XPP vs. BITO

Last updated Jun 26, 2026

XPP (ProShares Ultra FTSE China 50) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. XPP is passively managed, while BITO is actively managed. Over the past 3 years, XPP returned 0.47%/yr vs 17.05%/yr for BITO. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

XPP vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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 XPP having a -34.24% return and BITO slightly higher at -33.32%.

XPP

• 1D: -4.68%
• 1M: -21.13%
• YTD: -34.24%
• 6M: -35.23%
• 1Y: -31.54%
• 3Y*: 0.47%
• 5Y*: -23.89%
• 10Y*: -6.70%

BITO

• 1D: -1.10%
• 1M: -22.17%
• YTD: -33.32%
• 6M: -33.16%
• 1Y: -47.20%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

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

XPP vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XPP ProShares Ultra FTSE China 50	-34.24%	45.84%	38.18%	-34.77%	-50.06%	-19.57%
BITO ProShares Bitcoin Strategy ETF	-33.32%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between XPP and BITO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.26

The correlation between XPP and BITO shifts across timeframes, from 0.21 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XPP vs. BITO — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 3
XPP Sharpe Ratio Rank: 3
XPP Sortino Ratio Rank: 3
XPP Omega Ratio Rank: 3
XPP Calmar Ratio Rank: 4
XPP Martin Ratio Rank: 0

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.

XPP vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	-1.07	+0.27
Sortino ratio: Return per unit of downside risk	-1.05	-1.65	+0.60
Omega ratio: Gain probability vs. loss probability	0.88	0.82	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.88	+0.17
Martin ratio: Return relative to average drawdown	-1.73	-1.49	-0.24

XPP vs. BITO - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.80, which is comparable to the BITO Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. BITO - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for XPP and BITO.

Drawdown Indicators

	XPP	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-77.86%	-12.04%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-54.01%	+9.36%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-54.01%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-82.59%	-54.01%	-28.58%
Average Drawdown Average peak-to-trough decline	-47.92%	-36.89%	-11.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.20%	31.65%	-13.45%

Volatility

XPP vs. BITO - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 13.07% and 12.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.07%	12.96%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	34.32%	-4.45%
Volatility (1Y) Calculated over the trailing 1-year period	39.37%	44.16%	-4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.86%	55.00%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	55.00%	-0.20%

XPP vs. BITO - Expense Ratio Comparison

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

Dividends

XPP vs. BITO - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 3.18%, less than BITO's 74.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	74.68%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
XPP ProShares Ultra FTSE China 50	3.18%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both XPP and BITO in my portfolio?

XPP and BITO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or BITO?

XPP has higher volatility (13.07%) compared to BITO (12.96%). In terms of maximum drawdown, XPP dropped -89.90% vs BITO's -77.86%.

Which ETF is better, XPP or BITO?

On 3-year performance, BITO leads with 17.05% vs 0.47% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 12.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or BITO?

Over the 3-year period, BITO has performed better with a 17.05% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or BITO?

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

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

BITO has the higher dividend yield at 74.68%, compared with 3.18% for XPP.

What is the main difference between XPP and BITO?

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

Which has better risk-adjusted returns?

XPP currently has the higher Sharpe Ratio (-0.80 vs -1.07), 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.