+28.83%
Max Drawdown (3Y) Largest decline over 3 years	-81.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-96.44%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.84%	—	—
Current Drawdown Current decline from peak	-100.00%	-81.60%	-18.40%
Average Drawdown Average peak-to-trough decline	-92.21%	-36.56%	-55.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.02%	56.22%	-22.20%

Volatility

VIXY vs. BITU - Volatility Comparison

The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.22%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 22.54%. This indicates that VIXY 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.

Volatility by Period

	VIXY	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.22%	22.54%	-8.32%
Volatility (6M) Calculated over the trailing 6-month period	44.20%	70.09%	-25.89%
Volatility (1Y) Calculated over the trailing 1-year period	56.45%	88.23%	-31.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.29%	96.86%	-26.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.84%	96.86%	-25.02%

VIXY vs. BITU - Expense Ratio Comparison

VIXY has a 0.85% expense ratio, which is lower than BITU's 0.95% expense ratio.

Dividends

VIXY vs. BITU - Dividend Comparison

VIXY has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 93.76%.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	93.76%	50.23%	0.12%
VIXY ProShares VIX Short-Term Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXY and BITU in my portfolio?

VIXY and BITU 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.

Which is riskier, VIXY or BITU?

BITU has higher volatility (22.54%) compared to VIXY (14.22%). In terms of maximum drawdown, VIXY dropped -100.00% vs BITU's -83.45%.

Which ETF is better, VIXY or BITU?

On 1-year performance, VIXY leads with -52.30% vs -80.42% for BITU. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXY or BITU?

Over the 1-year period, VIXY has performed better with a -52.30% return vs -80.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXY or BITU?

VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for BITU.

Which ETF pays a higher dividend yield, VIXY or BITU?

BITU has the higher dividend yield at 93.76%, compared with 0.00% for VIXY.

What is the main difference between VIXY and BITU?

VIXY is categorized as Volatility, while BITU is Cryptocurrency. VIXY tracks S&P 500 VIX Short-Term Futures Index, while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. Their fees differ too: 0.85% for VIXY and 0.95% for BITU.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.91 vs -0.93), 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.