BITI vs. SQQQ

Last updated Jun 4, 2026

BITI (ProShares Shrt Bitcoin ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 3 years, BITI returned -34.09%/yr vs -56.19%/yr for SQQQ. At a 0.39 correlation, their price movements are largely independent. BITI charges 1.03%/yr vs 0.95%/yr for SQQQ.

Performance

BITI vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Shrt Bitcoin ETF (BITI) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITI achieves a 24.06% return, which is significantly higher than SQQQ's -45.27% return.

BITI

• 1D: 2.69%
• 1M: 22.00%
• YTD: 24.06%
• 6M: 31.50%
• 1Y: 45.79%
• 3Y*: -34.09%
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 0.76%
• 1M: -26.37%
• YTD: -45.27%
• 6M: -42.79%
• 1Y: -65.16%
• 3Y*: -56.19%
• 5Y*: -49.17%
• 10Y*: -56.01%

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

BITI vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	24.06%	-1.76%	-62.60%	-66.17%	-0.06%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-53.05%	-49.79%	-73.61%	-8.46%

Correlation

The correlation between BITI and SQQQ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	0.39

The correlation between BITI and SQQQ shifts across timeframes, from 0.35 (3 years) to 0.49 (1 year), reflecting how their relationship changes across market environments.

BITI vs. SQQQ - Sectors Allocation Comparison

Sectors	BITI	SQQQ
Financial Services	28.5%	97.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BITI vs. SQQQ — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
SQQQ Martin Ratio Rank: 0

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.

BITI vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and ProShares UltraPro Short QQQ (SQQQ). 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.

	BITI	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-1.37	+2.43
Sortino ratio: Return per unit of downside risk	1.62	-2.63	+4.25
Omega ratio: Gain probability vs. loss probability	1.19	0.72	+0.47
Calmar ratio: Return relative to maximum drawdown	1.82	-0.99	+2.81
Martin ratio: Return relative to average drawdown	3.89	-1.82	+5.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITI vs. SQQQ - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.06, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of BITI and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITI	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-1.37	+2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	-0.88	+0.15

Drawdowns

BITI vs. SQQQ - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BITI and SQQQ.

Drawdown Indicators

	BITI	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-100.00%	+7.84%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-65.95%	+40.67%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	-92.38%	+7.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-97.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-86.46%	-100.00%	+13.54%
Average Drawdown Average peak-to-trough decline	-67.95%	-92.40%	+24.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	35.73%	-23.93%

Volatility

BITI vs. SQQQ - Volatility Comparison

The current volatility for ProShares Shrt Bitcoin ETF (BITI) is 9.29%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	13.75%	-4.46%
Volatility (6M) Calculated over the trailing 6-month period	34.02%	36.45%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	47.79%	-4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.50%	66.64%	-14.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.50%	66.11%	-13.61%

BITI vs. SQQQ - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

Dividends

BITI vs. SQQQ - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.52%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	12.48%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both BITI and SQQQ in my portfolio?

BITI and SQQQ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITI or SQQQ?

SQQQ has higher volatility (13.75%) compared to BITI (9.29%). In terms of maximum drawdown, BITI dropped -92.16% vs SQQQ's -100.00%.

Which ETF is better, BITI or SQQQ?

On 3-year performance, BITI leads with -34.09% vs -56.19% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 9.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or SQQQ?

Over the 3-year period, BITI has performed better with a -34.09% return vs -56.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or SQQQ?

SQQQ is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, BITI or SQQQ?

SQQQ has the higher dividend yield at 12.48%, compared with 9.52% for BITI.

What is the main difference between BITI and SQQQ?

BITI is categorized as Cryptocurrency, while SQQQ is Leveraged Equities. BITI tracks Bloomberg Bitcoin Index (-100%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 1.03% for BITI and 0.95% for SQQQ.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.06 vs -1.37), 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.